FOX Business’s Charlie Gasparino says Wells Fargo chief economist Jay Bryson told BlackRock executives that the recession probably ended in April or May and called it the “shortest and deepest” recession on record.
The coronavirus pandemic caused investor optimism to plummet, but they seemed more positive at the prospect of eventual change.
New Wells Fargo data released Wednesday showed that second-quarter investor optimism reached its lowest level since the fourth quarter of 2013, after peaking at 20 years in early 2020. Optimism also suffered its highest. Short-term decline since at least 1996, further falling in areas related to unemployment and economic growth.
As of May, about 27 percent of non-retired respondents said they had suffered a loss of income, while 15 percent had been fired or suspended.
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The financial effects of the pandemic have been harsh for some previous retirees, as 40 percent of people ages 50 to 64 said they are somewhat or very likely to work more in retirement than they intended as a result of the movements. From the market. These older investors are more likely to say they will retire later than they anticipated.
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Overall, however, the Wells Fargo survey shows that many investors maintain a holistic and healthy perspective on the situation. About 60 percent of people said it was a good time to invest in the financial markets, while 70 percent maintained a certain level of confidence about investing in the stock market as a means of generating wealth for retirement. The researchers pointed out that this could be the result of having lived through the 2008 financial crisis.
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When it comes to the rest of the year, investors are largely divided on whether the worst is over, or is yet to come, but most agree that reserving cash in an emergency fund should be a priority. Sixty-four percent of people said having an emergency fund is a change they would make in their investment strategy as a result of the pandemic.
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