Three economic misses yet stocks rally

[tsptalk]

The stock market seems to like the weaker than expected economic data. That could help keep the Fed feeding the economy, which seems to be all that matters.


U.S. GDP rose 6.5% last quarter, well below expectations of 8.4%.

https://www.cnbc.com/2021/07/29/q2-gdp-rises-at-6point5percent-vs-8point4percent-estimate.html


Pending home sales drop in June — more evidence of a housing turnaround

https://www.cnbc.com/2021/07/29/pending-home-sales-drop-in-june-.html


Jobless claims dropped by 24,000 to 400,000 last week [but higher than estimates]

https://www.briefing.com/calendars/economic?Filter=Today

 

[Bullitt]

I don't understand GDP. It seems every time it comes out there's a bunch of caveats, then when it gets revised lower the next month, nobody cares.

September will be the big test unless rent moratorium, college loan forgiveness, and unemployment benefits get renewed - kicking the can down the road.