Last week it was reported that 916,000 new jobs were added to the U.S. economy’s payroll as unemployment took a 6% dip and signs of an economic recovery started to pop their heads up like Punxsutawney Phil the Groundhog.
“It shows that the economy is healing, that those who lost their jobs are coming back into the workforce as the recovery continues and restrictions are lifted,” said Chief Market Strategist at Prudential Financial, Quincy Krosby. “The only concern here is if we have another wave of Covid that leads to another round of closures.”
Of the sectors that added the most jobs in March, Leisure & Hospitality led the boom at 280,000 new hires. Education finished second with 190,000 new hires (Local, State & Private combined) and Bars & Restaurants came in third with 176,000 new hires.
CDC gave the green light to travel within the United States to the 17% of the fully vaccinated population. This is good news for those who’ve been hunkered down with cabin fever, airlines and hotels & resorts. The updated information according to the CDC is as follows:
- Fully vaccinated travelers are less likely to get and spread COVID-19.
- People who are fully vaccinated with an FDA-authorized vaccine can travel safely within the United States.
- Fully vaccinated travelers do not need to get tested before or after travel unless their destination requires it.
- Fully vaccinated travelers do not need to self-quarantine.
- Fully vaccinated travelers should still follow CDC’s recommendations for traveling safely including: wear a mask over your nose and mouth. Stay six feet from others and avoid crowds. Wash your hands often or use hand sanitizer.
President Biden’s 2.3 trillion dollar U.S. infrastructure plan looks to transform America’s future by going out with the old and in with the new. The president calls the plan a “Once-in-a-generation investment” and would be the largest federal investment initiative since the John F. Kennedy spearheaded Space Race of the 1960s. The Space Race ended up costing the U.S. around 25 billion dollars which would be an estimated 223 billion today. President Biden will try to get the plan approved by this summer and plans to pay for the initiative would come by raising corporate taxes to 28%. President Trump had previously cut the corporate tax rates from 35% to the current 21% in 2017. The infrastructure plan would delegate:
- 621 billion to transportation which will include rebuilding bridges, modernizing roads, airports, highways and installing 500 thousand electric vehicle chargers.
- 400 billion to long-term health facilities.
- 300 billion to manufacturing including computer chip manufacturing.
- 213 billion to build affordable housing
- 100 billion for school renovations.
- 100 billion for high-speed broadband internet.
Why are we talking about Bitcoin? Because last month it hit $60,000 dollars a coin and JP Morgan raised its target price to $130,000 dollars by the end of the year.
The decentralized store of value has gained popularity among U.S. investors and institutions as stimulus checks began making their way into U.S. bank accounts and fears of inflation started to loom.
Major institutional investors like PayPal, Tesla and Square have been purchasing bitcoin to add to their balance sheets and even celebrity investors like Shark Tank's Kevin O’Leary, who previously called Bitcoin, “A scam...total BS” has changed his mind and has now invested around 12 million of his own money in Bitcoin.
First introduced in 2009, Bitcoin cost pennies only reaching $1 dollar in value ten years ago in 2011. Which means, yes, if you purchased $100 dollars of bitcoin back then you would be a millionaire now. Even people who invested their first $1,200 stimulus check back in April of 2020 have seen it grow to over $13,000.
This is not financial advice. It is just very interesting to see people start to value this future technology over the likes of precious metals like gold and silver.
Out with the old and in with the new? Time will tell.