Hello, this is James Mayer, branch manager from the Huffman Mayer Paolo Wealth Management Group of Wells Fargo Advisors.
Summer is moving right along and we are now into August. Hard to believe how fast it goes. In late July, the market was spooked by a mixture of ongoing inflation and an increasing number of COVID-19 cases from the Delta variant. I believe current inflation is not an unexpected consequence with a global economy that is attempting to return to normal in many places, while supply chains continue to be disrupted by regional outbreaks and work stoppages.
The rise of the Delta variant is unwelcome to say the least, although we think it represents more of a setback than a true emergency from an economic perspective. According to John Hopkins dashboard on July 21st, we now have a 59.6% of the adult population fully vaccinated in the United States.
Studies continue to show that the three vaccines available in the United States do not protect as well against the Delta variant. However, they still offer some protection to the majority of people receiving them, particularly against more severe illness and death.
With the vaccinated and the naturally immune population continuing to rise, and already representing the majority of the country, we think the public will be extremely skeptical of any attempt to impose further restrictions or lockdowns. The economic rebound appears to be continuing pretty much uninterrupted. The Atlanta Federal Reserve Bank GDPs meant for second quarter 2021 stood at 7.6% growth versus the prior quarter, compared to 6.4% quarterly growth in the first quarter. For the full year, GDP growth is expected to be 6.6%, according to the mid-July estimate from the Federal Reserve's conference board.
That being said, we continue to hear from our clients and friends that this is a particularly chaotic time for many occupations. Disrupted supply chains, delayed shipping orders, canceled orders and difficulty staffing open positions. Rapid economic changes are never pleasant, and as other countries catch up with our vaccination rates, and the various stimulus efforts come to an end, this should only help to ease the pressure on our economy.
We always want to talk with you. Please call the office, schedule an appointment. As always, stay happy, stay safe, stay healthy, and hopefully we will see you very soon.