Great American Comeback: GDP Jumps 33%


Coronavirus has likely become the leading cause of death among young people in some regions of the U.S., says a new study.

It’s another big hole blown into the “herd immunity” theory.

Dr. Jeremy Samuel Faust of the Harvard Medical School led the new study. He and his colleagues examined data released by the CDC.

They found that, in 2020, the number of deaths from all causes among young people through July was a quarter higher than the same period last year.

The researchers found that – for people between the ages of 25 and 44 living in one of the 11 states with the highest infection rates – the chance of dying from Covid-19 was greater than any other risk.

The 14,155 excessive deaths among younger Americans had a peak rise in May. But only a small fraction of the deaths were attributed directly to the coronavirus.

This implies “the mortality of Covid-19 has been substantially under-detected in the younger adult population,” the researchers stated.

These findings match up with results from a recent British study. That study looked at young adult Covid patients with no previous medical history.

It found that these people could get long-lasting health problems after recovering from Covid-19. More than 70% of young patients were impaired in one or more organs four months after the initial infection. Lasting symptoms included fatigue, muscle pain, difficulty to breathe and headaches.

Bottom line: Covid-19 is not something you want to catch, no matter your age.

The Big News

New Coronavirus Variant in Europe

 A new coronavirus variant that originated in Spanish farm workers has spread rapidly through much of Europe since the summer. It now accounts for the majority of new Covid-19 cases in several European countries. Research  suggests people returning from holiday in Spain played a key role in transmitting the virus across Europe. That raises questions about whether the second wave that is sweeping the continent could have been reduced by improved screening at airports and other transport hubs. 

U.S. Hospitals Struggle With Virus Surge

The number of Americans hospitalized from coronavirus has risen nearly 50% in the last month The strain on hospitals around the country is growing. Smaller cities and rural counties in the upper Midwest and Mountain West are having the hardest time. Some hospitals are airlifting patients to be treated elsewhere. Twenty-six states across the country are nearing record numbers of new infections, and no states are currently seeing sustained declines in case numbers.

Online Holiday Sales to Surge

U.S. consumers are poised to splurge to the tune of $189 billion on online shopping this holiday season. That would be a third more than a year ago. This shows the e-commerce boom during the pandemic is gathering pace and smashing records. Adobe Systems analyzed more than a trillion visits to U.S. retail websites to come up with its predictions. 

Pharmacies Swamped by Flu Shot Customers

Walmart, Walgreens, CVS Health and Rite Aid Corp. say demand for flu shots at their pharmacies is up sharply. And in some cases, demand has doubled from last year. Apparently, people are trying to protect themselves from influenza in the midst of a worsening COVID-19 pandemic. This trend could result in millions of dollars of potential profit for the companies.    

Third-Quarter U.S. GDP

This morning we saw a record-setting GDP number for the third quarter (33% annualized). However, this GDP report follows a record-setting GDP decline in the second quarter. Add the two GDP reports together and you have an economy that is still well below where it was before the pandemic struck. And most importantly, the U.S. economy is slowing rapidly again. 

The Coronavirus Numbers

Here are the numbers from Thursday at 8 a.m. ET from Johns Hopkins University:

  • 44,583,829 Infected Worldwide
  • 1,175,684 Deaths
  • 8,859,432 Infected in the U.S.
  • 227,703 Deaths in the U.S.

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What’s Next

All of Wall Street’s main indexes dropped more than 3% on Wednesday. It was the worst day since June.

The reason was that a surge in coronavirus cases has dashed hopes of a quick global economic recovery.   

Some investors are spooked by the echoes they are hearing from March. One such echo is the reimposition of some restrictions here in the U.S. and in Europe.

The reality is that the U.S. reported a record 500,000 new coronavirus cases over the past week. Most importantly, hospitalizations are up nearly 50% in the past month.

What you’ve had is almost everyone on Wall Street had pricing in best-case scenarios. There has been no group more bullish on the current situation than Wall Street executives.

I’m sure Federal Reserve largesse had a lot to do with that.

But now, all of a sudden, those scenarios aren’t being realized. In fact, quite the opposite.

We need to regain almost 40% of the $1.85 trillion lost in the second quarter GDP to get back to pre-crisis GDP levels seen in the fourth quarter of 2019.

That GDP climb will not likely happen until the virus is “contained.”

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Yours in Health & Wealth,

Tony Daltorio

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