While the COVID-19 recession officially started in February, there were a number of signs that the economy began to turn the corner in May, notably a surprising jump in job growth and a record surge in retail sales. Optimism is building that the economy may likely expand solidly in the second half of 2020 as consumer and business activity reboots and grows at an above-trend rate at least into next year. A sharp rebound in growth could mean the COVID-19 recession may be the shortest downturn in U.S. history. Still, given the depth of the decline, a full recovery to pre-COVID levels for important indicators such as real GDP and employment is expected to take several years.
This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.
Except where otherwise indicated, the views and opinions expressed are those of Nationwide as of the date noted, are subject to change at any time and may not come to pass.
Past performance does not guarantee future results. Current performance may be lower or higher than the past performance shown.
Nationwide Funds are distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio.
Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, Ohio.
Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.