Economic data from April were abysmal, but that month will likely be the bottom for the current downturn. Indicators show a modest uptick in activity in May as many state and local economies reopened, although slowly and not uniformly. While optimism for a recovery is building, the path forward is shrouded by uncertainty around the coronavirus. On the upside, record monetary and fiscal stimulus should help the economy rebound later this year, with a potentially rapid pace of growth expected for 2021 when a vaccine is more likely. There remains a reasonable chance of a renewed outbreak, which could rekindle infection fears and government stay-at-home mandates, and extend the downturn into next year.
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.