Fed says economy is stalling - Printable Version

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Fed says economy is stalling - Mick - 07-09-2020

Fed officials say economy is stalling:

https://news.trust.org/item/20200708185752-8gqn6

Initial unemployment claims due to the COVID-19 pandemic is 1,314,000 -- or about 6x what it was pre-pandemic.

https://www.dol.gov/ui/data.pdf

The total number of people claiming benefits in all programs for the week ending June 20 was 32,922,335, an increase of 1,410,788 from the previous week. There were 1,612,122 persons claiming benefits in all programs in the comparable week in 2019.

And the stimulus checks end in three weeks. Comforting.

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RE: Fed says economy is stalling - BostonCard - 07-09-2020

Some rare "good" news:

https://www.cnbc.com/2020/07/09/weekly-jobless-claims.html

The weekly first time jobless claims came in at "only" 1.31 million (which is a bit less than the 1.39 million that was expected), and continuing claims fell by nearly 700,000.

Under normal circumstances the news would be awful and 1.31 million first time claims would be catastrophic.

Also, looks like there is momentum behind a second stimulus check:

https://www.forbes.com/sites/jimwang/2020/07/09/second-stimulus-check-update-what-we-know-so-far/#2a6f9c32c0d5

Democrats and Republicans remain divided over supplemental unemployment, and a lot of other measures, but I think something will get passed.

BC

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