Payne's Perspective: August 3, 2020: Digital Lift-Off
Initial Jobless Claims inched higher for the second consecutive week. Headlines did not bother to mention that the amount they increased was smaller than some of the “alarming” rates of decline, but the message suggests the economy needs a booster shot.
More than 1.43 million Americans filed for unemployment benefits. The Street anticipated 1.45 million.
There is no doubt that states with stalled or reversed reopening plans saw the most economic damage -particularly California, which saw an increase in Initial Jobless Claims and a giant 61,154 uptick in Pandemic Unemployment Assistance (PAU). The good news is the overall PAU declined by 106,376.
Since March 21st, more than 54 million Americans have filed for first-time unemployment benefits. In the most recent week, Continuing Jobless Claims increased to 17,018,000 from 16,151,000.
It is clear Washington, D.C. must find a way to keep funds flowing to small businesses and individuals, as we continue to seek equilibrium between opening the nation and keeping the COVID-19 growth contained.
To read the full report, contact your account representative or email Research@wstreet.com
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