Payne's Perspective: September 14, 2020: Pricing Power
The Initial Jobless Claims edged higher to 884,000, coming in higher than expected, and Continuing Claims also edged higher.
We can take solace in the fact the number was below a million in back-to-back weeks for the first time since the pandemic, but the data is a clear S.O.S. to Congress.
As the nation begins to brace for the Presidential election and potentially ugly aftermath no matter which candidate wins, we continue to be reminded that Washington, D.C. sucks.
I still cannot believe we are watching both parties blow this important moment in American history. I am convinced more of last week’s market turmoil was because the chance for a fiscal stimulus is slipping farther away.
That is why the latest poll results from Gallup did not surprise me at all. The federal government has plunged even lower in the view of Americans. Interestingly, I am not surprised the pharmaceutical and sports industries have also taken a massive tumble among Americans.
Conversely, it’s wonderful to see farmers, grocery stores, restaurants, and retail workers get the recognition they deserve.
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