11/16/2020
By Charles Payne CEO & Principal Analyst

Jobless Claims came in better than expected, but a glaring red flag underscored the week. Renewed restrictions and lockdowns amid the surge in coronavirus tested the stock market, and it will soon tighten the grip of despair in those cities already suffering the most economic damage. There are still 21,157,111 Americans on some form of unemployment benefits. This number is two weeks behind, so the actual number could be much higher. The red flag came in the two pandemic programs.

• Pandemic Unemployment Assistance: +100,507 to 9,433,127
• Pandemic Emergency Unemployment Claims: +159,776 to 4,143,389

It's not a coincidence the biggest increases in the Pandemic Emergency Unemployment Compensation (PEUC) happened in the following states:

• CA: +88,461
• IL: +25,633
• MI: +32,674
• NY: +18,191

Sadly, there will be more shutdowns, including schools. Each day additional research and data add to the idea these complete lockdowns are bad ideas. Then there is the debate over a nationwide lockdown and mask mandate. Even with vaccines, there is a chance a Biden administration would demand masks to be worn. 

Meanwhile, large American cities are close toward lurching to single-digit economic business occupancy. 

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies

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