For the second consecutive week, initial jobless claims came in higher than expected; 778,000 is the highest level since mid-October. This should have triggered flashing red lights on Capitol Hill.  I know it wouldn’t matter, since nobody is there, but maybe lawmakers will bump into the 20.5 million Americans receiving some form of unemployment benefits.

This is the wrong kind of V-shape we want to see in the economy.  More importantly, those special pandemic programs are swelling up again.

• PUA 9,147,753 +466,106
• PEUC 4,509,284 +132,437

Personal income swooned $130.1 billion in October as government transfer payments declined to $3.80 billion from $4.05 billion in September.  These payments peeked at $6.55 billion in April.

Despite the fact that all of today’s economic data disappointed, the market is holding up, and the NASDAQ is actually trying to get in on the new all-time high action.

Meanwhile, we could be seeing the return of takeover fever.  The team and I will be working on trying to get in front of a few potential deals.

Enjoy your Thanksgiving and try not to get arrested for having some family members come over to carve the turkey. Be well and stay safe.