The weekly jobless claims which were reported for the week of November 7th were lower than expected by the Dow Jones' economists. The week prior, claims were at 757,000 and economists were expecting around 740,000 claims to occur the week of the 7th. In reality claims came in at 709,000 which marks the fourth consecutive week that claims have decreased.
Although numbers are lower in the last four weeks, there are still serious concerns about the lasting effects of coronavirus on the economy. With a large number of people still unemployed and a lack of a stimulus since the original one in April. The Fed is calling for another stimulus to be passed soon to assist in the safety of the economy.
https://www.cnbc.com/2020/11/12/us-jobless-claims-709000-vs-740000-estimate.html
4 comments:
I believe we will see a stimulus once the new administration takes office. However, the effectiveness of one is still at question. Simply pumping money into the economy will not fix all our problems. We need to have targeted spending and assist workers in transitioning from industries that have been negatively impacted from the virus.
I agree with you Kofi, stimulus checks are not the cure-all to our problem, but they can definitely assist if we can determine how to have targeted spending to help focus the spending on an industry.
There is a lot to work on in order for the economy and overall country's stability to be able to function well. Although the claims are lower, the numbers are still high if one does a comparison, and can get higher if the situation doesn't get controlled. I believe that the government needs to realize the fact that this can eventually get worse and need to step up.
We have waited so long for another stimulus to be announced that by this point it seems that a vaccine could be right around the corner. I think that if the stimulus is passed, it needs to include helping businesses get back on their feet which will help unemployment levels decline. Once people get back to work they will be able to bring in income and start helping the economy slowly recover. Hopefully a vaccine will be released soon to increase consumer confidence again.
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