Stocks are falling again on Thursday morning as markets take a hit from disappointing unemployment data, and investors grapple with a resurgence of coronavirus as several states see record numbers of new cases.KEY FACTS
The Dow Jones Industrial Average was down 0.3%, nearly 100 points, at Thursday’s open, while the S&P 500 fell 0.1% and the tech-heavy Nasdaq Composite gained 0.1%.Americans filed for unemployment in the week ending June 20, more than the 1.3 million expected. Continuing claims fell below 20 million for the first time since April, but the overall jobless numbers still remain high and the labor market’s recovery could be impeded by a surge of new coronavirus cases across the country.since April, could hinder an economic reopening and recovery: States like Texas, Florida, California and Arizona are all reporting record numbers of new infections.
Shares of companies that would benefit from the economy reopening—including retailers, airlines and cruise operators—continued to decline on Thursday.“Jobless numbers are flatlining after weeks of improvement,” says Vital Knowledge founder Adam Crisafulli. It was the third consecutive week of job losses coming in at around 1.5 million, with continuing claims still hovering around 20 million.
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Still nobody talking about the many people who have not been laid off or furloughed but have been asked to take a 10%, 15%, or even 20% pay cut. I'd wager that this is a significant underappreciated drag on aggregate demand. Is anybody paying attention?
Geeeezzzzz....worst than the Great Depression
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