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Troubling streak for the labor market

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Jobless claims have come in higher than a million — and more than double the worst week of the Great Recession — for 17 straight weeks

— Reuters’ Noel Randewich: “The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp and Apple Inc, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases. … A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5% below its February record high.

“But all the recent spending on highways and rail lines raises questions about whether China’s economic turnaround is sustainable and whether it can become the engine needed to drive the global economy out of a slump.”— WSJ’s Telis Demos: “The basic business of banking in the age of Covid-19 isn’t proving to be easy. But for some, there could be light at the end of the tunnel.

 

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