Continuing Claims
The pandemic shoes start to drop. The stock market had recovered a lot of its initial pandemic losses. Yet, companies have been laying of people. Factories have been closing or operating at reduces capacity.
This is wild but true. It's difficult to buy a utility trailer in the US right now as they're built here but most factories are closed. They're hard to find on craigslist and calling 5 dealers I learned what inventory they do have sells out in days. Took me weeks to find this one pic.twitter.com/9yrGIxQnbt
— Matt Haughey (@mathowie) July 30, 2020
It is no wonder that the bad news would eventually arrive.
The big economic report was a mixed bag: GDP fell at a 32.9% annual rate, which — while awful — was slightly better than expected. But a week-to-week increase in unemployment filing has economists antsy.
Continuing claims are people who file for unemployment for at least a second week in a row. The number and trend hint where we are in the economic recovery.
And it ain’t looking good folks.