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State of The Economy

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Published 10/16/2020

What happened? 

It’s no secret – the pandemic punched the economy in the gut. Now, in mid-October, our politicians are “hard at work” on another stimulus package while jobless claims rise.

Stimulus update: It seems to change every day, but the latest news is that both sides are close on a deal. With the election coming up, there’s a sense of urgency in getting a new stimulus signed.

  • Treasury Secretary Mnuchin said that the White House won’t let disagreements over funding targets for Covid-19 testing halt stimulus talks with top Democrats.
  • President Trump said he would go even higher than the $2.2 trillion bill that the House passed. “I would say more. I would go higher. Go big or go home,” Trump said.

Jobless claims: First-time filings for jobless claims hit 898,000 last week. Wall Street estimated the number would be somewhere around 830,000.

  • That is the highest level of jobless claims since August 22nd.
  • Continuing claims fell to just over 10 million.

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