U.S. weekly jobless claims clocked in at 963,000 in mid-August, showing the lowest numbers of initial filings since March 14.
While the number of jobless claims has been dropping since that time, CNBC reports the numbers fell well below Wall Street estimates of 1.1 million. Continuing claims total around 15.5 million, down 600,000 from that same time.
Of course, March marks when state and local governments began imposing draconian restrictions on economic activity to promote social distancing and slow the spread of the global coronavirus pandemic. These restrictions continue to vary from state to state and even from county to county, and often include mandatory facial coverings in public places, banning businesses from opening, and even curfews.
Despite these new norms, markets have been able to adjust somewhat. Some municipalities have scaled back restrictions as coronavirus cases dwindle in number — or at least shown to cause less death.
Needless to say, this is a very fast economic recovery. If it is allowed to continue, it could mean the difference between a two-term Trump Administration, or a Biden presidency.
The 2020 presidential election is shaping up to be largely a referendum on President Donald Trump’s handling of the pandemic. Democrat Joe Biden alleges Trump has been a monumental failure, suggesting he would “do things differently” — including implementing as a nation-wide mandatory mask mandate. Trump has fired back saying that presidents do not have the constitutional authority to enact such a policy.
While hindsight is certainly going to be an ongoing theme, the breakneck pace of this recovery is going to be hard for Biden and his campaign to dispute.
Here’s Bloomberg with more details.
