Morning all.
How quickly the weeks seems to fly by, we’re back round to US Jobless Claims day already!
The trend in falling new claims is expected to continue today with 1.8 million news claims forecast against last weeks actual of 2.12 million.
For the first time since the layoff started the continuing claims is expected to fall by 1 million, to 20.05 million. I wrote about this number last week and it should be seen as very disappointing if this does only fall by 1 million.
The theoretical idea of the PPP scheme was for everyone to get put back on payrolls and off unemployment so that businesses were ready to reopen and secure in having their previous employee skills and experience. If continuing claims cannot fall by several million with most of the US on a rapid path to reopen in the past few weeks then it’s a potential warning that more job losses than anticipated are not temporary.
We’ll see what that markets want to do with this later with the data expected at 12:30 pm (GMT).
Stay safe, thanks for your time.
$SPX500 $NSDQ100 $DJ30
