This week jobless claims fell again but from 849,000 to 840,000, still a slowing recovery. There has been a steady and sometimes dramatic fall in the number of people filing for benefits since the economy started to re-open. Now, however, the improvement in the numbers has slowed significantly. The previous stimulus package went a long way to limit the damage by putting extra dollars in people’s pockets and like good consumers, they spent that money. That money has run out. There are lingering benefits still from the previous spending package but the extra unemployment benefits are gone.
Expect a slowing of economic improvement. How slow will depend on a COVID vaccine, improved treatment, and when and how much the next spending package will be.