Market Commentary

Weekly Jobless Claims

Weekly Jobless Claims

Now the hard work begins, the weekly jobless claims that have been falling for weeks settled down to 870,000 last week from 866,000. The expectation was for a drop to 850,000. Anywhere in the range of these numbers should be considered poor.

The goal is to get them back below 300,000, pre-COVID/full employment days. To reach that goal, the economy will have to be fully reopened meaning schools back on campus, full opening of restaurants, gyms, hair salons, and so forth. Most of the jobs in the U.S. are service jobs and most of those are people working for small businesses. Those small businesses are the ones that have been most economically disadvantaged. They allowed Target, Costco, and Walmart to stay or reopen but not small businesses. That has to change.

Without it, unemployment numbers will remain high and claims for benefits will continue to reflect an economy that is being held back.