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    Fed And Weaker Jobs Data Hits Markets This Morning

    August 20, 2020
    1 Comment
    Federal Reserve Districts Map

    Equity markets are weak this morning as comments yesterday afternoon from the minutes of the Federal Reserve Open Market Committee (FOMC) showed concerns about continued 'economic weakness' due to the coronavirus and associated lockdowns nationwide.

    This morning's jobless claims were back above the 1mm mark for the last week, which was more than analysts expected; markets were hoping for a print below 1mm.

    Washington has still not come to an agreement on another round of stimulus money for American business and citizens. Jobs are starting to disappear again due to the cessation of PPP payments, right before the election of course.

    In good news, hospitalization rates for the Chinese coronavirus, or COVID-19, continue to decline. You won't hear about the in the corporate media however. You can read about it on Zero Hedge however.

    Continuing Jobless Claims (Aug 7) printed at 14.844M vs 15.48M consensus estimate.

    Philadelphia Fed Manufacturing Survey (Aug) printed at 17.s vs 21 estimate.

    Initial Jobless Claims (Aug 14) printed at 1106k vs 925k estimate.

    Initial Jobless Claims 4-week average (Aug 14) printed at 1175.75k.



    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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