Americans filing for first-time unemployment benefits remained elevated. The Labor Department reported Thursday that 870,000 Americans filed for first-time jobless benefits in the week ended Sept. 19, up from a revised 860,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 850,000.
Rise in Jobless Claims
Economists at Goldman Sachs cut their fourth-quarter growth forecasts for the U.S. to 3% from 6% and said “further fiscal support will likely have to wait until 2021.”
Only Congress can provide funds to the still high number of unemployed workers, and (Fed Chairman Jerome) Powell seems to be more and more communicating a belief by the Fed that Congress is falling down on the job.
Rise in Jobless Claims has been a slow roll to recovery and with no signs of additional stimulus from Washington, jobless Americans will likely continue to exist in limbo.
Democratic candidate Joe Biden holds a consistent lead in the 2020 polls but investors were rattled by comments from President Donald Trump, who continues to cast doubt – without citing evidence – on the legitimacy of mail-in ballots and results of the broader election.
Trump refused to commit to a peaceful transition of power should he lose the presidential election