12/18– Weekly Economic Highlights
Dec 18, 2020 | Weekly Highlights
Recent economic data suggests that the economy has lost momentum as virus cases have risen. We anticipated that economic data would soften during the winter months, and believe the near-term outlook remains challenging as the labor market remains under pressure, many regions have renewed business restrictions due to the virus, and fiscal support remains delayed. With the level of unemployment already elevated, initial jobless claims continued to rise last week, which does not bode well for the holiday shopping season in our view.