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Stimulus package absent as US election nears

Friday, October 23, 2020

US unemployment claims came in sharply ahead of most estimates recording jobless claims of only 787,000 to the week ending 17 October, compared to forecasts of 870,000. The weekly data set is often wide of most analysts’ forecasts and either points to a steadily improving jobs market or perhaps reflects that more people are dropping out of the claims figures. It still is a glacial recovery either way and the need for more urgent stimulus is paramount as the virus continues its inexorable rise in case numbers. Progress on a stimulus package is still absent though in Congress and the Senate and is unlikely to be sorted this side of the US election.

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