CNBC: Jobless claims were worse than expected amid slowdown in hiring

[TomCADem]

Despite some States proceeding with reopening, the economy will continue to lag while COVID continues to spread, particularly since Trump has sabotaged social distancing measures and safe practices like wearing a mask.

https://www.msn.com/en-us/news/politics/turning-power-of-state-against-rivals-trump-seeks-power-of-authoritarians/ar-BB19U3He?li=BBnb7Kz

First-time claims for unemployment benefits totaled 840,000 last week, higher than expected in another sign that the spike in job growth over the summer has cooled heading into Election Day.

Economists surveyed by Dow Jones had been expecting 825,000 new claims.

Though the total was a bit worse than Wall Street expected, it still represented a modest decline from the upwardly revised 849,000 from a week earlier. It also was the lowest level of claims since the virus-induced shutdown in mid-March.

Claims have been above 800,000 every week since the World Health Organization declared the coronavirus a pandemic, leading to the shutdown of the U.S. economy.

[LizBeth]

1. And when this number is revised it will be higher too.

[bucolic_frolic]

2. The economy is moving to home workers and home gigs

This is the final fallout of the internet economy. Employers find it more efficient. Workers love it, it's cheaper with no commuting.

Shopping malls and offices are in less demand. People will drive far less. Eventually households will consume less, and work off the inventory they have in basements, closets, attics and garages.

I saw an ad this week for commission-only sales of office furniture. Yeah, I could see that will be very difficult to sell.