U.S. Economic News
October 8, 2020
U.S. Economic Indicators
Initial jobless claims decreased 9,000 to 840,000 last week. The four-week moving average fell 13,250 to 857,000. DOL Report
U.S. News
The Financial Times reports that OPEC’s latest annual outlook anticipates a much stronger oil recovery than most industry analysts, forecasting a swift recovery in oil demand over the next year and continued sector expansion until 2040. OPEC’s report acknowledges the high degree of uncertainty surrounding the pandemic’s trajectory in the near term, but assumes ongoing population growth and an expanding middle class in emerging markets will continue to bolster demand over the next couple of decades. FT
David Lynch reports for the Washington Post that the US economic recovery is rapidly losing momentum as stimulus talks stall in Washington, raising the chances of a more painful, drawn-out recession with a longer path back to growth. Economists warn that headwinds to recovery are mounting heading in to the fall and winter months, as more businesses shutter and cooler weather forces people indoors where virus transmission thrives. WaPo