U.S. Economic News
July 23, 2020
U.S. Economic Indicators
Initial jobless claims rose 109,000 to 1,416,000 last week. The four-week moving average decreased 16,500 to 1,360,250. DOL Report
The Conference Board’s Leading Economic Index (“LEI”) increased 2.0% in June following a 3.2% increase in May. While improvements in the labor market and stock prices helped bolster the LEI in June, the resurgence of the virus in several states combined with consumers’ weak economic outlook imply that the U.S. economy will remain in recessionary territory in the near term. Conference Board Report
U.S. News
The Washington Post reports that new data from the online review site Yelp shows that permanent business closures now outweigh temporary ones, with the greatest losses occurring in the restaurant and retail sectors. As many commercial leases expire in the coming months, business owners may choose not to renew given the poor economic outlook, which could lead to additional strain on the labor market. WaPo