U.S. Economic News
March 19, 2021
U.S. News
The New York Times reports that the persistence of historically high unemployment claims may be partially explained by the prevalence of multiple claims from the same individuals. In California, for example, 80 percent of unemployment applications in the state last month were filed by individuals who had been laid off in 2020, gotten back to work, and then been laid off again. NYT
The Wall Street Journal reports that the U.S. economic recovery is gearing up as consumer spending on many in-person services, including gyms and salons, climbs to the highest levels since the pandemic began. Economists predicted some surge from “pent-up demand” among higher-income Americans who accumulated savings during the pandemic, but many forecasts have recently been revised further upward after the approval of the $1.9 trillion stimulus package and the early success of widespread vaccination campaigns. WSJ