Mike Gapen, chief U.S. economist at Barclays, sees virtually no growth in the first quarter of 2021, followed by a rebound as mass vaccinations begin and consumer behavior returns to normal.
Indeed, there are some hopeful indicators alongside the job market gloom: a booming stock market, brisk sales of new and existing homes, and reasonably healthy spending going into the holiday shopping season.
California, for example, is considering another lockdown to stem the pandemic’s spread, a move that would have broad implications.
Illinois reported nearly 19,000 initial claims for unemployment insurance in the week ending Nov. 21, while Michigan said there were more than 17,000 filings.
Joshua Shapiro, chief U.S. economist at the consulting firm MFR, noted that the highest weekly tally ever for jobless claims before the pandemic was 695,000 in 1982, well below last week’s total.
Mike Gapen, ” Mr, Gapen, Joshua Shapiro, MFR
California, Illinois, Michigan