Coronavirus stimulus/rescue talks are dead until September
The Senate officially adjourned through Labor Day, September 7. The House
of Representatives had already been out of season, but now Speaker Nancy
Pelosi (D-Calif.) has announced that she will return to California next
week.
In the negotiations that collapsed Democrats refused to compromise further
than the $2 trillion package (down from $3.4 trillion in the House-passed
bill) while Republicans refused to move up from their offer of $1 trillion.
Given disagreements in the Republican Senate, it's not clear that Senate
Majority Leader Mitch McConnell actually has the votes even for the $1
trillion package.
The number of workers applying for unemployment benefits from state
unemployment programs fell below 1 million for the week ended August 8. At
963,000 the number was below the 1.18 million new claims for the week of
August 1. Economists had expected initial claims of 1.1 million.
Continuing claims for unemployment dropped to 15.5 million for the week
that ended on August 1. Economists had expected the number of continuing
claims would drop to 15.8 million.
The drop from the heights of March, when nearly 7 million people filed
initial claims for unemployment is certainly good news.
But the weekly new claims level remains well north of the historic record
high of 695,000 in 1982. And with 15.5 million workers drawing continuing
unemployment checks, we're still mired in a recession.
Most economists fear that without new stimulus the economy will contract
again.
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The Senate officially adjourned through Labor Day, September 7. The House
of Representatives had already been out of season, but now Speaker Nancy
Pelosi (D-Calif.) has announced that she will return to California next
week.
In the negotiations that collapsed Democrats refused to compromise further
than the $2 trillion package (down from $3.4 trillion in the House-passed
bill) while Republicans refused to move up from their offer of $1 trillion.
Given disagreements in the Republican Senate, it's not clear that Senate
Majority Leader Mitch McConnell actually has the votes even for the $1
trillion package.
The number of workers applying for unemployment benefits from state
unemployment programs fell below 1 million for the week ended August 8. At
963,000 the number was below the 1.18 million new claims for the week of
August 1. Economists had expected initial claims of 1.1 million.
Continuing claims for unemployment dropped to 15.5 million for the week
that ended on August 1. Economists had expected the number of continuing
claims would drop to 15.8 million.
The drop from the heights of March, when nearly 7 million people filed
initial claims for unemployment is certainly good news.
But the weekly new claims level remains well north of the historic record
high of 695,000 in 1982. And with 15.5 million workers drawing continuing
unemployment checks, we're still mired in a recession.
Most economists fear that without new stimulus the economy will contract
again.
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