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Bob Carey
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  US Economy and Credit Markets Ended July 10, 2020
Posted Under: Market Commentary Video
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Treasury yields dropped slightly last week as investors sought safe-haven government bonds in response to a rise in coronavirus cases. New coronavirus cases recorded their highest single-day increase last week, rising by more than 63,000 on Thursday, and the total number of U.S. cases topped 3 million. The rise in cases contributed to the drop in yields on concerns that it would inhibit states' plans to reopen their economies. Initial jobless claims in the week ending July 4 were 1.314 million, which slightly beat expectations and was lower than the previous week's total. Continued claims also fell, dropping by about 700 thousand from the previous week's total, which was revised lower, to 18.062 million in the week ending June 27. It was the 14th consecutive week of declining initial jobless claims and the 5th consecutive week of declining continued claims, suggesting the labor market is recovering but still badly damaged. Meanwhile, on Friday, President Trump indicated in comments that a phase-two trade deal with China is unlikely at this point. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: June CPI MoM (0.5%, -0.1%); Wednesday: July 10 MBA Mortgage Applications (N/A, 2.2%), June Industrial Production MoM (4.3%, 1.4%), July Empire Manufacturing (8.2, -0.2); Thursday: July 11 Initial Jobless Claims (1,250k, 1,314k), June Retail Sales Advance MoM (5.0%, 17.7%); Friday: July Preliminary U. of Mich. Sentiment (79.1, 78.1), June Housing Starts (1,175k, 974k).
Posted on Monday, July 13, 2020 @ 8:58 AM • Post Link Share: 
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