On the surface US data was very upbeat – claims at their lowest level since the start of pandemic and continued claims declining at a rapid pace to the lowest since late March. Well, there’s a catch – since state benefits no longer receive federal bonuses, not all of this improvement goes into employment – some benefits were simply replaced by “Pandemic Emergency Unemployment Compensation” that is not reported in general stats! When we take this into account the situation does not look all the bright – even ahead of new restrictions that must be on the way in the US due to the covid cases and hospitalizations surge!
Source: ZeroHedge
Data from Japan usually do not receive much of attention but today’s machinery orders deserve some of it. The data saw 4.4% m/m plunge and was way below expectations. Do notice that industrial powerhouses are still below prepandemic levels NOT to even mention good times of 2018.
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