Divergent PMI readings between the U.S. and Europe indicate a stark contrast forming between the two continents. While Europe was hit with a wake-up call today, it looks like the American dream has yet again bought itself more time.
Yesterday, the Democratic National Convention kicked off and will run through this Thursday, where the Democratic Party will formally nominate Joe Biden and Kamala Harris as president and vice president for this election.
Today, initial jobless claims have dropped below 1 million to 963,000, seasonally adjusted for the week ending August 8. This is the first time that initial jobless claims fell below the one million level since the beginning of the pandemic in March.
With no stimulus bill passed, U.S. Congressional lawmakers have wrapped negotiations, ending in a stalemate. President Trump issued executive orders over the weekend to extend aid—but who and what will be hurting in the mean time?