U.S. Economic News

July 9, 2020

U.S. Economic Indicators

Initial jobless claims fell 99,000 to 1,314,000 last week. The four-week moving average fell 63,000 to 1,437,250. DOL Report

U.S. News

The Wall Street Journal reports that despite a rocky start to the Main Street Lending Program, Federal Reserve officials overseeing the program expect it to provide critical insurance if rising coronavirus cases cause the economic disruption to worsen. Since its creation in April, the program has suffered from limited interest from both banks and borrowers, though Fed officials remain resolute that loans through the program will eventually take off. WSJ

According to the Washington Post, in an effort to limit the size of the coming relief package, conservative lawmakers and White House officials are deliberating reducing the income threshold for a second round of stimulus payments. However, the persistent economic turmoil of the crisis alongside the high administrative burden of more targeted payments lead some experts to believe that GOP leadership is likely to back off the proposal to curb payments. WaPo