U.S. Economic News

August 13, 2020

U.S. Economic Indicators

Initial jobless claims fell 228,000 to 963,000 last week. The four-week moving average fell 86,250 to 1,252,750. DOL Report

U.S. News

The Wall Street Journal reports that the International Energy Agency forecasts a deeper contraction in global oil demand in 2020 than previously projected, as persistently high coronavirus cases have thwarted the recovery in transport activity. Though prices for crude oil have increased significantly from April lows, they may fall again as production cuts soften and supply levels increase. WSJ

Bloomberg reports that despite a strong rebound thus far in the U.S. auto industry, foot traffic data from auto-making facilities suggests that the recovery may be difficult to sustain given social distancing protocols and high levels of worker absenteeism. While some automakers note that the number of people in their plants may not correlate with production, other manufacturers view this as an indication that operations will not return to normal for some time. Bloomberg