On August 4, 2021, we stated in a social media post that “In two days, we are only 30 days out from ending the $300 per week additional federal unemployment payment. So here’s what we believe is going to happen. Over the next two weeks, employers who haven’t been able to fill jobs…are going to receive a flood of applications for available jobs from people losing their federal unemployment benefits. Therefore, within 32 days, it is extremely likely we are likely going to see a massive job gain number!” (8/4/2021 post: https://bit.ly/3yz3uP6).
WE WERE RIGHT! The Labor Department reported today that initial filings for unemployment insurance fell last week to their lowest levels since March 2020! First-time jobless claims totaled 340,000 for the week ended August 28, 2021, compared with the 345,000 Dow Jones estimate. THAT IS THE LOWEST LEVEL FOR INITIAL CLAIMS SINCE MARCH 14, 2020, when first-time claims totaled 256,000, just before the COVID-19 pandemic caused a historic rush to unemployment benefits. This is excellent news, long-term, for our economy!
Today’s jobs report reinforces our projection, made in the same social media post mentioned above, that the ending of extended federal unemployment payment should move your holdings very strongly! Onward and upward!
*Full listing of all disclosures (bit.ly/3lGX3mM)
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