Weekly Market Snapshot – December 7th, 2020
Created by: Sam Tenney
- The Government Accountability Office (GAO) in an official report has said it believes the Labor department to have released misleading reports on the week to week jobless claims data, suggesting the economic impact of the virus is worse than official numbers suggest, as well as claiming 29 US states to have improperly paid out weekly unemployment claims, many payments even falling below the national poverty line. ¹
- The current Organization for Economic Opportunity and Development (OCED) guidelines suggest a global economic recovery to pre-virus Gross Domestic Product output can be expected by 3rd quarter 2021. However, high debt loads on small businesses driving much of the economies real throughput will be one of the challenges preventing a return to pre-virus nominal growth says the organization.²
- The European Union talks with the United Kingdom over the “Brexit” trade negotiations are set to cut-off Wednesday December 10th. Currently the UK is not willing to extend negotiations into 2021, making a no-deal leave from the union a possibility. Currently many of the EU member countries have re-entered national lockdowns due to a rise in Covid-19 cases, raising questions for the future strength of the UK trade balances if a no-deal Brexit happens. ³
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