Weekly Market Snapshot – July 13th, 2020
Created by: Sam Tenney
- Non-farm payrolls rose 4.8 million in June, bringing the overall unemployment rate down to 11.1% ¹
- Many apparel retailers have found excess inventory from Covid lockdowns hard to unload in the current environment, posing a challenge to many. “Nobody wants to get 10 cents on the cost dollar … When I tell them [retailers] the price, they go back to the drawing board. They say, ‘that’s terrible’.”²
- Possible data errors in the governments tracking of the Paycheck Protection Program (PPP), may be skewing information on the program’s effectiveness. Although the maximum PPP loan for a one-person enterprise is $20,833, more than 75,000 loans listing one job retained have higher amounts — including 154 showing $1 million or more.³
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