Weekly Market Snapshot – June 29th, 2020
Created by: Sam Tenney
- In May, 26.7% of personal income came from transfer payments such as Social Security, Medicare, Medicaid, VA benefits, and unemployment insurance. This is up from 17% pre-Covid, and up from 6% in 1960. Wages & Salaries are ~44% of total income, down from 65% in 1960.¹
- As of Friday June 26th, 13 companies have filed for Chapter 11 restructuring bankruptcy for the week, among them GNC corporation and Chuck-e-Cheese parent company CEC entertainment. This is the highest number of weekly claims since 2009.²
- US Durable goods orders rebound 15.8% in May, driven by automotive orders and a decline in cancellations for Boeing.³
- The Bureau of Economic Analysis has released data suggesting that the $600 extra in unemployment insurance provided by Congress for Covid-19 directly contributes to 3.7% in GDP growth and 5.1 million jobs, the economic impact of these payments has been significant and it remains to be seen if congress will extend the deadline.4
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