Weekly Market Snapshot – November 30th, 2020
Created by: Sam Tenney
- US initial jobless claims have risen slightly for the second week in a row, the first time since July we have seen consecutive increases in initial claims. This signals a possible short-term reversal in momentum of the US Covid-19 economic recovery. ¹
- The US shopping holiday Black Friday is expected to conduct more online sales then physical retail sales for the first time in history. Around $9 billion in e-commerce spending was done on the holiday, and with foot traffic in retail shopping areas down 52% year over it is expected the physical retail sales will come in much lower than that.²
- Bank of America Chief Investment Officer, Michael Hartnett, has said “Dollar Debasement” will be the theme of the coming decade. According to Hartnett, “Runaway stimulus and considerable public sector deficits” among other reasons “will contribute to a declining dollar value over the next decade”³
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