December 26 will be a very difficult day for millions of Americans. After Christmas, many of them will lose the financial livelihood of unemployment assistance in the event of a pandemic, which could take millions of them to the homeless street. other people who have lost their jobs and can’t pay next month’s rent or mortgage.
13. 65 million other people are helped
In last week’s unemployment claims report, the number of others receiving normal state unemployment benefits fell from 6. 45 million to 6. 04 million, a drop of 414,000. However, Gregory Daco, Oxford Economics’ leading economist, says on the weekly unemployment chart that 13. 65 million others are receiving pandemic assistance and sold out on Saturday, December 26, boxing day.
More than 14 million people have little or no confidence to pay rent
The U. S. Census Bureau has not been able to do so. But it’s not the first time He created this year’s Home Pulse Survey, which attempts to track Covid-19’s effect on employment, food security, health, housing, and a number of other parameters.
In the survey he covered on October 14-26, he found that more than 14 million others had little or no confidence in next month’s rent payment, as shown in the graph below TheDailyShot. com. In addition, in the recent maximum survey, from 28 October to 9 November, he found that other people with little confidence remained more or less equal, but those who were untrusted rose from more than 440,000 to just over 6 million.
Owners feel a lot of pain
Black Knight tracks the amount of mortgages that are in abstention, which means not paying or paying less than normal. As you can see on the chart below, there is a very small amount before it hit the coronavirus, but it soared to nearly five million mortgages in a program in two months.
The number of mortgages affected has fallen to about 2. 8 million, but has increased in the last two weeks. Although this figure is still 7% lower than the previous month, if greater fiscal stimulus is not provided, it will be difficult for millions of homeowners. to offset deferred payments. Abstention does not eliminate the legal liability of landlords to pay late or reduced payments, but only delays them.
The personal source of income fell in October
The U. S. Bureau of Economic AnalysisIt reported that the source of non-public revenue in the United States was minimized by 0. 7% from September to October. While the decline was due to a minimisation of the government’s social benefits, Americans had even less cash to spend. continues or remains stable, it’s something to watch for as we enter the holiday season and many government systems end.
Job expansion can simply disappoint
The knowledge of choice tracker has recently experienced a slowdown. As shown in the graph below, this indicates that the November employment report is expected to continue with the recent downward trend in the number of jobs added in a month and be negative.
JP Morgan’s knowledge implies that task losses can be only 823,000, but keep in mind that previous forecasts have been staggered up to 800,000 and up to 500,000; however, this implies that employment expansion in November may be well below the consensus gain of 500,000.
Shaken consumer
Conference Board’s Consumer Confidence Index increased from 101. 4 in October to 96. 1 in November. While the existing index remained necessarily strong (below 106. 2 to 105. 9), the expectations index was affected from 98. 2 to 89. 5.
Lynn Franco, senior director of economic signs at the Conference Board, commented: “Consumer assessment of existing situations has remained stable, consumers have noticed moderation in industry situations, suggesting that expansion slowed in the fourth quarter. As 2021 approaches, consumers do not expect the economy or labour market to strengthen. In addition, the resurgence of extra COVID-19 increases uncertainty and exacerbates outlook considerations”.
The inventory market does not
The Dow Jones Industrial Average peaked at an all-time high last week, reaching 30,000, but this is not the case with the vast majority of people who have lost their jobs, live their pay mea cheques and rely on pandemic aid payments. of Jared Bernstein, President-elect Biden’s new economic adviser, shows that more than 88% of the inventory market price is maintained through only 10% of Americans, and the next 11% of the price at the next 40%. Half of the population has less than 1%.
I provide independent studies on generation corporations and in the past I was one of two analysts who decided on the generation stakes of the Atlantic Trust (Invesco’s top point of
I conduct independent studies on generation corporations and in the past I was one of two analysts who decided on the generational stakes of The Atlantic Trust (Invesco’s highest net worth organization), a $15 billion company. He was an Internet security software analyst for Smith Barney (where I wrote the industry’s most comprehensive report “Internet Security Software: The Ultimate Internet Infrastructure”) and hardware analyst for corporate servers at Salomon Brothers. IBM in various sales and production positions. Stanford University and a bachelor’s degree in economics from the University of Sussex, England.