In a surprising statistic from mid-November, only 709,000 Americans claimed unemployment. That figure, almost 50,000 fewer than the week before, kept unemployment below the benchmark 1 million mark for 11 consecutive weeks.
A Rollercoaster Ride
It is difficult to understand what to make of these figures as coronavirus cases spike across the U.S. The mercury is already beginning to fall and as the colder weather sets in, it is likely to be followed by worse news on the medical front.
Any such developments will likely have a domino effect on public confidence in visiting businesses in person, and the consequent economic downturn. It seems like one of the few safe employment bets would be to trade online CFDs. Not only does it keep you from having to interact physically with strangers but it also has the potential for much higher returns with a small investment.
That may soon be the norm rather than the exception. Already, several U.S. states have rolled out plans to renew even tighter lockdowns in the coming months. Working from home might soon be the only option, whether or not you have been claiming unemployment benefits.
Change on the Horizon?
The only positive news for the moment seems to be that pharmaceutical giant Moderna is on the verge of releasing a Covid-19 vaccine that has a reputed 94.5% success rate in clinical trials. If Moderna and the slew of other companies working toward the same goal achieve it, the world may be a different place by early next year.
It pays to take a cautious outlook, though. The odds are that vast swathes of the population will still embrace a wait-and-see approach even after an effective vaccine is found. A return to complete normalcy will most likely take months and possibly even years.
In the meantime, the encouraging unemployment numbers are a good sign. Donald Trump built a robust and resilient economy over the last 4 years. The votes are still being counted but if he loses the election, let’s hope that Joe Biden will be able to keep the momentum going.
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