Stocks Respond to New Job Numbers

Stocks Respond to New Job Numbers

(AmericanProsperity.com) – Over 21 million Americans lost their jobs in mid-March when the COVID-19 shutdowns began. The closures brought the unemployment rate to 14.7%. But, as citizens get back to work, jobless claims and the stock market show optimism for the coming months.

From August 2 to 8, a seasonally-adjusted sum of 963,000 Americans filed new, standard jobless benefits claims. The week prior, 1.2 million filed. This drop signals the first time since March that the new claims total was below one million.

Although the unemployment rate still hovers at 10.2%, the stock market celebrated the latest milestone. The S&P 500 almost hit an all-time high on the morning of Thursday, August 13, reaching an intraday high of 3,393.52.

Andrew Clark, the Rapid Response Director for President Donald Trump’s Campaign, celebrated and shared his thoughts:

Americans are getting back to work and finding new jobs in these trying times. While the unemployment rate and stock market spikes of the past few months were unprecedented, the drive of every citizen to provide for their family and achieve their dreams will keep us moving forward.

~Here’s to Your Prosperity!

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