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Written by: Chad Moutray, Ph.D. CBE - Monday, July 27, 2020
National Association of Manufacturers Weekly Headlines:
The limited number of releases last week each highlighted the rebound in economic activity seen this summer following the sharp, unprecedented declines in the spring due to the COVID-19 pandemic. This is encouraging news, even as overall activity remains well below prerecessionary levels.
With that said, there have been some renewed closures related to the continued spread of COVID-19 in many areas, and this could lead to some softening in demand, production and hiring in forthcoming data. This was seen last week in the initial unemployment claims, with the first increase in 16 weeks.
Meanwhile, continuing claims declined from 17,304,000 for the week ending July 4 to 16,197,000 for the week ending July 11. In the latest data, 11.1% of the workforce received unemployment insurance.
There will be several key economic data points to watch this week.
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