Our economy is slowly getting better, but millions of Americans are still looking for a job.
U.S. stocks lost ground Thursday, partially due to mix economic news. 1.3 million Americans filed first time unemployment claims last week. That's 10,000 fewer than the week before, but investors were hoping for even fewer. Investment and financial planning expert with Elite Financial Management Bill Dendy says there's still a lot of uncertainty amid the pandemic.
“This continued unemployment will have domino impact, and we don’t know if it’s going to be over with in September, October, November, or if it’s going to go through a second or a third round, and that’s what has got Wall Street concerned,” Dendy said.
Dendy says a second stimulus package from Congress could help in the immediate, but it could also eventually lead to higher taxes. He says it may not be until 2022 until unemployment reaches pre-pandemic numbers.