Vester, Chairman, Powell discussed on WTOP 24 Hour News


Decline in applications for jobless benefits since they peaked in mid March we're still seeing extremely elevated claims and they do seem to be I would say stabilizing of the headline numbers of new claims have been declining as you say for ten straight weeks bought yeah we look at the sort of headline numbers on the claims the main on employment program which had about you know a little more than one and a half million new claims but still there's another seven hundred thousand that are part of the carers act pandemic claims so we're still talking about two point two million overall and you know something along the lines of thirty million people in all continuing to receive unemployment so I think we're continuing to try to balance optimism with realism and obviously what's what's happening with the stock market we're getting a dose of realism circulating back around things have been going fairly well with Wall Street here in the past several weeks but this is one of the biggest plunges of the year since March twelfth S. and P. five hundred that was up thirty five percent up to where we are right now so we're giving back a little of that and it's probably one of the most commonly asked questions I've been getting for people whether they're essentially friends family or in media settings or what's going on with Wall Street I just try to remind people that Wall Street is not main street and vice versa and with all the trillions of dollars in a stimulus or relief there been applied to the county the stock market reacted in kind for those in Vester is who I would've largely urge to stay put through all this they've been rewarded by that thirty plus percent return from the lows of during the and acts obviously concerning we see nearly half of states with rising cases of covert nineteen the chairman Powell basically stated things as they are many on Wall Street might of like two had a Rosier view but having a rosy view in the midst of everything we're dealing with probably would be a disservice to those who are suffering economically or because of their health mark Hamrick senior economic analyst for Bankrate dot com even though Shawn Anderson one is three point five FM and WTOP dot com silver diner is great food is.

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