By Scott J. Brown, Ph.D., Raymond James
The Mixed Impact of the Pandemic – Job losses in the early stages of the pandemic were more concentrated among low-wage workers. About half of those jobs have come back. For high-wage workers, who have been more able to work from home, job losses were less severe and have rebounded much better. The spring’s fiscal support helped to offset some of the impact, but there are broader concerns about the pandemic’s impact on potential growth.
This Week – The monthly inflation reports may reflect further rebounds from prices that were depressed during March and April, as well as some supply chain issues, but the year-over-year trends should remain low. Unit motor vehicle sales were reported higher again last month, which should lead the headline retail sales figure. The IMF will release its World Economic Outlook. Treasury budget figures for September are expected to be issued sometime this week (the release of fiscal year total is subject to certain reporting requirements) – the FY20 total will to be over $3 trillion. Will there be a 2nd presidential debate? Who knows?