The Monthly Employment report came in better than expected this morning, reinforcing what we saw out of the higher frequency weekly Initial Unemployment Claims reported yesterday. Again, this is an unprecedented time and the data is likely to be highly revised in the future but so far the trend of folks being too pessimistic on the economic recovery continues. Remember, the story for the economically sensitive issues isn’t about how strong the economy is today, but the trend toward where it can be heading into 2021.
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