Americans Getting Off Unemployment, And Into Houses
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At midday, the major indices are in the green. Only 2 S&P 500 sectors are in the red. The best performing sectors are Industrials and Materials, which are being bolstered by the better-than-expected initial claims report, as well as hopes for an infrastructure deal. The Senate Republicans have offered a new proposal with a price target of $928 million, which is still far below Biden’s $1.7 trillion plan, but is showing a willingness to reach a bipartisan deal.
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On the economic front, initial jobless claims fell by 38,000 to 406,000 beating expectations for 425,000 and is a new pandemic low. As Covid-19 cases continue to decline and government and business restrictions are lifted, filling jobs has become more and more difficult. As such, several states had withdrawn from the federal unemployment benefit programs.