Biden’s promise to “Build Back Better” has failed, at least according to the economic indicators. Hospitality workers aren’t returning to work, job openings remain at an all-time high, the stock market is sinking, and the supply chain for many goods is broken. But hey, at least the bad orange man is out of the White House.
According to CNBC:
The major U.S. stock indexes fell on Thursday on concern about the global economic comeback from Covid-19. The losses came as Japan declared a state of emergency in Tokyo for the upcoming Olympics and as countries deal with a rebound in cases because of Covid variants.
The Dow Jones Industrial Average dropped about 250 points, or 0.7%. The S&P 500 lost 0.8%. The Nasdaq 100 Composite fell 0.9%. Both the S&P 500 and Nasdaq Composite closed at records in the prior session because of gains from tech shares.
The Labor Department’s latest jobless claims data came in unexpectedly higher at 373,000, signaling a possible slowdown in the the labor picture amid the Covid recovery. Economists expected to see 350,000 first-time applicants for unemployment benefits for the week ended July 3, according to Dow Jones.
Losses were led by companies that would benefit from a rapid economic comeback from the virus. Shares of Carnival and Royal Caribbean each dropped more than 2%. American Airlines and Delta Air Lines each fell more than 2%. Boeing fell 1.7% and Ford was also lower by 2.5%. Retailers Macy’s and Kohl’s lost nearly 3%.
Despite the media covering for old Joe, they can’t hide the economic indicators that are there for us all to see.