July 2020 Economic Recap
Coronavirus cases and fatalities surged in July amidst a “second wave” of infections. After initially hitting the Northeast hard, the virus spread throughout the South and Midwest, with states such as Arizona, Florida, and Louisiana becoming hotspots. Overall, 18 states saw their number of coronavirus cases double over the month.
Congress also failed to pass legislation which would continue expanded unemployment benefits for workers affected by the pandemic. The inability of congress to pass a new bill, or extend the old, leaves millions of unemployed Americans with drastically decreased benefits. Congress is now in recess until Labor Day. In the meantime, President Trump issued an executive order expanding unemployment benefits at a lower level, however the order remains legally and administratively dubious.
For a deeper consideration of the economic data released during July, please follow the links below: