Shares of retailers and other consumer companies rose slightly as investors hedged their bets on the likelihood of another stimulus bill.
Economists say the U.S. recovery is beginning to flag, and can only be rejuvenated by another round of stimulus. The likelihood of that shot in the arm diminished slightly when House Speaker Nancy Pelosi rejected President Trump's suggestion of a stand-alone airline relief bill, but some strategists remain optimistic.
More than half of business and academic economists polled this month said they didn't expect the labor market to claw back until 2023, or later, all the jobs lost as a result of coronavirus-related shutdowns, The Wall Street Journal reported. In the latest sign that the jobs recovery is running out of steam, unemployment claims held steady at 840,000 last week, Thursday's Labor Department report said. While far below a peak of near 7 million in March, claims have clocked in between 800,000 and 900,000 for more than a month.
Burger chain McDonald's said its U.S. sales have bounced back from the initial shock of the coronavirus pandemic, thanks to sped-up drive-throughs and a meal promotion with musician Travis Scott.
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(END) Dow Jones Newswires