Fiscal drag, viral carousel, and another stalled week in U.S. recovery

By Howard Schneider

WASHINGTON (Reuters) – U.S. hiring last week remained sluggish, retail foot traffic dipped, and a surge in coronavirus cases across the Upper Midwest even dented what had been a carefree rush back to restaurants.

The outbreaks in states like South Dakota, Montana and Wisconsin are the latest in the country’s carousel battle with the pandemic as hotspots rotate from one region to another, preventing any broad recovery of confidence or the economy.

Since an early summer jump in U.S. economic activity, data across a broad set of high-frequency indicators has shown little evidence of the sort of steady improvement needed for the country to dig out from a deep recessionary hole, with more than 25 million people still filing for some form of unemployment insurance.

Employment over the week fell slightly at a set of small businesses whose worker time is managed by Homebase, new job

Read More