{"id":4385,"date":"2021-03-29T18:53:36","date_gmt":"2021-03-29T18:53:36","guid":{"rendered":"https:\/\/www.keystonefinancial.com\/?post_type=oi_article&p=4385"},"modified":"2021-03-29T18:56:35","modified_gmt":"2021-03-29T18:56:35","slug":"weekly-commentary-march-30-2021","status":"publish","type":"oi_article","link":"https:\/\/www.keystonefinancial.com\/articles\/weekly-commentary-march-30-2021","title":{"rendered":"Weekly Commentary | March 30, 2021"},"content":{"rendered":"\n
Last week, unemployment claims were looking good and consumers were feeling good.<\/p>\n\n\n\n
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The number of Americans applying for first-time unemployment benefits declined. Just 684,000 people filed claims during the week of March 20, down 97,000 from the week before, according to last week\u2019s report from the Labor Department<\/em>.<\/p>\n\n\n\n <\/p>\n\n\n\n Granted, that\u2019s a large number \u2013 higher than the highest number of first-time claims during the Great Recession \u2013 but it\u2019s the smallest we\u2019ve seen since the pandemic began, according to Christopher Rugaber of the AP.<\/em> He wrote:<\/p>\n\n\n\n <\/p>\n\n\n\n \u201cEconomists are growing more optimistic that the pace of layoffs, which has been chronically high for a full year, is finally easing\u2026Still, a total of 18.9 million people are continuing to collect jobless benefits\u2026Roughly one-third of those recipients are in extended federal aid programs, which means they\u2019ve been unemployed for at least six months.\u201d<\/p>\n\n\n\n <\/p>\n\n\n\n Consumer sentiment also improved, according to data released last week. The University of Michigan\u2019s Index of Consumer Sentiment<\/em> was up 10.5 percent month-to-month, although it remained down year-over-year. Perceptions of current economic conditions improved, too. Surveys of Consumers chief economist Richard Curtin reported:<\/p>\n\n\n\n <\/p>\n\n\n\n \u201cConsumer sentiment continued to rise in late March, reaching its highest level in a year due to the third disbursement of relief checks and better than anticipated vaccination progress\u2026The majority of consumers reported hearing of recent gains in the national economy, mainly net job gains. The data clearly point toward robust increases in consumer spending. The ultimate strength and duration of the spending surge will depend on the rate of draw-downs in savings since consumers anticipate a slower pace of income growth.\u201d<\/p>\n\n\n\n <\/p>\n\n\n\n Performance of major U.S. stock indices was mixed last week. The Dow Jones Industrial Average and Standard & Poor\u2019s 500 Index both finished higher for the week, while the Nasdaq Composite lost ground.<\/p>\n\n\n\n <\/p>\n\n\n\n (The one-year numbers in the scorecard are noteworthy. They reflect the strong recovery of U.S. stocks from last year\u2019s coronavirus downturn to the present day.)<\/p>\n\n\n\n