Headlines discussed at LNWM’s Monday morning briefing:
— Congressional Republicans are proposing an additional $1 trillion in Covid-19 relief vs. $3.4 trillion for Democrats, as extra unemployment benefits run out this week.
— 1.4 million people filed for US unemployment the week of July 18, the 18th straight week above 1 million; 31 million total are collecting unemployment of some type.
— US new home sales jumped nearly 14% in June, the highest increase since July 2007, as low interest rates and demand prop up housing market.
— A key indicator for the US service sector rose 2 points in July to 49.6, with 50 indicating expansion; indicator has been under 50 for six months in a row.
— Tensions between the US and China escalated, after the US closed the Chinese consulate in Houston, and China retaliated by closing the US consulate in Chengdu.
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