Headlines discussed at LNWM’s Monday morning briefing:
— The US federal budget deficit for fiscal 2020 (ending Oct. 1) is on course to be $3.3 trillion, more than 3x the 2019 deficit and highest since World War II.
— The UK signed its 1st major bilateral trade deal post-Brexit; an estimated 99% of UK exports will enter Japan without tariffs.
— Prices of used cars and trucks in the US jumped 5.4% in August, the biggest monthly increase since 1969, while overall consumer inflation is up 1.3% annualized through August (vs. 1% through July 2020).
— Half as many Americans are collecting unemployment — 13.4 million vs. 25 million this spring; however, new weekly jobless claims remain high, up 884,000 the last week of August.
— US flight bookings are down 82% from 12 months ago, with Delta saying it will be operating 50% to 60% of its usual flights out of New York and Washington DC.
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