Today is Thursday, May 21 and we see that market futures fall slightly after the rally earlier this week, weekly jobless claims rose 2.438 million and treasury yields fall as global coronavirus cases spike. Also, more than half of small businesses are looking to have their PPP funds forgiven and the IRS will allow people to put away more money in health savings accounts (HSAs) in 2021.
First-time filings for unemployment insurance totaled 2.44 million last week as the tail effects of the coronavirus shutdown continued to impact the U.S. jobs market. The total, while still well above anything the nation had seen in pre-coronavirus America, represents the seventh straight week of a declining pace following the record peak of 6.9 million in late March.
Futures contracts tied to the major U.S. stock indexes fell on Friday as investors took a breather from Wall Street’s robust gains so far this week.
U.S. government debt prices were higher Thursday morning as investors tried to gauge the likelihood of a sharp rebound ahead of a slew of economic data.
While government aid initiatives like the Paycheck Protection Program have helped small businesses, frustrations are mounting on Main Street due to a lack of guidance from the Small Business Administration on loan forgiveness and how to use the funds appropriately to avoid being on the hook for repayment, a new survey shows.
Next year, the IRS will allow people to put away even more money in health savings accounts, a tax-advantaged account you can use for medical expenses. Health savings accounts work alongside high deductible health plans. You can save money on a pretax or tax-deductible basis, have it grow tax free and then use the money to cover health care costs free of taxes.