Since the end of the summer, the U.S. economy has held up better than Europe, but the situation could deteriorate if the second wave begins to swell across the Atlantic. On the work front, just over half of the 22 million workers lost in the United States in March-April have been recreated, but over the past two months, the rate of job growth has slowed. On Thursday A further decrease in unemployment registrations was confirmed last week by the U.S. Labor Department, but they remain at a very high level relative to Covid’s pre-crisis level.
Unemployment registrations hit 709,000 for the week ended November 5, down 48,000 from the previous week, while the consensus was placed at 731,000. The average for four weeks was 755,250, down by 33,250. Finally, in the week ended 31 October, the number of unemployed people paid for benefit reached 6.786 million, down 436,000 over seven days while consensus was 6.825 million.
On Thursday, after the group reported it had enough data for an interim review of its Advanced Research (Phase III) on an experimental Covid-19 vaccine, Moderna Inc (MRNA) climbed up 6.5 percent. Markets are very optimistic about this vaccine, which is based on Pfizer and BioNTech-like technology. Dr. Fauci, the much-listened one, thought that this Moderna vaccine could bring good results as well.
The German laboratory, CureVac N.V. (CVAC) was up 12.5 percent and was expecting to approve its experimental Covid vaccine in the third quarter of 2021. Currently, the organization is in talks with major pharmaceutical firms to create a new vaccine.
As cases of covid continue to increase in the United States, the low-cost U.S. carrier Southwest Airlines Co. (LUV) which dropped -3 percent on Thursday. The U.S. carrier also said that it was seeing a decline in the revenue turnaround in recent weeks.