170,000 Doses of Pfizer Inc.’s Vaccine

12/8/2020

712,000

Initial U.S unemployment totaled a seasonally adjusted 712,000 in the week ending Nov. 28, a decrease of 75,000 from the previous week’s revised level and the lowest level since start of covid-19 crisis, the Labor Department reported. Continuing claims, which track the aggregate total of Americans applied for jobless benefits, fell by 569,000 to a seasonally adjusted 5.52 million for the week ending Nov. 21. The reading also came in below economist forecasts. Furthermore, for the week ending November 28, 52 states reported 288,701 workers applied for PUA (Pandemic Unemployment Assistance), a program for the self-employed and gig workers. The largest increases in initial claims were in Illinois (8,543), Oregon (5,483), and Indiana (4,231), while the largest decreases were in California (-38,522), Texas (-15,726), and Michigan (-12,448), the report shows.

245,000

The American economy added somewhat disappointing jobs in November. The economy added 245,000 jobs last month, a sign that job market is recovering slowly from the coronavirus recession. The number is lower than expected and less than half of the 610,000 job gains in October, according to the U.S. Bureau of Labor Statistics. The unemployment rate fell to 6.7% from 6.9% - the lowest rate since the outbreak struck in March. The drop occurred because the number of people working or looking for jobs fell by 400,000, the Labor Department said. In November, notable job gains occurred in transportation and warehousing increased by 145,000, professional and business services (60,000), education and health services (54,000), leisure and hospitality (31,000) and construction (27,000). Meanwhile, Employment declined in government (-99,000) and retail trade (-34,700), the report shows.

61.5%

In November, the total labor-force participation rate, which is a measure of the share of working-age Americans who have a job or seeking one, decreased slightly to 61.5% in November — this is 1.9 percentage points below its February level and down from 61.7% in October. The labor-force participation among workers held steady for those aged 55 at 38.7 percent — down from 40.3% in February. The (unadjusted) rate for those ages 65 and older increased slightly, from 19.3 percent in October to 19.5 percent in November. The employment-population ratio was little changed at 57.3% in November but is 3.8 percentage points lower than in February. In November, the number of persons who usually work full-time increased by 752,000 to 124.3 million, while the number who usually work part-time decreased by 779,000 to 25.4 million, according to the U.S. Bureau of Labor Statistics.

$63.1B

The U.S. trade deficit in goods and service rose 1.7% to $63.1 billion in October, up $1.0 billion from $62.1 billion in September, according to the U.S. Bureau of Economic Analysis. Economists polled by The Wall Street Journal had predicted a $64.8 billion deficit in October. Exports from the U.S. rose 2.2% to $182 billion — $4.0 billion more than September export. Goods exports jumped 3.0% to $126.3 billion — the biggest increase came from sales of aircraft engines. While imports rose 2.1% to $245.1 billion on an uptick in shipments of auto parts — $5.0 billion more than September imports. Goods imports gained 2.1% to $207.8 billion, the Commerce Department reported. However, compared with a year earlier, U.S. exports overall were down 16.4%, while imports were down 11.5%, according to WSJ.

9%

A new report from Redfin shows that median home sale price rose 16% year over year to $322,828, the highest on record, during the 4-week period ending Nov.29. According to the Mortgage Bankers Association, demand for mortgage applications to purchase homes increased 9% last week from the previous week — this is the sixth consecutive week of gains and a 54% jump since early April. Purchase applications were a stunning 28% higher than the same period last year. Meanwhile, applications to refinance decreased 5% from the previous week — but the index was still 102% higher than the same period in 2019. The refinance share of mortgage activity decreased to 69.5% of total applications, down from 71.1% the previous week. On an unadjusted basis, total volume decreased 32% from the prior week.

170,000

Governor Andrew M. Cuomo said that New York State will receive 170,000 doses of Pfizer Inc.’s vaccine on Dec. 15 only if all safety and efficacy approvals are granted. Health-care workers in the most high-risk jobs, such as health care workers, including personnel in emergency rooms and intensive care units, as well as nursing-home residents and staff in those facilities will receive the vaccine first, The Wall Street Journal reported. The state may not be able to vaccinate all the NYC residents and staff who want the vaccine in the initial batch may not able to receive it by the end of the month, said Cuomo. The state expects additional shipments of the Pfizer vaccine and about 40,000 doses from Moderna later this month, he added. NYC officers say 75% to 85% of people will be vaccinated before the economy can return to something approaching normal.

$5,000

Dream job alert for cookie lovers. Reynolds Kitchens, the kitchen supply company announced it is seeking a “Cookie Connoisseur,” to complete its ultimate 2020 Cookie Countdown, offering $5,000 to bake and eat cookies all month. According to the company, this Cookie Connoisseur candidate will be tasked with creating five unique recipes with wacky ingredients, one of which will be featured on the brand’s 21-day Cookie Countdown to 2021. The candidates will be evaluated based on the creativity, originality, and uniqueness of the recipe, the company said. The holidays may be filled with some uncertainty this year, but baking cookies always bring joy, said Lisa Smith, Senior Vice President of Marketing.