Domestic demand could hinge on economic recovery
Ag economists continue to watch weekly unemployment claims looking for insights on what the demand picture could look like for the rest of the year.
Weekly unemployment claims have started to slow over the last few weeks, and an ag economist is hopeful it’s a signal the economy is starting to turn a corner. University of Missouri’s Scott Brown says if we can start to get people with jobs again and they transition back into that workforce, there’s more money in the pocket. “How can that help us from an ag perspective?”
He tells Brownfield there is potential for some positives as it relates to demand in the near future. “As we get temporarily get stronger demand pull as we reopen and maybe find more folks with jobs,” he says. “I can get excited about that.”
The Department of Labor reports there were another 1.9 million new unemployment claims this past week, bringing the total to more than 42 million over the last 11 weeks. But, unemployment claims last week were at 2.1 million and the week prior they were 2.4 million.