October 20, 2021
Economy

Premarket stocks: The US economy is powering through Delta

That was the take from Ian Shepherdson, chief economist at Pantheon Macroeconomics, after seeing the data on US retail sales for August.

“We see only very modest evidence that the spread of the Delta variant is having an impact on demand,” Citi’s Veronica Clark and Andrew Hollenhorst said in a note to clients.

Another signal: There were 332,000 initial jobless claims in the United States last week. That’s only a slight uptick from the week prior, when claims hit a pandemic low.

The four-week moving average has now dropped to 335,800 claims, its best level in the Covid-19 era, according to Jim Reid of Deutsche Bank.

That’s not to say the Delta variant isn’t having any impact. Seatings at restaurants in the United States appear to have dropped sharply in recent days, according to data from OpenTable.

On the radar: In August, spending at restaurants was flat month-over-month. Grocery store…

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