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Tomorrow is the big day.
That is, tomorrow is the day that we will see the new jobs report.
This job report is extra special because as the Hill reported, “The looming jobs report for June is poised to make or break the Senate’s next coronavirus relief bill.”
We saw that in the month of May the unemployment rate decreased to 13.3% and officials and lawmakers became much more optimistic about the recovery of our economy.
But shortly after that, we saw huge spikes happening across the country which are still accelerating at record pace in places like the South and in states in the West.
So it’s not clear that the positive employment trend will have continued through the month of June.
If the job report is strong, it could derail momentum for an additional round of stimulus checks and extended unemployment benefits which by the way are set to expire at the end of this month.
On the other hand, if things look like they have gotten worse, it will be further support for more stimulus checks and other measures needed to jumpstart the economy.
Of course, there are other factors at play regarding the passage of a new round of stimulus checks.
One of the biggest things that is often overlooked is that we have presidential elections coming up in only a few months.
President Trump already pushed to have his name placed on the memo section of the stimulus checks with the first round of checks in a move that many consider to be purely political.
I don’t think it’s a stretch to say that President Trump could be thinking about the implications of sending out more checks with respect to his re-election odds.
I think right now we are in a great position to see more checks come out based on the support we have heard from the president and also from recent comments from Republican senators.
But this new job report that will come out tomorrow will also be key in what type of aid we see.
It could be the difference between a more widespread package or a more tailored relief system.
So be on the lookout for tomorrow’s update as it should be very telling about where the country stands and what type of stimulus relief will be on the way.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.