Skip to main content

Jim Cramer Says Economy Will Lose Momentum Without More Stimulus

Let's check in on the economy with Jim Cramer.

Before we dive into how the economy is looking, let's first look at the coronavirus and the case count across the U.S.

There are 13.8 million cases of the virus worldwide, with over 590,000 deaths.

The U.S. has over 3.5 million cases with over 138,000 deaths.

On Thursday, U.S. infections rose by nearly 75,000, making it the highest daily case count on record.

On Thursday, Florida reported 13,000 new cases and 156 deaths, which breaks its single-day death record for the second time this week.

And Texas reported 10,291 cases on Thursday, with 129 deaths, marking the deadliest day for Texans for the second day in a row.

The fear on Wall Street is that rising coronavirus infections could threaten any recovery for the U.S., forcing many businesses and states to reimpose lockdowns.

Those concerns led stocks lower Thursday as data on jobs and retail pointed to an uncertain outlook for the economy as coronavirus cases across the country continued to rise. The Dow ended a four-day winning streak.

Fiscal stimulus from Washington has kept markets aloft for the past month but there is disagreement among Democrats and Republicans over the size and scope of the next virus relief package. The last stimulus measure will run out in the next few weeks.

And the extra $600 that millions of Americans who filed for unemployment are receiving due to the Pandemic Unemployment Assistance program under CARES act expires at the end of July. Washington and the White House are currently mulling over what another stimulus bill would include, but not many details about what can be included have been released.

So, what does Jim Cramer think? In the video above, Cramer breaks down why it all comes down to the need for more stimulus. 

Watch the video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

Watch More of the Latest Videos on TheStreet and Jim Cramer