Jim Cramer: It's Going to Be a Luxury That There Used to Be So Many Restaurants, Bars
On Thursday, the $300 billion skinny coronavirus relief package that Senate Republicans were trying to push through failed to advance. The measure was not able to get the 60 votes needed to move toward passage.
The legislation would have reinstated the federal unemployment insurance at $300 a week, down from the $600 a week that expired in July. It would have authorized small business loans and also would have dedicated money towards schools, COVID-19 testing and treatment.
Senate Minority Leader Chuck Schumer said, “It is beyond insufficient, it’s completely inadequate.”
This came as jobless claims came in below one million. The Labor Department reported Thursday that 884,000 Americans filed for first-time unemployment benefits. Continuing claims, which are the number of people not just filing but staying on unemployment benefits, came in at 13.385 million for the week ended Aug. 29, revised upward from 13.292 million the previous week, the Labor Department said.
Jim Cramer did not mince words when he discussed what this means for restaurants and bars.
Watch the full video above to hear Cramer's response.
You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.
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