The stimulus has largely had its impact, arresting the sharp drop in the economy and sparking improvements. Sadly, things are improving too slowly.
Still, today’s continued improvement in weekly new unemployment claims is another step in the right direction. The level of the four-week moving average is back down to where it was in Fall, 2008, before the bulk of the layoffs. It’s been bouncing around this level for eight months, though. A little more stimulus might go a long way, but that won’t happen until after the election, at best.