With the consumer accounting for nearly 70% of economic activity, this past week's jobs report came in on the disappointing side of the ledger. With state governors continuing to pause some reopening of their respective states, it is not a surprise that the jobs report disappointed. Claims on a non-seasonally adjusted basis fell, but declined less than consensus expectations. The bigger issue, in my view, is the number of continuing claims of all individuals for all the unemployment programs. The total number of individuals receiving benefits equals nearly 32 million. That is an unemployment rate