August 10, 2020 — Jobless Rate Falls to 10.2% in July

AUGUST 10, 2020 – JOBLESS RATE FALLS TO 10.2% IN JULY The US economy added 1.763 million jobs in July, which lowered the overall unemployment rate to 10.2 percent, versus 11.1 percent in June; expectations were exceeded as an increase of 1.48 million jobs and a 10.6 percent unemployment rate were predicted.  Even though numbers are up, payroll growth did …

August 4, 2020 — We Face a Rocky Road Ahead

AUGUST 3, 2020 – WE FACE A ROCKY ROAD AHEAD Fed Chair Jerome Powell spoke last Wednesday, saying the coronavirus and the economic recovery are inseparably linked. He said “the path of the economy will depend significantly on the course of the virus.”  He also noted economic activity and employment have picked up recently, but credit and debit card spending, …

July 27, 2020 — Jobless Claims Rise as Coronavirus Continues

JULY 27, 2020 – JOBLESS CLAIMS RISE AS CORONAVIRUS CONTINUES The number of unemployment claims filed rose more than expected last week with the Labor Department reporting jobless claims of 1.416 million.  It’s the 18th straight week where initial claims exceeded more than 1 million, and broke a 15-week trend of declining initial claims.  Economists polled expected 1.3 million claims.  …

July 20, 2020 — Mortgage Rates Fall to Record Lows

JULY 20, 2020 – MORTGAGE RATES FALL TO RECORD LOWS The average rate on a 30-year fixed mortgage fell to 2.98% last week, the lowest levels in almost 50 years of record keeping.  As a result, applications to refinance a home loan, which are most sensitive to weekly rate moves, jumped 12% for the week and were 107% higher than …

July 13, 2020 — Producer Price Index Falls Unexpectedly in June

JULY 13, 2020 – PRODUCER PRICE INDEX FALLS UNEXPECTEDLY IN JUNE US producer prices fell 0.2 percent in June after rebounding 0.4 percent in May. The 12-month PPI is down 0.8 percent. The US Economy continues to face depressed demand as the Coronavirus epidemic continues its hold on the country.  Economists expected the PPI to climb by 0.4 percent in …

July 6, 2020 — Job Numbers Rise in June, but some Backtracking is Expected

JULY 6, 2020 – JOB NUMBERS RISE IN JUNE, BUT SOME BACKTRACKING IS EXPECTED The US economy created jobs at a record pace in June as more restaurants and bars resumed operations after being shuttered for months.  Nonfarm payrolls increased by 4.8 million in June, the Labor Department reported Thursday.  This was the greatest increase since the government started keeping …

June 29, 2020 — Unemployment Claims Fall for Now

JUNE 29, 2020 – UNEMPLOYMENT CLAIMS FALL FOR NOW People receiving unemployment benefits fell below 20 million for the first time in two months. Weekly numbers have remained high as new jobless claims totaled 1.48 million last week, exceeding expectations for 1.35 million claims.  Numbers are not expected to drop significantly in the near term, as coronavirus cases continue to …

June 22, 2020 — Retail Sales Soar by 17.7% in May

JUNE 22, 2020 – RETAIL SALES SOAR BY 17.7 PERCENT IN MAY AS consumers returned to newly reopened stores in May, the shopping began.  Retail sales were up 17.7 percent in May, far outpacing the last record of 6.7 percent set in October 2001, a month after 9/11.  Economists were expecting to see an 8 percent increase.  If cars and …

June 8, 2020 — Jobs Numbers Rise to the Surprise of Economists

JUNE 8, 2020 – JOBS NUMBERS RISE TO THE SURPRISE OF ECONOMISTS The May payrolls were released Friday, showing an increase of 2.5 million jobs and a drop in the unemployment rate to 13.3 percent from close to 15 percent in April.  Economists were expected a further shedding of 8.3 million jobs and a corresponding rise in the unemployment rate …