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 …

June 1, 2020 — Consumer Spending Sharply Down; New Unemployment Claims Ease

JUNE 1, 2020 – CONSUMER SPENDING SHARPLY DOWN; NEW UNEMPLOYMENT CLAIMS EASE US consumer spending fell by a record 13.6 percent in April.  This is the steepest decline since 1959.  Economists believe this is likely to be the bottom, but also means the economy is in for a slow recovery.  Even though some businesses have been reopening during the month …

May 26, 2020 — Fed Chair Calls for more Government Help

MAY 26, 2020 – FED CHAIR CALLS FOR MORE GOVERNMENT HELP Fed Chair Jerome Powell reiterated last week that additional spending by Washington could be needed to prevent long term damage from high unemployment and surges of bankruptcies. He said, “The scope and speed of this downturn are without modern precedent and are significantly worse than any recession since WWII.” …

May 18, 2020 — Record Drop in Retail Sales for April

MAY 18, 2020 – RECORD DROP IN RETAIL SALES FOR APRIL 68 percent of the country’s economy is reliant on personal consumption expenditures. The April data came in last week, reporting drop of 16.4 percent in consumer spending. March was down 8.3 percent, and the aggregate Q1 results showed a fall of 7.6 percent.  To put the numbers into perspective, …

May 11, 2020 — Unemployment Reaches Record Levels

MAY 11, 2020 – UNEMPLOYMENT REACHES RECORD LEVELS 20.5 million people joined the ranks of the jobless in April, raising the unemployment rate to 14.7 percent, a post-World War II level.   The “real” unemployment rate, which included workers not looking for jobs and the underemployed rose to 22.8 percent. As bad as the numbers are, economists were expecting a greater …

May 4, 2020 — Fed Digging In for a Long Road to Recovery

MAY 4, 2020 – FED DIGGING IN FOR A LONG ROAD TO RECOVERY The Fed announced plans to back private debt markets last week, which caused the stock market to rally.  But the Fed realizes a lot more is needed to fight the aftereffects of the virus as the US economy starts to reopen.  Fed Chair Jerome Powell delivered a …