APRIL 12, 2021 – US ECONOMY EXPECTED TO TAKE OFF Economists believe the US economy is on the verge of prosperity, and it may become stronger than it was before the pandemic hit. Economists expect Q2 growth of 10 percent and a full year’s growth in 2021 to exceed 6.5 percent. The government distributions, in the form of pandemic relief, …
April 5, 2021 — A Surge in New Hirings for March
APRIL 5, 2021 – A SURGE IN NEW HIRINGS FOR MARCH The US economy added 916,000 jobs in March, it’s the best monthly gain since August 2020, but there remain still 8.4 million fewer jobs now than there were in February 2020 before the pandemic took hold. The unemployment rate fell to 6% from 6.2% a month earlier, far below …
March 29, 2021 — Jobless Claims Fall to Pre-Pandemic Levels
MARCH 29, 2021 – JOBLESS CLAIMS FALL TO PRE-PANDEMIC LEVELS Last week, jobless claims fell to the lowest level since the start of the pandemic. Americans applying for unemployment benefits fell to 684,000 from 781,000 from a week earlier. This is the lowest level since mid-March of last year. However, total continuing unemployment claims rose slightly to 19 million last …
March 22, 2021 — The Fed is Committed to Hold Interest Rates at Zero
MARCH 22, 2021 – THE FED IS COMMITTED TO HOLD INTEREST RATES AT ZERO Last Wednesday the Federal Reserve held their regularly scheduled two-day policy meeting. They said they do not anticipate any interest rate hikes through 2023, and it will let inflation run higher than usual to ensure a full economic recovery. The central bank upgraded their economic outlook …
March 15, 2021 — US Inflation Rises 0.4 Percent in February
MARCH 15, 2021 – US INFLATION RISES 0.4 PERCENT IN FEBRUARY On Wednesday the Labor Department released February’s consumer price index, it increased 0.4 percent for the month, up from 0.3 percent in January. For the 12-months, the CPI is up 1.7 percent, the largest rise since February 2020, after rising 1.4 percent for the 12-months through January. The inflation …
March 8, 2021 — A Solid Job Report for February
MARCH 8, 2021 – A SOLID JOB REPORT FOR FEBRUARY There is anticipation for a stronger recovery this spring as hiring is rising at restaurants, other hospitality businesses. The February jobs reports came out last week reporting the US economy added 379,000 new jobs, the January data was revised up to 166,000 jobs created. The unemployment rate edged down to …
March 1, 2021 — Some Good Economic News Reported
MARCH 1, 2021 – SOME GOOD ECONOMIC NEWS REPORTED It was announced that US household income rose by 10 percent in January This was the second largest rise on record, beaten only by the gain seen last April after the first virus-related relief package was passed. The rise is almost entirely due to pandemic relief stimulus program, and another package …
February 22, 2021 — Retail Spending Rises in January
FEBRUARY 22, 2021 – RETAIL SPENDING RISES IN JANUARY With the arrival of stimulus checks in January, consumer spending rose 5.3 percent, far exceeding economists’ expectations for a 1.2 percent increase. If one excludes cars, spending was up 5.9 percent. This news was welcomed, as expectations for growth in 2021 remain subdued as the pandemic continues to put a damper …
US Consumer Sentiment Falls
FEBRUARY 15, 2021 – US CONSUMER SENTIMENT FALLS The consumer sentiment index fell to 76.1 last week, from 79 in January, as reported by the University of Michigan. Economists had expected a slight uptick to 80.8. The results were surprising in light of the expected passage of a large stimulus bill, declining Covid infections and the roll-out of vaccines. The …
February 8, 2021 — Unemployment Rate Falls as the US Adds a Paltry 49,000 Jobs
FEBRUARY 8, 2021 – UNEMPLOYMENT RATE FALLS AS THE US ADDS A PALTRY 49,000 JOBS The US Labor Department announced Friday, the US added 49,000 jobs in January while the unemployment rate fell to 6.3 percent. Economists were expecting greater job growth, ranging from 50,000 from Dow Jones to 250,000 from Citigroup. In December, the economy lost jobs, so positive …