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 …
February 1, 2021 — US Economy Shrinks in 2020
FEBRUARY 1, 2021 – US ECONOMY SHRINKS IN 2020 For the first time since the financial crisis, the US economy shrank for the year; 2020 was the worst year economically since World War II. The good news is that rapid growth was seen in the fourth quarter which is expected to continue into 2021. Year over year, the economy contracted …
January 25, 2021 — Unemployment Remains High
JANUARY 25, 2021 – UNEMPLOYMENT REMAINS HIGH Jobless claims last week were reported at 900,000, according to the Labor Department. The number is high, but below the 925,000 expected and down from the previous week’s total of 926,000. Weekly jobless claims have been floating just below 1 million since September. Continuing claims for the week decreased slightly, falling by 127,000 …
January 18, 2021 — Fed Chairman Powell Addresses Policies
JANUARY 18, 2021 – FED CHAIRMAN POWELL ADDRESSES POLICIES The Fed lowered short-term interest rates to near zero last year and expects to keep them at that level for years. It has also been buying $80 billion of treasury securities and $40 billion of mortgage bonds every month since June, and is committed to doing so until “substantial further progress” …
January 11, 2021 — US Loses 140,000 Jobs In December
JANUARY 11, 2021 – US LOSES 140,000 JOBS IN DECEMBER Seven months of job growth ended in December as the US economy lost 140,000 , but the unemployment rate came in unchanged at 6.7 percent. The bulk of the job losses are a result of restaurant and bar closures which cut 372,000 positions; hotels, tourist venues and the government added …
January 4, 2021 — Economists Guardedly Optimistic for the New Year
JANUARY 4, 2021 – ECONOMISTS GUARDEDLY OPTIMISTIC FOR THE NEW YEAR As the new year begins, the news is not great. Coronavirus cases are rising across the country, restrictions on businesses remain in place and economic growth has slowed in the last few weeks. But economists see several reasons why 2021 should start improving. The new pandemic-relief package will bring …
December 14, 2020 — Final Fed Meeting of 2020 this Week
DECEMBER 14, 2020 – FINAL FED MEETING OF 2020 THIS WEEK The Federal Reserve meeting is set for Tuesday and Wednesday this week, with the primary concern being the impact rising coronavirus cases are having on the economy. Interest rates are effectively at zero, closing the door on stimulus from the Fed on that front, but they can still influence …
December 7, 2020 –New Jobs Slow in November
DECEMBER 7, 2020 – NEW JOBS SLOW IN NOVEMBER The US economy added 245,000 job in November, missing expectations of 440,000 new jobs, and far less than the 610,000 jobs added in October. With the increase in new jobs, the unemployment rate fell from 6.9 percent in October to 6.7 percent. It is notable that the US economy added back …
November 30, 2020 — New Data Lacks Reassurance
NOVEMBER 30, 2020 – NEW DATA LACKS REASSURANCE In a holiday shortened week, little data was released, while the virus continued to grab the headlines. New applications for jobless benefits rose to 778,000 last week, the second straight weekly increase since the summer. Household income was reported to have fallen 0.7 percent In October as federal aid programs expired. A …
November 23, 2020 –Retail Sales Disappoint, Import Prices Fall
NOVEMBER 23, 2020 – RETAIL SALES DISAPPOINT, IMPORT PRICES FALL US retail sales rose by only 0.3 percent in October, following a 1.3 percent increase in September. Economists are concerned they could slow further as virus cases keep rising and household income falls, as millions of unemployed Americans lose government financial support. As state governments impose restrictions and with people …