The Real Economy Blog

Joseph Brusuelas, Chief Economist, RSM US LLP

@JoeBrusuelas

Joe Brusuelas, “chief economist to the middle market,” is the preeminent voice championing issues and policies facing midsize companies in the United States and around the world. An award-winning economist, Brusuelas has more than 20 years’ experience analyzing U.S. monetary policy, labor markets, fiscal policy, international finance, economic indicators and the condition of the U.S. consumer.

A member of the Wall Street Journal’s forecasting panel, Brusuelas regularly briefs members of Congress and other senior officials regarding the impacts of federal policy on the middle market and the factors by which middle market executives make business decisions. He also frequently offers his insights on the U.S., Canadian and global economies in the financial media.

Before joining RSM in 2014, Brusuelas spent four years as a senior economist at Bloomberg L.P. and the Bloomberg Briefs newsletter group, where he co-founded the award-winning Bloomberg Economic Brief. Earlier in his career, he was a director at Moody's Analytics covering the U.S. and global economies for the Dismal Scientist website. He also served as chief economist at Merk Investments L.L.C. and chief U.S. economist at IDEAglobal.

Initial claims for unemployment insurance rise in 25 states

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There were increases in the number of newly filed claims for unemployment benefits in 25 states during the week ending June 27. Thirteen of those states reported increases that were significantly above normal levels. We should also note that 10 states reported significant decreases in newly filed claims, which is a drop from the 12 states last week. ... READ MORE >

The worst may be over for the manufacturing sector, but industry remains cautious

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The RSM Manufacturing Outlook Index is reporting a remarkable rebound of sentiment in the U.S. manufacturing industry. But while the worst might be behind us, the index remains slightly negative at nearly 0.3 standard deviations below normal conditions, which suggests that a national recovery has yet to materialize. Moreover, damage to the manufacturing ... READ MORE >

May U.S. personal income and spending: Impaired households in view

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Income dynamics in May suggest that policymakers need to act sooner rather than later to support struggling American workers to avoid a quickly approaching fiscal cliff on July 31. On a year-ago basis, personal income excluding government transfers declined 6% following a revised 7.2% drop in April, the Commerce Department reported on Friday. While ... READ MORE >

Nine states report significant increases in jobless claims

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Nine states reported significant increases in first-time claims for unemployment benefits for the week ending June 20 -- a sobering reminder of the ongoing economic toll of the coronavirus. Nationally, there were an additional 1.5 million people who woke up without a job during the week of June 20, which is magnitudes above normal ... READ MORE >

Initial jobless claims: Why the wait for further aid?

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In the war film “Tora! Tora! Tora!” U.S. Navy Captain John Earle refused to act in defense of Pearl Harbor until he received confirmation of an attack even as American naval assets exploded all around him. As such, some important policymakers appear to be waiting on confirmation that the U.S. economy needs further emergency aid even as jobless claims ... READ MORE >

Will yields rise due to increased issuance of Treasury bonds? Let’s get the elephant out of the room!

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Apprehension expressed by economic and financial pundits about potential runaway inflation and higher interest rates in the wake of the U.S. Treasury’s recent issuance of bonds is high. The concern follows the government’s plan to issue $3 trillion in fresh debt to help fund pandemic-era fiscal stimulus as well as the post-pandemic economy. Our assessment of ... READ MORE >