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 jobless claims: Mass unemployment continues to rise

by

First-time jobless claims for the week ending May 16 increased by 2.438 million to bring the total number of Americans who have filed for unemployment benefits to 38.9 million during the past nine weeks. To put that in perspective, it is parallel to the entire population of California, which is the fifth-largest economy in the world, losing their jobs ... READ MORE >

U.S. retail sales: April really was the cruelest month

by

John Maynard Keynes’ paradox of thrift is increasingly becoming a much larger part of the economic narrative in the United States as households prepare for an extended economic slowdown, elevated unemployment and loss of income. During March, the U.S. savings rate jumped to 13.1%, which did not bolster retail sales as Americans continued to shelter in ... READ MORE >

Initial jobless claims, state by state: 11 now have a million or more claims since coronavirus outbreak

by

There are now 11 states with a million or more newly unemployed people and 11 other states with at least a half-million added to the unemployment rolls. That brings the total to 36.5 million claims of newly unemployed persons processed by the state employment agencies in the eight weeks since the outbreak of the coronavirus in March. Initial filings ... READ MORE >

A time to reflect on the reopening of state economies

by

There is an undeniable and understandable rush to reopen economies. The coronavirus has taken a measurable toll on American life, with the human cost measured in the anguish of each victim’s family, and the economic cost measured in unemployment claims and the prospect of lower household income. This has been an agonizing four months for employees and ... READ MORE >

U.S. April employment report: Prelude to a tragedy

by

The weight of this sad time we must obey, Speak what we feel, not what we ought to say. The oldest hath borne most: We that are young. Shall never see so much, nor live so long. William Shakespeare, “King Lear” We must remember the gravity of this sad day. Like William Shakespeare, who wrote “King Lear” while under quarantine, it is difficult to ponder ... READ MORE >