The intense debate over whether there needs to be a large fiscal stimulus package was supplemented by a weak U.S. employment report for January that saw an anemic gain of 49,000 jobs while 406,000 people exited the workforce. … READ MORE >
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CHART OF THE DAY: An impending end to the trade downdraft
Loaded import containers processed by U.S. seaports grew by an average of 20% in the fourth quarter. And export activity — which is still worrisome in terms of global economic demand — was down less than 2% over the last three months of the year. … READ MORE >
Initial jobless claims declined to a still-elevated 779,000
First-time claims for jobless benefits declined to a still elevated 779,000 for the week ending Jan. 30, while continuing claims dropped to 4.592 million for the previous week, the Labor Department reported on Thursday. … READ MORE >
Bank of England policy rate decision: reduced economic outlook, negative interest rate policy not imminent
Reduced growth amid a more optimistic outlook later this year is the primary takeaway from the February rate decision by the Bank of England Monetary Policy Committee. This implies a slower pace of growth near 5% in 2021 followed by a rapid rebound closer to 7% in 2022. … READ MORE >
3 things to know this week in energy: Drilling permit suspension pushback, Keystone XL and shale oil
This is the first installment of a new biweekly news roundup from RSM about three things going on in the energy industry that we think you should know about. Here’s the latest. … READ MORE >
CHART OF THE DAY: Service sector survey shows strength in January
The Institute for Supply Management said on Wednesday that its nonmanufacturing purchasing managers’ index came in at 58.7 for the month, up from December’s revised figure of 57.7. A reading above 50 suggests expansion. … READ MORE >
How to bridge the output gap and return the economy to full employment
Our estimate of what that will take to close the output gap and return to full employment strongly implies the need for roughly $2 trillion in fiscal aid. … READ MORE >
Employment report preview: Policy implications paramount following January data
We expect that the December employment downturn will be a one-month occurrence and that the January jobs data, to be released Friday, will show a gain of 190,000 and a decline in the unemployment rate to 6.6%. … READ MORE >
CHART OF THE DAY: Manufacturing remains strong despite labor, supply chain challenges
U.S. manufacturing activity remained robust in January but faced challenges on the labor and supply chain front, according to new data released Monday by the Institute for Supply Management. … READ MORE >
CHART OF THE DAY: Health care sector rides the SPAC wave
Amid the recent gyrations in the equity markets, special purpose acquisition companies, better known as SPACs, have continued to gain favor, particularly among retail investors flush with savings. And in the middle of this frenzy is the health care sector. … READ MORE >