Initial jobless claims last week continued to trend down toward the pre-pandemic level after a period of temporary increases because of the omicron variant. New filings for the week ending Feb. 19 dropped to 232,000 from 249,000 in the prior week, only 14,000 claims away from the 2019 average. The ... READ MORE >
Coronavirus
RSM US Financial Conditions Index tightens amid rising tensions
The RSM US Financial Conditions Index reached neutral at the end of last week and turned negative on Tuesday’s news that Russia would formalize its control of Russian-speaking parts of Ukraine. Risks to the world order, the balance of power in Europe and fears of another series of supply shocks that ... READ MORE >
Chart of the day: Consumer confidence slides
Consumer confidence ticked down in February as expectations for the economy softened, according to data from the Conference Board on Tuesday. High inflation—which might continue to rise because of the Russia-Ukraine conflict—remains a top concern for consumers, dampening spending plans and raising ... READ MORE >
In case of emergency break glass: Reviving the enhanced child tax credit to ease inflation
Should the Russian incursion into eastern Ukraine turn into a full-fledged invasion, it is likely that the global and U.S. economies will absorb yet another supply shock. Energy prices will most likely surge in its aftermath, sending inflation higher than the current 7.5%. At this point, given the ... READ MORE >
RSM US Supply Chain Index: Omicron pauses improvement
Stress in the U.S. supply chain increased in January as the omicron surge temporarily put some parts of overall production to a halt. While we still expect stress on U.S. and global supply chains to improve this year, geopolitical tensions associated with the imminent Russian incursion into Ukraine ... READ MORE >
Reimagining the workforce for the digital age: An RSM and U.S. Chamber discussion
Click to watch the webcast As the pandemic has convulsed America’s real economy, middle market businesses have had to contend with profound changes to their workforces, said Joseph Brusuelas, chief economist of RSM US, and Neil Bradley, chief policy officer of the U.S. Chamber of Commerce. The ... READ MORE >
Chart of the day: Buyers rush into housing market before rate hikes
Investors with all-cash offers flocked into the housing market before rate hikes, helping to push sales of existing homes to 6.5 million in January at an annualized rate, according to data released on Friday by the National Association of Realtors. The share of investors jumped 5 percentage points on ... READ MORE >
Canada’s retail sales slump because of omicron
Retail sales in Canada plunged by 1.8% in December across all provinces as the spread of the omicron variant hurt holiday shopping, according to data released by Statistics Canada on Friday. The fast spread of the variant led to tightened restrictions and limited capacity at stores across the country. ... READ MORE >
Chart of the day: U.S. housing permits reach 15-year high
Housing supply showed no sign of slowing down in January despite a decrease in starts because of the omicron surge. The one-time impact—which has subsided quickly—caused housing starts to decline by 4.1% in January to 1.638 million from 1,708 million in December on an annualized rate. But housing ... READ MORE >
Initial jobless claims rise unexpectedly
New filings for jobless claims rose unexpectedly last week because of large jumps in Missouri and Ohio. New claims advanced to 248,000 from an upwardly revised 225,000 the week before, according to data from the Labor Department on Thursday. The upside surprise was quite large as the market had ... READ MORE >