California is now in Stage 2 of its reopening program from the coronavirus lockdown. The crowds at Los Angeles beaches and the rise in newly reported cases in California should give the governors of New York and New Jersey something to consider as pressure mounts to reopen Jones Beach in New York and the Jersey shore. … READ MORE >
Economics
Bill would loosen restrictions in Paycheck Protection Program, making loan forgiveness easier
In a bipartisan vote, the House of Representatives passed the Paycheck Protection Program Flexibility Act on May 28, loosening some restrictions on borrowers and making it easier to qualify for loan forgiveness. … READ MORE >
April U.S. personal income and spending: Fiscal cliff approaches as income support remains key
With one in four American workers looking for employment or waiting to be recalled to work, there is little doubt that the weak spending environment will partially define the U.S. economic narrative and policy going forward. … READ MORE >
Main Street Lending Program details released; program expected to start soon
The Federal Reserve took an important step toward the launch of the long-awaited Main Street Lending Program with the release of details about how the program will work. … READ MORE >
State jobless claims continue to decelerate in week ending May 23
Another 2.1 million first-time unemployment claims were processed by state employment agencies for the week ending May 23, with 323,000 less than the prior week but still 10 times the normal amount. … READ MORE >
First-quarter GDP is revised downward to a 5% contraction
A 10.5% decline in gross private investment was the primary driver of the downward revision to first-quarter gross domestic product to a 5% contraction, from a drop of 4.8%. … READ MORE >
Jobless claims: 40.7 million file first-time claims in 10 weeks
First-time jobless claims for the week ending May 23 increased by 2.123 million, bringing the total number of Americans who have filed for unemployment benefits to 40.76 million during the past 10 weeks. … READ MORE >
The post-coronavirus economy: What to expect, and what is needed
It is now time to begin considering the shape of the post-pandemic economy: What it will look like, whose interests are given preference and how fiscal and monetary policy will drive the American economy. … READ MORE >
Economic free fall has ended, nontraditional data show
Over the past few weeks, an array of near real-time economic data imply that the economic free fall of the coronavirus has come to an end. … READ MORE >
Modeling the spread of the coronavirus: A difference in approach among states, and outcome
All states may have begun their reopening process, but there is a notable difference between the six states that have already experienced the worst of the coronavirus pandemic and those states where the pandemic might just be beginning. … READ MORE >