The latest initial jobless claims report shows that layoffs of employees were lower in some of the already hardest-hit states, but were widespread nonetheless. … READ MORE >
Economics
Canada should brace for a long recovery: More than 1 million job losses in March
In the month of March the Canadian economy shed over 1 million jobs in comparison to a consensus forecast of 500,000 job losses. … READ MORE >
The perfect storm: Tough times ahead for the U.S. shale industry
Several factors pose challenges specifically for producers of U.S. shale, which has for years been a leader in the march toward energy independence for the country. … READ MORE >
Fed sets up $2.3 trillion in liquidity commitments, introduces Main Street Lending Program
The Federal Reserve made history on Thursday by moving aggressively to provide up to $2.3 trillion in liquidity commitments to support the economy. This policy intends to bolster households, small and medium-sized firms, and the ability of state and local governments to float debt to ensure critical services during the pandemic. … READ MORE >
Initial jobless claims surge by 6.6 million, implying unemployment rate of 14.6%
The carnage in the American labor market continued unabated for the week ending April 4 as first-time jobless claims soared to 6.6 million, which implies a real-time U.S. unemployment rate of 14.6% at a minimum. … READ MORE >
Federal Reserve backstops Paycheck Protection Program
The Federal Reserve today put forward another in a series of lending facilities intended to fortify the economy as it absorbs three large shocks that are cascading across the U.S. economic landscape. … READ MORE >
RSM introduces coronavirus projection model
This forward-looking model we think will capture curve dynamics in near real time and provide an informative and useful metric around which to begin planning on a return to full production and provision of services. … READ MORE >
U.S. economy shed 701,000 jobs in March as shutdown takes hold
Following 113 straight months of job gains, the U.S. economy shed 701,000 jobs in March, providing a glimpse of things to come. The internal dynamics inside the report are a sober, clear-eyed precursor to what is going to be the largest bloodletting in the labor market since the 1929-1933 period of the Great Depression. … READ MORE >
The state-by-state toll of the coronavirus shutdown on the labor market
The widespread layoffs of American workers worsened in the third week of the coronavirus shutdown, with all states (with the exception of the Virgin Islands) now having reported a significant increase in initial jobless claims at some point during the three-week period. … READ MORE >
Tectonic shift in initial jobless claims implies 10.1% unemployment rate
The tectonic shifts in the American labor market continued during the week ending March 28 as first-time jobless claims increased by 6.64 million. … READ MORE >