Supply chain constraints inside the global auto ecosystem have dampened overall sales as producers struggle to keep up with demand until advanced microchip production ramps up. … READ MORE >
coronavirus
Jobs report preview: Education and service hiring to drive gains in July
We expect a net increase in total employment of 950,000 and a decline to 5.7% in the unemployment rate when the Bureau of Labor Statistics releases its jobs report on Friday. … READ MORE >
Honey, I shrunk the output gap: Four quarters of investment growth begin to heal the economy
The gap between the actual and potential gross domestic product narrowed dramatically during the second quarter of the year. Real GDP grew by more than 12% on a year-over-year basis while nominal GDP in current dollar terms grew at a nearly 17% yearly rate. … READ MORE >
Personal income, spending and savings are getting back to normal
Households are spending more and savings less, enjoying their summer and getting ready for school, as government data on personal income and spending released on Friday suggests. In short, households are getting back to normal. … READ MORE >
Jobless claims continue choppy descent
There remain 13.1 million people who are receiving some form of unemployment benefits. Of those, 3.2 million—or 25%—are receiving traditional unemployment benefits while 9.8 million—or 75%—are receiving some form of pandemic assistance set to expire on Sept. 5. … READ MORE >
Federal Reserve policy and interest rates in 10 charts
Why the FOMC decided to maintain is accommodative monetary policies, as told in 10 charts. … READ MORE >
GDP expands by 6.5% in second quarter as expansion takes hold
The composition of the growth was nothing short of virtuous. Household consumption rose by 11.8%, outlays on equipment grew by 13%, intellectual property by 10.8% and software investment increased by $13.8 billion – all of which helped drive the growth. … READ MORE >
FOMC July meeting: Dovish monetary policy remains in place
While the Federal Reserve delivered on the dovish expectations implied by pricing action and market talk, the brief period of extreme optimism inside policy circles has clearly ended. … READ MORE >
RSM US Manufacturing Outlook Index: Confirmation of recovery despite supply chain constraints
July marks the 12th consecutive month of increasing confidence in the manufacturing sector, with sentiment now reaching more than two standard deviations above what would be considered normal. … READ MORE >
Coronavirus update: The rise of the delta variant
The Centers for Disease Control and Prevention reports that because of its transmissibility, the delta variant of the virus is now responsible for more than 83% of COVID-19 infections. Sixteen weeks ago, what was then referred to as the UK variant accounted for fewer than 1% of infections. … READ MORE >