Government services businesses have weathered the COVID-19 storm better than many other industry verticals but have still grappled with their own uncertainties. These businesses navigated the start of pandemic recovery, shifting election expectations and a continuing resolution in the third quarter of ... READ MORE >
coronavirus
The U.S. external sector: Trade channel to support 2021 recovery
We expect the trade channel to be a major part of the 2021 growth narrative as the Biden administration mends fences with the major American trade partners, excluding China, early next year. In fact, one can already observe the stirring in animal spirits in the global economy as the nascent ... READ MORE >
The $900 billion coronavirus relief package is a necessary start. But first it needs to be enacted.
Not long after Congress passed a $900 billion coronavirus relief package late Monday, along with $1.4 trillion to keep the government funded, President Donald Trump criticized the legislation as "a disgrace," throwing it into doubt. RSM chief economist Joseph Brusuelas analyzed what these developments ... READ MORE >
Late year fiscal aid lifts growth prospects for 2021
Congress on Dec. 21 passed a $2.3 trillion year-end spending bill, including $1.4 trillion to fund the federal government through September 2021 and a $900 billion rescue package to provide direct fiscal aid to households and businesses equal to 4.25% of GDP. This represents the second-largest economic ... READ MORE >
CHART OF THE DAY: Coronavirus patients overwhelm hospitals and their workers
The resurgence of the coronavirus not only threatens to overwhelm hospitals and the number of beds they have to treat patients, but it also puts enormous strain on the workers themselves and their ability to manage cases. “The death rates really accelerate as ICU staff starts to get overwhelmed,” Dr. ... READ MORE >
CHART OF THE DAY: The vanishing worker
The domestic labor market is approaching a potential inflection point for millions of workers. The number of people unemployed for more than 26 weeks is rising, and they have only about a 10% probability of finding work at wages similar to what they earned before their extended unemployment. The ... READ MORE >
CHART OF THE DAY: Homes for the holidays
Oh, there’s no place like home for the holidays. So begins the holiday standard made famous by Perry Como. Composed in the 1950s by Robert Allen with lyrics by Al Stillman, the song seems fitting these days as Americans are lured to the suburbs, just as they were when Mr. C. was in his prime. Only this ... READ MORE >
Initial jobless claims increase to 885,000, a three-month high
Initial claims for unemployment insurance rose to 885,000 for the week ending Dec. 12, an increase from an upwardly revised 862,000 the week before as claims surpassed the 13-week moving average. In addition, first-time claims for federal Pandemic Unemployment Assistance increased to 455,037, and ... READ MORE >
FOMC rate decision: Policy on hold as Fed extends asset purchases
The Federal Reserve on Wednesday extended its $120 billion monthly asset purchases through September 2021 to provide sustained accommodation to the economy as it recovers from a deep pandemic-induced recession. In addition, as the global economy absorbs the latest series of public health shocks, ... READ MORE >
5 things to know this week in life sciences: Week of Dec. 14
With the Food and Drug Administration approving the first COVID-19 vaccine for emergency use last week and another approval expected this week, the focus around the vaccine will start to shift toward public health messaging and how to convince tens of millions of people around the country to accept the ... READ MORE >