Orders for long-lasting factory goods increased for the fifth consecutive month in September, according to Commerce Department data released on Tuesday. New orders for durable goods rose 1.9% in September compared with August, with new orders for nondefense capital goods excluding aircraft and parts — a ... READ MORE >
coronavirus
Third-quarter GDP preview: What we talk about when we talk about GDP
Raymond Carver’s 1981 collection of short stories, “What We Talk About When We Talk About Love,” addressed the everyday lives of the working poor who are left to deal with financial problems, failed careers and shattered relationships. That is a fitting analogy for how we ought to discuss the ... READ MORE >
Turning to self-employment: Business formation surges amid pandemic
Nine months into the era of pandemic economics, it is clear that small firms that provide services in transportation, leisure, hospitality, food and beverages are taking it on the chin. According to the Opportunity Insights economic tracker, the number of small firms has fallen 24.1% from January ... READ MORE >
Coronavirus update: Rushing toward a third peak
Coronavirus infections in the United States have surged to new highs over the past week as the long-awaited third peak of its spread arrived well before the onset of winter. The resurgence spooked investors, who sent equity markets and the dollar tumbling on Monday. The numbers are hard to explain ... READ MORE >
CHART OF THE DAY: New home sales cool as inventory remains limited
New single-family home sales dropped 3.5% from August to September as the robust market began to cool heading into the fall months, the Commerce Department reported on Monday. The decline was expected after the heightened pace of sales over the summer, with many urban renters fleeing to the suburban ... READ MORE >
A recession like no other: Total vehicle miles traveled plummets to record lows
One fundamental assumption that underscores modern American culture is that no matter what the circumstances, Americans will take to the road. Yet data on total miles traveled during what is the most unusual economic downturn in over a century presents a different narrative. In fact, we think that this ... READ MORE >
CHART OF THE DAY: The race to find a coronavirus vaccine
Scientists have been working at a blistering pace to shorten the vaccine development cycle from years to months in order to take a coronavirus vaccine to market. With more than 190 such vaccines in development, there are several leading the pack. Two trials, by AstraZeneca and Johnson & Johnson, ... READ MORE >
CHART OF THE DAY: What’s the real unemployment rate?
Estimates from the Department of Labor indicate that the pace of re-employment is slowing. Monthly increases in nonfarm payrolls fell for the third straight month, to 661,000 in September from nearly 1.5 million in August, and the unemployment rate decreased to 7.9%. But that decline masks the ... READ MORE >
First-time jobless claims decline to 787,000, implying modest improvement
The pace of first-time claims for unemployment insurance declined to an elevated 787,000 for the week ending Oct. 17, strongly suggesting that the economy is slowing in the fourth quarter. Continuing claims remained elevated at 8.37 million, which implies an insured unemployment rate of 5.7%, ... READ MORE >
Coronavirus update: The economic benefits of increased testing and tracing
As global cases of COVID-19 top 40 million and infections in the United States again breach 50,000 per day, the specter of a second wave in Europe and the United States hangs over the domestic economy. This points to significant economic scarring as the country heads into the final weeks of ... READ MORE >