Rising energy and gasoline prices accounted for roughly half of the 0.6% increase month over month inside the June Consumer Price Index report and should prove transient due to easing demand on the back of an intensifying pandemic. That increase, for the most part, is the recovery in oil and ... READ MORE >
coronavirus
Rethinking the staycation: Driving boosts hotel occupancy in regional hotspots
As cities slowly awaken from coronavirus-related lockdowns and reopen their economies, regions that rely on auto travel are leading the nascent recovery in the hospitality sector. A combination of low gas prices, concern over air travel and convenience for drivers in many markets is prompting hotel ... READ MORE >
Policy uncertainty and the costs of prolonging the pandemic
After four months of an economic shutdown and the continued spread of the coronavirus throughout the 50 states, it is unlikely that a miracle recovery from the virus will materialize. The primary responsibility of addressing the pandemic has been delegated to the states, which is contributing to a sense ... READ MORE >
Cumulative jobless claims pass 6 million in California and 3 million in Florida
In a week that the cumulative number of people registering for unemployment benefits passed 50 million, California has now processed more than 6 million initial claims and Florida passed the 3 million mark. Notable this week was the dispersion of states with significant increases in initial claims, ... READ MORE >
Initial jobless claims: 50 million and counting
Roughly 50 million Americans have filed first-time jobless claims over the past four months, while for the week ending July 4, an additional 1.31 million filed for unemployment insurance. Compared to pre-pandemic employment levels, approximately 30% of the workforce has experienced a bout of ... READ MORE >
Pandemic choice: Reopening schools and the economy
We continue to make the case that until there is a national testing, tracing and treatment regime in place, any talk of economic recovery is premature at best. The same could be said of the reopening of schools. The next source of social conflict linked to the pandemic is likely to be whether ... READ MORE >
Initial claims for unemployment insurance rise in 25 states
There were increases in the number of newly filed claims for unemployment benefits in 25 states during the week ending June 27. Thirteen of those states reported increases that were significantly above normal levels. We should also note that 10 states reported significant decreases in newly filed ... READ MORE >
June U.S. employment report: Encouragement, concern and outright skepticism
Total employment increased by an encouraging 4.8 million workers in June as the U.S. economy continues what will be a multiyear period of recovery in the American labor market. The major takeaway from the array of labor market data published Thursday morning is that despite the decline of 7.5 ... READ MORE >
The Paycheck Protection Program still has legs after Congress approves extension
The $659 billion Paycheck Protection Program, which was scheduled to stop accepting new applications on Tuesday even though it had more than $134 billion left to distribute as of June 27, could now be extended through Aug. 8, after the Senate and the House approved the measure. The program has been a ... READ MORE >
ISM manufacturing gauge returns to expansion with orders and production improving
The Institute for Supply Management’s monthly index, a closely watched measure of U.S. manufacturing activity, rose 9.5 percentage points in June to 52.6 from the May reading of 43.1, its largest jump in 40 years. Readings above 50 indicate expansion in manufacturing activity. More factories reported ... READ MORE >