First-time jobless claims declined to a seasonally adjusted rate of 881,000 for the week ending Aug. 29, with non-seasonally adjusted claims falling to 833,000 as the Department of Labor introduced a new way to estimate the pace of firings in the domestic labor market. … READ MORE >
Covid-19
Fintechs helped with the Paycheck Protection Program. Why not the Main Street Lending Program?
Fintechs played an important role in helping the Paycheck Protection Program gain broad acceptance. Now, fintechs could do the same in the Main Street Lending Program — if, that is, the government makes some prudent changes to the program. … READ MORE >
COVID-19 stifles middle market private equity dealmaking
With reduced dealmaking, private equity firms are left to prioritize their existing portfolio investments and must measure the continuing uncertainty created by the pandemic. … READ MORE >
RSM’s exclusive MMBI survey reveals how the Main Street Lending Program can be improved
RSM’s survey for its proprietary Middle Market Business Index for July suggested that the Main Street Lending Program could gain broader participation with targeted changes and greater clarity about the program. … READ MORE >
Hotel occupancy data: It’s only half the story
At first glance, hotel occupancy rates have been looking favorable recently. But with many hotels closing as the coronavirus spreads, occupancy rates are not providing the full picture. That’s where a new measurement called total-room-inventory occupancy, or TRIO, comes in, and the picture isn’t so promising. … READ MORE >
Without adjustments, Main Street Lending Program is unlikely to be mainstream
Unlike the strong demand for the Paycheck Protection Program, which saw $350 billion in aid snatched up in the 13 days following its debut, interest in the Main Street Lending Program has been more muted; less than $100 million in aid was requested in the program’s first month, according to data from the Federal Reserve. … READ MORE >
The pandemic, health care access and the economy
The outbreak of the novel coronavirus has highlighted the massive inequality of access that continues to plague the richest country in the world. … READ MORE >
U.S. employment report: Recall of workers slows in July
The recall of workers to their jobs slowed in July as evidence of a much greater problem in the domestic labor force mounts. … READ MORE >
Is cash no longer king?
Cashless payments are rapidly becoming the norm as the spread of the coronavirus has forced consumers and businesses to change their ways. … READ MORE >
Initial jobless claims: Potential inflection point
Initial jobless claims for the month of July point to a potential inflection point in the American labor market. July’s data perfectly captured the flattening out of consumer demand and slowing of overall growth in the economy. … READ MORE >