Job openings in the United States reached a record 10.9 million in July, continuing to show that the demand for workers remains strong while employers struggle to fill job vacancies. … READ MORE >
Delta variant
Budget brinkmanship as another debt-ceiling debacle looms
Once Congress returns from its summer recess, it will need to take up the funding of the government past Sept. 30, when the financing of its debt runs out at the end of the fiscal year. Lawmakers need to learn from the past that such debt ceiling showdowns extract a price from the economy. … READ MORE >
CHART OF THE DAY: The ‘real’ unemployment rate
When those who are not in the labor force but want a job are included, that rate, which we call the “real” unemployment rate, is closer to 8.4%. … READ MORE >
U.S. August employment report: Delta variant exerts a drag on hiring
Hiring slowed to 235,000 in August, down from a revised gain of 1.053 million jobs in July, as the unemployment rate declined to 5.2%, according to the Bureau of Labor Statistics. … READ MORE >
CHART OF THE DAY: U.S. trade deficit improved in July after a record high
The U.S. trade deficit of goods and services, which measures exports minus imports, declined by $4.6 billion to $70.1 billion in July as domestic demand for foreign goods slowed and foreign countries’ needs for U.S. goods rose. … READ MORE >
Jobless claims: After the deluge
First-time jobless claims decreased to 340,000 for the week ending Aug. 28, from an upwardly revised 354,000 the week before, while continuing claims fell to 2.75 million, according to government data released on Thursday. … READ MORE >
RSM UK Financial Conditions Index: Gimme shelter
The RSM UK Financial Conditions Index has moved to its highest level since 2014, reaching 1.1 standard deviations above levels of risk that are normally priced into financial assets. … READ MORE >
RSM Canada Financial Conditions Index: The global threat of a resurgent virus
Canada’s financial markets continued their cautious optimism in August despite the unexpected 1.1% decline in second-quarter gross domestic product. … READ MORE >
August jobs report preview: Expect a hint of delta drag on hiring
We expect an increase in total employment of 600,000 in August with the chance of a stronger number linked to seasonal hiring in education when the jobs report is released on Friday. … READ MORE >
CHART OF THE DAY: Consumer confidence falls amid spread of the delta variant
The headline consumer confidence index released by the Conference Board on Tuesday declined to 113.8 in August from a downwardly revised 125.1 in July, in the latest sign that the spread of the delta variant is beginning to weigh on the economy. … READ MORE >