The pace of first-time jobless claims declined for the ninth consecutive week, to 1.83 million, bringing the cumulative total of those who have lost jobs over the past 11 weeks to 42.6 million. … READ MORE >
Joseph Brusuelas
Preview: May U.S. employment report
We expect the U.S. economy to shed 7.8 million jobs and the unemployment to reach 21.5% when the May U.S. employment estimate is released on Friday. … READ MORE >
California: A test case for reopening the New York metropolitan area
California is now in Stage 2 of its reopening program from the coronavirus lockdown. The crowds at Los Angeles beaches and the rise in newly reported cases in California should give the governors of New York and New Jersey something to consider as pressure mounts to reopen Jones Beach in New York and the Jersey shore. … READ MORE >
April U.S. personal income and spending: Fiscal cliff approaches as income support remains key
With one in four American workers looking for employment or waiting to be recalled to work, there is little doubt that the weak spending environment will partially define the U.S. economic narrative and policy going forward. … READ MORE >
First-quarter GDP is revised downward to a 5% contraction
A 10.5% decline in gross private investment was the primary driver of the downward revision to first-quarter gross domestic product to a 5% contraction, from a drop of 4.8%. … READ MORE >
Jobless claims: 40.7 million file first-time claims in 10 weeks
First-time jobless claims for the week ending May 23 increased by 2.123 million, bringing the total number of Americans who have filed for unemployment benefits to 40.76 million during the past 10 weeks. … READ MORE >
The post-coronavirus economy: What to expect, and what is needed
It is now time to begin considering the shape of the post-pandemic economy: What it will look like, whose interests are given preference and how fiscal and monetary policy will drive the American economy. … READ MORE >
Modeling the spread of the coronavirus: A difference in approach among states, and outcome
All states may have begun their reopening process, but there is a notable difference between the six states that have already experienced the worst of the coronavirus pandemic and those states where the pandemic might just be beginning. … READ MORE >
Five states surpass 2 million initial jobless claims since the onset of the coronavirus
California, New York, Florida, Texas and Georgia processed more than 2 million initial claims for unemployment benefits since the outbreak of the coronavirus in March. … READ MORE >
Initial jobless claims: Mass unemployment continues to rise
First-time jobless claims for the week ending May 16 increased by 2.438 million to bring the total number of Americans who have filed for unemployment benefits to 38.9 million during the past nine weeks. … READ MORE >