Author: Scott Anderson

Reopening Brings Back Millions of Jobs

Scott Anderson
Chief Economist

The June employment report came in on the hot side, beating most economists’ forecasts. The U.S. economy added another 4.8 million jobs in June on top of an upwardly revised 2.699 million jobs created in May. The better than expected job gains were likely driven by the reopening of big states like California that didn’t really begin opening up until late May and early June. 

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Personal Spending Rebound Falls Short of Forecasts

Scott Anderson
Chief Economist

What is the old phrase, you can lead a horse to water but you can’t make him drink? Using that analogy, the Federal Government and Federal Reserve have been pumping an unprecedented amount of water into our economy, trying to entice consumers back into stores and restaurants, and resume their old patterns of spending once businesses are able to reopen. That reopening started in nearly all 50 states in May and we got an important update on how it’s all going this morning with the release of the May Personal Income and Spending report from the Bureau of Economic Analysis.

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Another Good Week for U.S. Economic Data

Scott Anderson
Chief Economist

As we noted in last week’s Outlook report, the United States is seeing a solid rebound in economic indicators from the April lows that for the most part have exceeded economists’ expectations.

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A Reopening Rebound in Q3 – But Then What?

Scott Anderson
Chief Economist

The widespread closure of nonessential businesses has already caused massive dislocation in the U.S. labor market and we are bracing for a sharp decline in real GDP in the second quarter.

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