All Posts Tagged: Great Recession

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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California Outlook Report – June 2020

Scott Anderson
Chief Economist

California’s job growth engine has come to a screeching halt like an automatic car transmission that suddenly gets thrown into reverse. We are forecasting the deepest U.S. and global recession since the Great Depression and California’s economy will not be spared from the pandemic’s economic and financial damage.

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Labor Market Shows Signs of Life in May

Scott Anderson
Chief Economist

The May Employment Report released this morning from the Bureau of Labor Statistics captured more of the economic reopening than we expected, allowing for a surprising 2.51 million gain in nonfarm payrolls and a drop in the unemployment rate to 13.3% from 14.7% in April.

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Labor Market Devastation – Who Is Bearing the Brunt?

Scott Anderson
Chief Economist

The widespread business shutdowns that began in mid-March to try to contain the rapidly spreading coronavirus led to millions of Americans being thrown out of work.

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