All Posts Tagged: labor market

Evidence of a July U.S. Slowdown Emerging

Scott Anderson
Chief Economist

Last week we wrote about dark clouds building on the economic horizon as COVID-19 cases have surged in recent weeks.

This week more evidence emerged that the spike in virus cases is indeed sucking the oxygen out of the robust economic recovery we have seen over the past two and a half months.

So far, we can point to a pullback in the University of Michigan Consumer Sentiment Index in July, a below consensus improvement in the preliminary Markit PMI indexes for July with a service sector still in contraction territory, as well as measurable deterioration in more timely daily data on OpenTable restaurant reservations, and TSA checkpoint travelers.

But perhaps the best evidence to date that an economic slowdown is underway is the larger than expected jump in initial jobless claims for the week of July 18th.

To learn more about the signs of slowdown emerging in the U.S. economy, and what that means for the labor market outlook, check out this week’s U.S. Outlook Report.

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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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Is the Rebound in Consumer Confidence Sustainable?

Scott Anderson
Chief Economist

Consumer confidence declined sharply in March and April as it became necessary for states across the country to issue stay-at-home orders in an effort to limit the spread of COVID-19.

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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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Bulls Get Corralled As Coronavirus Hits Global Economy

Scott Anderson
Chief Economist

A brief period of global economic and financial market optimism over the past four months is quickly going dormant as the global economic impact of the Novel Coronavirus (COVID-19) comes into greater focus.

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