All Posts Tagged: pandemic

September Retail Sales Come Roaring Back

Scott Anderson
Chief Economist

Retail sales increased 1.9% in September, a far stronger pace than economists expected, given tens of millions of Americans remain out of work and supplemental unemployment benefits of $600 a week began to disappear at the end of July.

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A Fragile Manufacturing Recovery

Scott Anderson
Chief Economist

With the onset of the pandemic, the manufacturing and service sectors were both hit incredibly hard. According to the Federal Reserve, U.S. manufacturing production declined at a 47% annualized rate in the second quarter, while the latest GDP report revealed an unprecedented 43.1% annualized decline in real consumer spending on consumer services in the second quarter.

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Financial Stability Concerns On The Rise

Scott Anderson
Chief Economist

The most sobering section of the July Federal Open Market Committee Minutes, for me, was the description and discussion on financial system stability.

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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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