All Posts Tagged: Scott Anderson

Consumer Spending Rebound at a Crossroads

Scott Anderson
Chief Economist

In many ways the consumer is the U.S. economy.

Real consumer spending comprises about 70% of U.S. GDP, so if you can accurately forecast where the consumer is going, you have a pretty good idea the rest of the U.S. economy will follow. Personal consumption expenditures is a broad measure of consumer spending, including spending categories not included in the monthly retail sales reports like spending on services like health care and education.

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September Employment Lands Short of the Mark

Scott Anderson
Chief Economist

The September jobs reports brought more troubling signs that the labor market rebound that began in earnest in May as furloughed workers returned to work and peaked in June with a one month 4.78 million job gain is rapidly petering out as winter approaches.  

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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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Another Downside Risk Emerges

Scott Anderson
Chief Economist

Congress has just five days to pass another rescue aid package before they are off to campaign for the November election, leaving very little time to overcome an impasse that has unexpectedly stalled the measure in Congress.

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