Q2 earnings season unofficially gets underway this week, and investors are bracing for a steep decline in profits.
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Nonfarm payrolls surged a record 4.8 million in June, which is on top of the 2.7 million increase in May per the U.S. Bureau of Labor Statistics.
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COVID Flare-ups: The rise in cases has created renewed volatility in stocks because it may slow economic progress. But it has yet to create the kind of instability we saw in the early days of the pandemic.
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Reopening of State Economies Boosts Sales; Job Losses Remain High. We’re far from reclaiming the economic highs of pre-COVID America, but activity is rising, and it is evident in consumer spending.
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“We're Not Even Thinking About Thinking About Raising Rates”. That statement came from Fed Chief Jerome Powell after the Federal Reserve kept interest rates unchanged last Wednesday.
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Astounding jobs report! Analysts had expected the unemployment rate to rise from 14.7% in April to 19.8% in May. Instead, the unemployment rate fell to 13.3%.
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The savings rate soared from an already-lofty 12.7% in March to a record 33.0% in April, as Americans continued to slam the brakes on spending. The prior record of 17.3% occurred in 1975.
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The Q2 decline in economic activity will likely be the steepest ever. Looking ahead, it’s possible we may hit an economic bottom in May or June, as businesses gradually reopen.
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The unemployment rate hit its highest level since the Great Depression. April retail sales and April industrial production both registered their largest declines on record going back to 1992 and 1919.
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The Gut-Wrenching Employment Report. The staggering number of job losses is something that would have been inconceivable a few short months ago.
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The U.S. Bureau of Economic Analysis reported in Q1, GDP declined at an annual pace of 4.8%, the largest drop since 2008.
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The Great Oil Price Collapse
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Among other things, the CARES Act aims to help small businesses and those who have lost their jobs.
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When a natural disaster hits, it is not uncommon for con artists to raise money via fraudulent charities.
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The U.S. BLS reported that nonfarm payrolls fell a much-greater-than expected 701,000 in March.
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We are beginning to get an early read of how the economy may fare amid government-led shutdowns and social distancing.
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With the spread of the coronavirus, we are concerned about the health and safety of clients, colleagues, and loved ones. Here’s what we are doing.
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Extraordinary Measures, Fed Action, and What We Might Learn from Past Pandemics
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An Oil Spill Darkens the Mood
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The Fed Acts, Volatility Continues—What’s Really Driving Investors
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