Recovery to the economy has become hinged on the ability of the American consumer to regain confidence and start spending again. Consumer spending on goods and services represents roughly 70% of the United States’ Gross Domestic Product (GDP). The Commerce Department, which tracks what consumers spend money on and how much they spend each month, […]
A dramatic drop in car sales, brought about by the historical rise in unemployment along with the economy seizing, collapsed the demand for both new and used autos coast to coast. Federal Reserve data, compiled by the Federal Reserve Bank of St. Louis, reported an average of around 17 million new vehicle sales each month […]
States and local government entities are struggling with a dramatic and rapid drop in tax revenues following business closures and quarantines that were set into place nearly three months ago. Stay at home mandates forced consumers to abandon retail shopping, dining out, and visiting hair salons leading numerous small businesses to close doors and lay […]
The IRS reported that roughly 4 million Americans would receive their stimulus payments as a debit card rather than a check or direct deposit. The CARES Act appropriated $2.2 trillion for Americans in order to bolster economic activity and provide stimulus to combat the effects of the pandemic. So for those who have not received […]
Data released by the Commerce Department showed that consumer spending collapsed by a record 13.6% in April, the steepest drop since 1959. Stay home orders and store closures kept consumers from spending in addition to the sudden loss of jobs nationwide. What consumers spend in the economy represents over 70% of Gross Domestic Product (GDP), […]
The National Bureau of Economic Research released findings of a study examining the amount of unemployment benefits recipients are being paid. The study found that roughly 68% of jobless workers are bringing home more than what their job was paying them. The combination of state and federal unemployment benefits have been extremely generous with the […]
The nation’s unemployment rate skyrocketed to its peak of 14.7% in April, representing the largest percentage of unemployed workers since the great depression, when the rate reached 25% in 1933. The pandemic’s effect on the labor force has been extensive and rapid, resulting in a dramatic increase in the unemployment rate. What has truly made […]
June Market Performance Stocks continued their upward trajectory through early June, enjoying a boost from strong economic data and relief over Trump’s timid response to China diminishing Hong Kong autonomy. The rally halted abruptly near the middle of the month as markets gave up their gains in their worst day since March. The trigger for […]
May Markets Performance Stocks climbed higher last month, extending the rally that began after the March crash. Stock indices surmounted significant thresholds by the end of the month, with the S&P 500 crossing the 3000 mark and the Nasdaq going into positive territory for the year. Better than feared economic news, easing of lockdown measures […]
Stocks Continue to Rally Equity markets continued to move higher in May despite lower earnings expectations and dismal economic data releases. The disparity with economic data and equity markets rebounding are perplexing to some economists and analysts. Congress voted to delist Chinese companies from U.S. stock exchanges if they do not honor required financial disclosures. […]
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