June Personal Income and Disposable Income Decreased due to COVID-19

U.S. Bureau of Economic Analysis

Personal income decreased $222.8 billion (1.1 percent) in June according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $255.3 billion (1.4 percent) and personal consumption expenditures (PCE) increased $737.7 billion (5.6 percent). Real DPI decreased 1.8 percent in June and Real PCE increased … [More]

Gross Domestic Product, 2nd Quarter 2020 Is Worst Ever

U.S. Bureau of Economic Analysis

Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the … [More]

Jobless Claims Hit 1.4 Million, Once Again Edging Up from Week Prior

U.S. Department of Labor

In the week ending July 25, the advance figure for seasonally adjusted initial claims was 1,434,000, an increase of 12,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 1,416,000 to 1,422,000. The 4-week moving average was 1,368,500, an increase of 6,500 from the previous week's revised average. The previous week's average was … [More]

A Vegetable’s Journey

by Jim White, Ph.D.

For more than a century, the United States has been a major producer of vegetables and fruits, with total agricultural exports — to Canada, Mexico, Taiwan, Japan and many other countries — valued in 2018 at $140 billion.  Domestic sales aren’t as rosy. As COVID-19 shuttered restaurants, hotels and school districts around the country, farmers in Arizona and around the U.S. … [More]

Mid-Year Outlook: Expect a Bumpy Ride for the Remainder of 2020

Hercules Investments

As America gets closer to the presidential election, the country finds itself still struggling on several fronts: the COVID-19 pandemic, racial unrest, and most recently Chinese sanctions. And yet, the stock market has remained relatively stable over the past couple of months. Stock-market bulls cheered the Tuesday morning after Memorial Day as the S&P 500 traded above its … [More]

Weekly Jobless Claims Up to 1.4 Million, First Rise in Four Months

U.S. Department of Labor

In the week ending July 18, the advance figure for seasonally adjusted initial claims was 1,416,000, an increase of 109,000 from the previous week's revised level. The previous week's level was revised up by 7,000 from 1,300,000 to 1,307,000. The 4-week moving average was 1,360,250, a decrease of 16,500 from the previous week's revised average. The previous week's average was … [More]

Five Legislative Priorities Help Ensure Small Businesses Have Necessary Resources and Protection for Recovery

NFIB

As small businesses continue efforts to reopen and Congress and the Administration prepare the next phase of legislation, the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued a plan, “NFIB Phase Four Legislative Priorities for Small Business Recovery,” today. The plan lays out five legislative priorities to … [More]

Weekly Jobless Claims Up by more than 1 Million, 17th Straight Week

U.S. Department of Labor

In the week ending July 11, the advance figure for seasonally adjusted initial claims was 1,300,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 1,314,000 to 1,310,000. The 4-week moving average was 1,375,000, a decrease of 60,000 from the previous week's revised average. The previous week's average was … [More]

Small Business Optimism Improves in Anticipation of Better Economic Outlook

NFIB

The Small Business Optimism Index increased 6.2 points in June to 100.6 with eight of the 10 components improving and two declining. Owners anticipate improving sales as the economy continues to re-open with sales expectations rebounding to a net 13% after April’s lowest reading in survey history (a net negative 42%). Small business owners continue to be optimistic about future … [More]

U.S. Consumer Prices Up More Than Expected in June

U.S. Bureau of Labor Statistics

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in June on a seasonally adjusted basis after falling 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 0.6 percent before seasonal adjustment. The gasoline index rose sharply in June after recent declines and accounted … [More]