The federal budget deficit in May was $424 billion, about double the amount in the same month last year, CBO estimates. That increase stems from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government’s response to it, including actions by the Administration and enactment of four pieces of legislation: the Coronavirus Preparedness and … [More]

The Small Business Optimism Index increased 3.5 points in May to 94.4, a strong improvement from April’s 90.9 reading. Eight of the 10 Index components improved in May and two declined. The NFIB Uncertainty Index increased seven points to 82. Reports of expected business conditions in the next six months increased 5 points to a net 34%, following a 24-point increase in April. … [More]

The May jobs numbers were considerably better than most analysts had expected with the economy reportedly adding 2,509,000 jobs, while the unemployment rate fell by 1.4 percentage points to 13.3 percent. This improved labor market picture should not have been surprising since many businesses across the country had reopened by the survey week in mid-April. The high number of … [More]

U.S. unemployment fell to 13.3% in May and the economy added 2.5 million jobs, a surprising upswing after pandemic-related declines. Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected a limited resumption of … [More]

In the week ending May 30, the advance figure for seasonally adjusted initial claims was 1,877,000, a decrease of 249,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 2,123,000 to 2,126,000. The 4-week moving average was 2,284,000, a decrease of 324,750 from the previous week's revised average. The previous week's average was … [More]

Total commercial chapter 11 filings in May 2020 increased 48 percent from the previous year, according to data provided by Epiq Systems, Inc. Commercial chapter 11 filings totaled 722 in May 2020, elevated from the May 2019 total of 487. Conversely, total commercial filings decreased 28 percent in May 2020, as the 2,578 filings were down from the 3,558 commercial filings … [More]

The JPMorgan Chase Institute released new research that examines the COVID-19 pandemic’s localized impact through the lens of consumers and merchants across 16 U.S. cities:  Phoenix, Atlanta, Chicago, Columbus, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, New Orleans, New York, Portland, San Diego, San Francisco, and Seattle. This new research is the third in a series … [More]