Economy in Brief: May 2020

• Labor market collapses as coronavirus takes hold. • Jobless rate surges to 1948 high. • Lower paid workers bare bulk of job cuts. Nonfarm payroll employment declined a record 20.500 million during April (-12.9% y/y) following an [...]

• Labor market collapses as coronavirus takes hold. • Jobless rate surges to record for monthly data reported back to 1948. • Lower paid workers bare brunt of job cuts. Nonfarm payroll employment declined a record 20.500 million [...]

• Labor market collapses as coronavirus takes hold. • Jobless rate surges to record for monthly data reported back to 1948. • Lower paid workers bare brunt of job cuts. Nonfarm payroll employment declined a record 20.500 million [...]

• Labor market collapses as coronavirus takes hold. • Jobless rate surges to 1948 high. • Lower paid workers bare bulk of job cuts.

• • • PREVIOUS>>>Initial jobless claims for unemployment insurance declined to 3.839 million during the week ending April 25....... Continuing claims for unemployment insurance increased to a record 17.992 million in the week ending [...]

• As consumers spend less, they use less credit. • Credit cards were pocketed ... for the time being. With the job picture eroding and storefronts shuttering, consumers acted rationally. Consumer credit outstanding declined $12.0 [...]

Germany's industrial production fell by 9.2% in March after a 0.3% gain in February. Sequential growth rates are falling across all sectors and decelerating from 12-months to six-months to three-months. In the just completed quarter, [...]

• Output per hour fell as recessionary forces emerge. • Unit labor costs rise and set one-year high. Productivity in the nonfarm business sector during Q1'20 fell 2.5% (SAAR) after an unchanged 1.2% Q4'19 rise. A 5.2% decline had been [...]