Economy in Brief: May 2020

• Initial jobless claims declined to a still extremely-elevated 3.169 million in the week ending May 2. • Over the last seven weeks 33.5 million people or 20.6% of the labor force have filed new claims. • New data on the federal [...]

• 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 [...]

• 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 [...]

• Financing rates fall and are at or near record lows. • Purchase volume rose for third consecutive week as some states begin to reopen. The Mortgage Bankers Association reported that its Mortgage Loan Application Index edged up 0.1% [...]

• Monthly decline sets record. • All sectors hit hard. • Leisure & hospitality businesses pace the decline. The ADP National Employment Report indicated that nonfarm private payrolls during April fell 20.236 million (-14.8% y/y) [...]

• Financing rates fall and are at or near record lows. • Purchase volume rose for third consecutive week as some states begin to reopen. The Mortgage Bankers Association reported that its Mortgage Loan Application Index edged up 0.1% [...]

Once again the data demonstrate a sharp drop that has had no real prelude. February was a more or less normal month; then March and April saw collapse come out of the blue as the wheels went spinning off the wagons. These are the [...]

• Monthly decline sets record. • All sectors hit hard. • Leisure & hospitality businesses pace the decline. The ADP National Employment Report indicated that nonfarm private payrolls during April fell 20.236 million (-14.8% y/y) [...]