Recovery Continues, Economy Should be Back to Peak in Fourth Quarter

The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.

These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.

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661,000 Jobs Added in September, Less Than Expected

The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.

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Census Data Boosts Trump, Showing Record Income Gains and Historic Low Poverty

As he heads into the final stretch of the election, President Trump is getting a boost from new census data showing historic, broad-based economic gains for U.S. households in 2019.

The U.S. Census Bureau on Monday released data showing median household income surging to a record high of more than $68,700 last year. The increase of 6.8% in household income was the largest one-year increase on record.

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Commentary: Another One Million Leave Unemployment in a Week as Trump’s Predicted Rapid Recovery Continues

Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.

That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.

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Survey: Families in Four Largest U.S. Cities Facing Significant Financial, Health, Education Setbacks

More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.

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Commentary: Economic Recovery Continues as 3.7 Million Jobs Added in August

The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.

At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.

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White House Adviser Navarro: ‘No Question’ China Wants Biden to Beat Trump

A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.

“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”

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New Durable-Goods Orders Rise Again in June

New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.

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Commentary: Trump Economy Is Well Ahead of Schedule

The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.

This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.

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Armstrong Williams Commentary: It’s Time to Talk About Recession

Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point. 

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Tech Leads the Way as US Stocks Head for a Third Month of Gains

Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.

The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.

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Stock Indexes Move Higher on Wall Street After a Shaky Start

Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.

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Stocks Rally Worldwide on Hopes for Coming Economic Recovery

Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.

The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.

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Wall Street Veers Higher on Fed Plan to Buy Corporate Bonds

Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.

The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.

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Michigan Had 17 of 25 Counties with Highest Unemployment Nationally in April

Michigan was home to 17 of the 25 counties with the highest unemployment numbers in the nation in April.

According to a database from Lansing State Journal, Cheboygan County led the nation in unemployment with a 41.2 percent unemployment rate. Second in the nation was Mackinac County at 38.1 percent.

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Wall Street’s Rally Zooms Higher After Surprise Gain in Jobs

Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.

The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.

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Commentary: COVID-19 Proves America Needs Economic Nationalism

by Spencer P. Morrison   Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…

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Commentary: Export Bans and the Re-Emergence of the Nation-State

The COVID-19 pandemic has served to upend many long-held policy assumptions, but none so clearly as the theory that international trade rests purely on economic incentives, and that those economic incentives will always override a country’s more base instincts to act in its own interest because of the cost to global profits.

Responses from countries around the world to COVID-19 have significantly fractured this argument. It can no longer be said with unshakable confidence that nations will sidestep their own economic objectives, interests, and policies for the sake of a more profitable international economic integration.

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April Jobs Report: 20.5 Million Jobs Lost, Unemployment at 14.7 Percent

The U.S. economy lost 20.5 million jobs in April, while the unemployment rate rose to 14.7%, according to Department of Labor data released Friday.

Total non-farm payroll employment fell by 20.5 million in April, according to the Bureau of Labor Statistics report, and the number of unemployed persons rose by 15.9 million to 23.1 million.

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Commentary: This Is What It Looks Like When You Shoot the Economy in the Head

25.4 million Americans have lost their jobs since February through mid-April, the Bureau of Labor Statistics reports — 17.3 million who are unemployed, and another 8.1 million who have left the labor force completely — in response to the Chinese coronavirus pandemic as Americans sit home and wait it out.

Although the Bureau tabulates a reported unemployment rate of 14.7 percent, if you count the 8.1 million who left the labor force, too, plus the 5.8 million who were already unemployed, and the number looks more like 18.9 percent.

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American People Continue to Give President Trump High Marks on the Economy Despite COVID-19 Crash

President Donald Trump appears impervious to bad news. At least that’s what one might discern from the April 21 Hill/HarrisX poll, where 56 percent approve of his performance on the economy despite 26 million jobs lost and counting amid the government-directed closures in response to the Chinese coronavirus pandemic.

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Michigan to Face More Budget Cuts as Tax Revenues Plummet

A storm of skyrocketing unemployment paired with plummeting tax revenue have plunged the state budget into a multi-billion dollar deficit.

State Budget Office Communications Director Kurt Weiss told The Center Square in an email that tax revenues for this fiscal year are projected to drop between $1 billion and $3 billion.

There’s another $1 billion to $4 billion projected for Michigan’s next fiscal year, Weiss said.

Over 1 million people have filed for unemployment benefits, more than a quarter of the state’s workforce.

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Two Million Americans Missing Mortgage Payments as Coronavirus Shutdown Takes Its Toll

Roughly 2 million homeowners in the United States have skipped their monthly mortgage payments as the coronavirus pandemic takes a heavy economic toll on the country, according to data from the Mortgage Bankers Association.

As more Americans are losing their jobs, being furloughed, or experiencing reduced income, a growing number of home loans are being left unpaid. The latest data from the Mortgage Bankers Association shows that many borrowers are choosing to go into forbearance, an agreement with a lender that allows them to momentarily forgo payments.

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Commentary: It Took 50 States to Get to a National Lockdown and It Will Take 50 States to Open it Back Up Again

In order to combat the Chinese coronavirus and to save as many lives as possible, 42 states have issued stay at home orders, and another three have some parts of their states closed, in order to combat the Chinese coronavirus. All 50 states have schools closed. In addition, with the national emergency declared by President Donald Trump, including the overseas travel bans to China and Europe, social distancing, private sector testing and treatments being authorized on an emergency basis, the White House coronavirus task force has credited these closures in part with helping to slowing the total number of cases, which in turn has, according to the models touted by the medical community, already saved hundreds of thousands of lives.

Countries all over the world have resorted to similar national lockdowns in order to win the war on the virus. The unfortunate side effect of the closures is the U.S. and global economies have effectively been shut down except for essential services, resulting in exceptionally high levels of unemployment. In the U.S., anywhere from 17 million to 20 million jobs have already been lost, with many more to come for every week the economy remains closed.

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Commentary: Donald Trump Is Succeeding in Saving America

Our President has taken great care to craft a response to the coronavirus pandemic that respects the free market and ensures that our capitalist system remains in place to guide our national recovery.

In a country that famously rejects “socialism,” President Trump’s handling of the pandemic — including his administration’s successful push to get Congress to approve the largest economic stimulus package in American history — is polling extraordinarily well. His overall approval rating is at its highest point since he took office in 2017. When asked to specifically evaluate his response to the coronavirus pandemic, Gallup found that 60 percent of Americans approve of the President’s actions, and only 38 percent disapprove. A Hill/HarrisX poll produced a similar result, finding 61 percent support for his strategy. Both surveys revealed that even a sizable percentage of Democrats think the Trump administration is on the right track.

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Commentary: Alexis de Tocqueville’s Lessons in a Time of Pandemic

The immediate challenge of COVID-19 has been cast as an examination of how individual Americans will fare should they be exposed to the virus. The effort to arrest the spread of the virus has brought unprecedented changes in the daily routines of all Americans. The limitation of activity is apparent when one walks outside. There is a marked silence, regardless of the time of day, almost eerie, that gives one pause.

The check on movement is accompanied by images of field hospitals and graphs showing curves and spreads displayed across news sites. While many are changing their daily routines to comply with the requirements of staying at home and practicing social distancing, a broader concern is the effect on our American democratic foundation.

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Commentary: The Pandemic-Inspired Economic Shutdown Likely to Increase US Corporate Consolidation

This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.

The Chinese Communist Party virus has exposed many of our nation’s infirmities.

The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods.

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Commentary: Small Businesses Urge Federal and State Governments to Reopen America ASAP

Due in large part to government edicts, religious, social, and political gatherings, have been cancelled or drastically altered to meet government requirements. Schools and colleges have closed so there will be no proms or graduations to attend this spring. Restaurant dining rooms are closed, as are community centers, fitness centers, salons, barbershops, theaters, retail stores, and malls. Theme parks, beaches, and even some public parks are closed. Air travel and the use of public transportation has declined precipitously. Traffic on the roads is eerily light, and parking lots are nearly empty.

Of the businesses that have remained open, many have reduced their operating hours. While one can reasonably expect that stay-at-home orders will reduce Chinese coronavirus cases, it remains to be seen what the human and economic toll of these orders will be; but we do know that they are devastating to small businesses and their employees.

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Michigan Lawmaker Asks Governor to Allow Some Businesses to Reopen If They Adhere to Social Distancing Guidelines

State Rep. Triston Cole (R-Mancelona) asked Gov. Gretchen Whitmer to allow some nonessential businesses to reopen if they follow social distancing guidelines.

Cole sent a letter to Whitmer on Monday, claiming her stay-at-home order hurt small businesses, including those in the construction and landscaping industry. Both of those industries, said Cole, allowed workers to work safely while staying apart from each other.

“I certainly understand where our governor is coming from. Public safety must always be the main priority,” Cole said in a statement. “However, keeping people employed and businesses operating must also be a priority.”

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Michigan Unemployment Claims Reach Record High

The economic fallout caused by the coronavirus pandemic includes massive unemployment caused by government-mandated shutdowns of businesses throughout Michigan.

The U.S. Department of Labor (DOL) reported 129,298 Michigan employees filed unemployment claims last week. Government figures indicate that number has increased from nearly 5,338 people filing unemployment claims reported March 14, a difference of more than 123,960.

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3.3 Million File Unemployment Claims in U.S. – a Record Number

Nearly 3.3 million Americans filed unemployment claims last week, a record number as businesses were forced to shut down to help slow the spread of the novel coronavirus.

The U.S. Department of Labor reported Thursday that 3.28 million claims were filed in the week that ended March 21. That marked an increase of more than 3 million claims over the week prior, when 282,000 claims were filed.

The previous high in a single week, according to the department, was in October 1982, when about 695,000 claims were filed. The nearly 3.3 million claims filed last week is nearly five times the prior record.

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Judson Phillips Commentary: Lessons in the Time of the Chinese Virus

The first quarter of the year is not yet over, and we have gone from an almost record stock market to a nation that is all but economically shut down.  Some alarmists warn that over two million Americans will die from the Chinese Virus.  Others say this will be less problematic than the flu.

Regardless, as of now, the country is mostly shutdown and the economy is in free fall.  Economists from Goldman Sachs predict that the economy will shrink by an unprecedented twenty four percent in the second quarter.  The good news is the economy is expected to grow by twelve percent and ten percent in the third and fourth quarters.

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Commentary: Can We Prepare America for the Next Pandemic?

With every passing moment, nations are establishing precedents for how to contain and ultimately stop a global pandemic. Because the novel coronavirus apparently originated in Wuhan and was immediately covered up by the Chinese Communist Party, the health and welfare of the Chinese people and all other affected populations have suffered from this lethal malfeasance.

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Commentary: China’s Post-Virus Plan to Destroy America’s Economy

The virus that originated in Wuhan, China poses a double threat to America.

The first is to our health as the virus spreads through the U.S. population. The second is to our economy as more businesses, schools, and events shut down to slow the spread of the contagion.

We must not underestimate the economic threat because the Chinese Communist Party is using the pandemic to achieve its goal of supplanting the United States as the world’s leading economic, diplomatic, and military power.

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Commentary: After the Coronavirus Outbreak, We Don’t Need Universal Income, We Need a Rehiring Tax Credit to Get Back to Work

Congress is passing plans to provide for long-term paid sick leave and family medical leave to tens of millions of Americans, actively encouraging people to stay home, and essentially telling employers to lay off employees while brick and mortar businesses, schools and government offices are all closed, all in a bid to slow down the spread of the Chinese coronavirus.

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Commentary: The U.S. Economy Will Weather the Chinese Coronavirus

Tennessee Star

President Donald Trump praised the Federal Reserve for cutting the federal funds rate to a range of 0 percent to 0.25 percent, and restarting quantitative easing with $500 billion of U.S. treasuries purchases and $200 billion of mortgage purchases in response to the Chinese coronavirus global pandemic.

“It makes me very happy and I want to congratulate the Federal Reserve,” he said. “That’s a big step and I’m very happy they did it.” Trump has been hounding the Fed for years to cut interest rates to make the dollar more competitive against trading partners’ currencies including the yuan, euro and peso. Now he gets his wish.

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Commentary: Millennials and Generation Z Voters Will Decide Our Economic Future this November

For young voters, this coming election isn’t just about strengthening our retirement accounts — though that’s been one of the highlights of the Trump era, with the stock market repeatedly setting new record highs. More importantly, the next election is about keeping this booming economy going through our prime earning years. It’s about having the opportunity to make the most of ourselves and start healthy, secure families. For us, re-electing President Trump isn’t just a good idea, it’s an economic imperative.

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