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.Read More
Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.Read More
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.Read More
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.Read More
The number of laid-off workers seeking U.S. unemployment benefits dipped only slightly last week, and the economy shrank in the first three months of the year — evidence of the ongoing economic damage being inflicted by the viral pandemic.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
It is not necessary or beneficial to sacrifice human lives to save the economy.
Nor, is it necessary or beneficial to sacrifice the economy to save lives.Read More
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…Read More
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.Read More
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.Read More
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.Read More
President Trump repeatedly has called on companies to move their factories out of Communist China.
He imposed tariffs after determining the Chinese government was illegally subsidizing the production of those goods.
Companies responded by asking the president to lift the tariffs, parroting the Chinese Communist party line.Read More
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.Read More
U.S. Gross Domestic Product shrank by 4.8 percent in the first quarter of the year, a result of stay-at-home orders that shuttered businesses in response to COVID-19.Read More
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.Read More
Michigan Gov. Gretchen Whitmer announced on Thursday that she has joined a partnership with other Midwest states focused on working together to reopen the economy in the region.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.”Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
Michigan Department of Attorney General Dana Nessel sent a cease-and-desist letter to Menards after the department received 18 complaints from consumers about price-gouging. Nessel reported that the company was selling face masks, bleach, and other products at high prices.Read More
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.Read More
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.Read More
President Donald Trump announced Monday evening that he will push Congress for a payroll tax cut to stem concerns about the coronavirus that sent the stock market into a spiral earlier in the day.Read More
“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history.”Read More
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.Read More
President Trump appeared at the World Economic Forum in Davos, Switzerland this year as vir triumphalis—the man of triumph. He presides over an American economy that boasts low unemployment, rising wages, and a booming stock market.Read More
State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.Read More
Michigan’s population ticked up by 0.027 percent between July 2018 and July 2019, according to the U.S. Census Bureau’s latest figures released Monday.Read More
Wages for working class Americans are increasing faster than for their bosses as the U.S. economy keeps humming and unemployment rates stay low, The Wall Street Journal reported Friday.Read More
Every time we hear that the Trump boom has run its course in Minnesota, new numbers come out showing that the economy is still firing on all cylinders.Read More
A few weeks ago, the Census Bureau released the 2018 Income and Poverty in the United States report, but you probably didn’t see anything about it because it received scant attention in the establishment media because it reported such positive results mostly attributable to President Trump’s economic policies. Instead, what little media attention that the report received focused on a meaningless measure of income “inequality.”Read More
Every year, the Office of the Inspector General (OIG) audits the Social Security Administration (SSA) and publishes its findings.Read More
Michigan Gov. Gretchen Whitmer announced on Thursday she has taken action to expand the right to overtime pay to more Michigan workers.Read More
Energy and mineral development on lands managed by the U.S. Department of Interior (DOI) in Nevada contributed nearly $3.8 billion in added value to the state’s economy last year, according to a department report.Read More
The U.S. economy added 136,000 jobs in September, while the unemployment rate declined to 3.5%, according to the Department of Labor data released Friday.Read More
Our friend Stephen Moore, Heritage Foundation economist, former Wall Street Journal editorial board member and founder, along with Steve Forbes and Arthur Laffer, of the Committee to Unleash Prosperity, published a column in the Wall Street Journal recently with some truly amazing statistics about the Trump economic boom.Read More