We were warned that second quarter gross domestic product data was going to be bad. Even so, the numbers that came out yesterday were off the charts–literally.
Tag: Jay Bryson
Initial Claims Down Slightly Amid Continued Disruption
Initial claims filed with the Labor Department totaled 1.3 million last week, a decrease of just 10,000 from the previous week and a stark reminder of how the coronavirus pandemic has upended the U.S. economy.
June Jobs Up Nearly 5 Million; Unemployment Rate Drops; New Claims at 1.4 Million
The Bureau of Labor Statistics reported total nonfarm payroll employment jumped by 4.8 million in June, as easing of coronavirus restrictions brought back more workers who had been laid off earlier this spring.
2Q GDP Revised Down to -5%
Real gross domestic product decreased at an annual rate of 5 percent in the first quarter, according to the second (revised) estimate by the Bureau of Economic Analysis, down from 4.8 percent in last month’s advance (first) estimate. It also reported corporate profits fell sharply in the first quarter as the impact of the coronavirus pandemic took hold.
Initial Claims Tapering, But Remain High
Nearly three million Americans applied for initial unemployment claims last week—the lowest level in eight weeks but still highly elevated in the wake of the coronavirus pandemic.
Labor Dept. Reports 20.5 Million April Job Losses; Unemployment Rate Jumps to 14.7%
One of the worst weeks in U.S. economic history ended Friday with the Bureau of Labor Statistics reporting a staggering 20.5 million jobs lost in April and the unemployment rate jumping to its highest level since the Great Depression.
1st Quarter GDP Takes a Hit—And It Will Probably Get Worse
The Bureau of Economic Analysis yesterday reported its first (advance) estimate of first quarter gross domestic product saw the U.S. economy contract by nearly 5 percent as the effects of the coronavirus pandemic kicked in.
Another 5.2 Million Fill for Unemployment; 4-Week Total Rises to 22 Million
The Labor Department reported a seasonally adjusted 5.245 million people filed initial unemployment claims for the week of ending April 11, marking the fourth consecutive week of multi-million claims and bringing total claims filed in the past four weeks to more than 22 million.
Round 3: Initial Unemployment Claims Pile Up 3rd Week in a Row
Nearly 6.6 million Americans filed new applications for unemployment benefits during the first week of April, the Labor Department reported yesterday, bringing the total number over the past three weeks to nearly 17 million.
GDP Report Positive, BUT…
Real gross domestic product increased at an annual rate of 2.1 percent in the fourth quarter, according to the “third” (final) estimate by the Bureau of Economic Analysis.