Given the coronavirus’s diffuse impact on the U.S. economy, it was hard to imagine how expectations for U.S. growth could sink any lower. Yet after Friday’s horrific (and historic) 16.4% plunge in April retail sales, those forecasts may fall over a cliff. The data — which threw into stark relief the effects of restrictive stay-at-home […]
On March 15, the Federal Reserve cut interest rates to zero in an emergency announcement, as the coronavirus crisis accelerated in the U.S. The drop from 1.00%-1.25% to 0.00%-0.25% was one of the biggest rate cuts in history. Two months later, the ripples are reaching...
President Donald Trump continued to advocate for an accelerated reopening of the U.S. economy on Monday, even in the wake of disclosures that at least three White House aides have been infected by the coronavirus as the disease’s toll mounted worldwide. Two Trump...
The number of jobs lost due to the coronavirus shutdown continue to mount, with the latest weekly total of Americans applying for unemployment benefits topping 3 million, yet again. The latest swath of applications brings the total amount of jobless claims to more...
Total U.S. household debt reached a record $14.3 trillion after increasing by $155 billion, or 1.1%, in the first quarter of 2020, according to the Fed’s Quarterly Report on Household Debt and Credit. The results do not fully capture the economic pain felt from the...
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