Household Net Worth Hits A Record While Government and Corporate Debt Pile Up
“Despite the pandemic, restrictive government policies, and recession, household net worth rebounded to a new record but excessive debt in other sectors is a risk.” – Robert Hughes
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Single-Family Housing Permits Hit a Multi-Year High
“Single-family housing is becoming one of the strongest areas of the economy, supported by low mortgage rates and rising demand as urbanites transition to less dense housing.” – Robert Hughes
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Total Unemployment Benefits Recipients Remain Near 30 Million
“The number of unemployment benefits recipients remains very high, suggesting a slow labor market recovery and uncertain path for economic growth.” – Robert Hughes
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Retail Spending Rises in August But the Pace Slows
“Retail sales posted another gain in August, but the pace is slowing; persistent uncertainty regarding Covid-19 and government policies remains a significant risk to future growth.” – Robert Hughes
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Energy and Vehicle Production Fall While Other Industries Continue to Rebound
A manufacturing rebound continued in August, but recoveries vary widely across industries. Persistent uncertainty about Covid-19 and government policies continue to threaten the recovery.
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Total Unemployment Benefits Recipients Hovering Near 30 Million
Initial and continuing claims for unemployment benefits remain very high, suggesting complete economic recovery may be a long way off.
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Job Openings Rise as Economy Reopens
Private-sector job openings are recovering but labor market dynamics remain challenging for workers and small businesses alike.
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Payrolls Gains Decelerated Again, Sustaining Concerns about Recovery
More than 10 million payroll jobs remain lost following government shutdowns; while payrolls have been recovering somewhat, the outlook remains extremely uncertain.
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ISM Services Index Eases Back in August but Still Suggests Expansion
The services sector expanded in August amid easing restrictions, but a lagging labor market recovery and inconsistent policy remain significant risks.
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Initial Claims for Unemployment Benefits Decline Slightly but Remain Very High
Initial claims for unemployment benefits dipped in the latest week but continuing claims remain very high, suggesting complete economic recovery may be a long way off.
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Progress for Jobs Recovery May Be Slowing
ADP estimates 428,000 new jobs were created in August, which would leave the unemployment rate elevated and the path to recovery highly uncertain.
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Light-Vehicle Sales Top 15-million Annualized Rate in August
Auto sales continued to rebound in August from the policy-induced record plunge during lockdowns but remain below the prior range.
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