A suite of stronger-than-expected economic data on jobs, retail sales, and corporate earnings came out Thursday, reinforcing the view that a potential boom, much-anticipated by economists, may be getting more traction. Overall, the data shows fewer workers losing their jobs, Americans eager to spend more, and corporate profits getting fatter, sending all three major Wall…
Economic Data Shows Fewer Workers Losing Jobs and Americans Eager to Spend
California Factories Likely to Reach Pre-Pandemic Levels by July, says Chapman Survey
April 8, 2021
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Commentary The manufacturing sector in California is expected to be fully healed by the end of June, according to a recently-released survey of California Purchasing Managers. The survey was performed by Chapman University in Orange, Calif. “The recovery of the manufacturing sector in California from the devastation of COVID-19 will be complete in the second…
China Recovery Stalls
Commentary One of the key pillars of the consensus bullish view about 2021 is the Chinese recovery, supported by optimistic estimates of growth in services and exports. The details in the official February Purchasing Managers’ Index (PMI) show a different picture. It seems that the data for the Chinese economy, especially in services and exports,…
Cities Have Themselves to Blame, Not COVID-19, for Sinkhole Status
Commentary The receding economic tide this past year has revealed many city officials to be naked. Oft-forgotten amid the COVID-19 chaos is that their fiscal crises predated the virus’s spread. According to Truth in Accounting (TIA), a nonprofit fiscal watchdog, 62 of the 75 largest U.S. cities were already in the red in 2019. That statistic…
Fed’s Powell Says Economic Outlook ‘Highly Uncertain,’ Pins Hopes on Vaccine
WASHINGTON—Federal Reserve Chair Jerome Powell said on Feb. 23 the ongoing COVID-19 vaccinations could help speed a return to normal activities later this year, but also warned that the U.S. economic recovery from the pandemic still “remains unequal and far from complete.” Speaking to the Senate Banking Committee, Powell offered a more optimistic view about…
Proposed Outdoor Shopping Hub Could Help Westminster Reboot its Economy
February 22, 2021
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Westminster’s Little Saigon neighborhood could soon be home to a new initiative officials hope will lead the city to an economic rebound. The city wants to turn part of the area into an outdoor shopping and dining hub that could help struggling local businesses grow sales. Stores and eateries would be allowed to use the…
Opportunity Zones Play Key Role in Economic Recovery: Advocacy Group
February 22, 2021
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WASHINGTON—Early results of the opportunity zones program—which has attracted tens of billions of dollars to low-income communities—are promising, and policy improvements are necessary to maximize its contribution to the economic recovery from the pandemic, according to an advocacy group. A wide range of investments that offer tax breaks to private funds is provided through the opportunity zones,…
The Myth of the Savings Glut
Commentary Many economists point to the “abnormal” rise in savings as a bullish signal that it will drive a stronger recovery and a consumption boom. The figures look impressive. In the United States, JP Morgan estimates $2 trillion in deposits, up from $1 trillion before the pandemic. In the eurozone, Bloomberg Economics estimates an excess…
US Chip Industry Calls on Biden Administration to Fund Factories
February 11, 2021
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A group of U.S. chip companies on Thursday sent a letter to President Joe Biden urging him to provide “substantial funding for incentives for semiconductor manufacturing” as part of his economic recovery and infrastructure plans. The chief executives of major U.S. firms such as Intel Corp., Qualcomm Inc., Micron Technology Inc., and Advanced Micro Devices…
IMF: ‘Complacency’ Permeating Markets on Continued Monetary Support
WASHINGTON—A “sense of complacency” is permeating markets as investors, betting on continued accommodative monetary policy, are stretching asset prices, risking a sudden market correction, the International Monetary Fund (IMF) warned on Jan. 27. The rollout of COVID-19 vaccines has boosted expectations of a global recovery and helped prompt a surge in asset prices, despite rising…
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