Commentary As a young Wall Street investor early in my career, I saw the now-infamous 1987 market crash coming. Stock prices were trading at levels that were detached from reality, and I sensed disaster coming. I moved quickly to get my clients out of the market, and they, in turn, were able to avoid this…
COVID-19 Pressures US Retail Sales; Manufacturing Shines
WASHINGTON—U.S. retail sales fell for a third straight month in December as renewed measures to slow the spread of COVID-19 triggered job losses, further evidence that the wounded economy lost considerable speed at the end of 2020. The downturn in sales reported by the Commerce Department on Friday is, however, unlikely to push the economy…
Economists Predict Sharp Slowdown Before Outlook Brightens Considerably
WASHINGTON—Economists forecast a strong recovery this year but warn of a sharp drop in the economic activity in the first quarter before it builds momentum following the winter. The U.S economy will grow at 3.9 percent over the four quarters of 2021, according to the latest estimates by the American Bankers Association’s Economic Advisory Committee….
Survival Checks Forever?
Commentary Even while $600 stimulus checks are being deposited in tens of millions of bank accounts, congressional Democrats are laying the groundwork for even greater stimulus payments, which some call “survival checks.” As Senate democratic leader Chuck Schumer (D-N.Y.) recently said, “One of the first things that I want to do when our new senators are seated is…
US Weekly Jobless Claims Increase More Than Expected
WASHINGTON—The number of Americans filing first-time applications for unemployment benefits surged last week, confirming a weakening in labor market conditions as a worsening COVID-19 pandemic disrupts operations at restaurants and other businesses. Initial claims for state unemployment benefits totaled a seasonally adjusted 965,000 for the week ended Jan. 9, compared to 784,000 in the prior…
US Consumer Credit Up 4.4 percent in November, Best in 5 Months
WASHINGTON—U.S. consumer borrowing rose 4.4 percent in November, its strongest showing in five months, led by strong gains in auto and student loans that offset a drop in credit card borrowing. The Federal Reserve said Friday that the rise represented an increase of $15.3 billion, the best showing since June. Borrowing had risen $4.5 billion…
US Loses 140,000 Jobs, First Monthly Drop Since Spring
WASHINGTON—U.S. employers shed jobs last month for the first time since April, cutting 140,000 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. At the same time, the unemployment rate stayed at 6.7 percent, the first time it hasn’t fallen since April. Friday’s figures from…
US Loses 140,000 Jobs, First Monthly Decline Since April
WASHINGTON—U.S. employers shed jobs last month for the first time since April, cutting 140,000 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. At the same time, the unemployment rate stayed at 6.7 percent, the first time since April that it hasn’t fallen. The Jan….
US Weekly Jobless Claims Unexpectedly Fall; Trade Deficit Widens Sharply
WASHINGTON—The number of Americans filing first-time claims for jobless benefits unexpectedly dipped last week while staying extremely high, with the labor market recovery appearing to stall as a raging COVID-19 pandemic threatens to overwhelm the country. Other data on Thursday showed layoffs announced by U.S. companies surged 18.9 percent in December. Still, the economy is…
US Service Sector Regains Speed in December: ISM Survey
WASHINGTON—U.S. services industry activity accelerated in December, but sky-rocketing COVID-19 infections depressed employment, heightening the risk that the economy shed jobs for the first time since the labor market recovery from the pandemic started. The Institute for Supply Management (ISM) said on Thursday its non-manufacturing activity index increased to a reading of 57.2 last month…
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