Tag Archive for ‘COVID-19’

Q2 2020 Senior Loan Officer Opinion Survey

The Federal Reserve’s latest release of the Senior Loan Officer Opinion Survey shows banks’ lending practices and households and businesses’ demand for various classes of loans as of the second quarter of 2020. As evidenced in the survey, in the wake of the COVID-19-wrought pandemic, widespread economic hardship caused many banks to tighten their standards across all credit classes of… Read More ›

Gain for the “Core” CPI in July

In July, overall inflation remained unchanged from the previous month, while core inflation accelerated. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.6% in July on a seasonally adjusted basis, the same increase as in June. Excluding the volatile food and energy components, “core” CPI rose by 0.6% in July, after an increase… Read More ›

Job Market Gains Continue

Surpassing recent dampened expectations, total payroll employment rose by 1.8 million and the unemployment rate declined to 10.2% in July. The U.S. labor market continues to recover from the COVID-19 crisis. Residential construction employment rose by 24,000 in July to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to nearly 7.2 million in July. It is worth… Read More ›

Initial and Continuing Claims Decline

Weekly initial jobless claims decreased in the week ending August 1 after two weeks of increases. Continuing claims, which lags initial jobless claims by one week, dropped by 844,000 in the week ending July 25. Although jobless claims remain at historically high levels, the decreases in initial jobless claims and continuing claims indicate that labor market is recovering gradually from… Read More ›

Initial Jobless Claims Rise for the Second Straight Week

Weekly initial jobless claims increased for the second straight week in the week ending July 25. Continuing claims, which lags initial jobless claims by one week, increased to 17.0 million in the week ending July 18. The increases in initial jobless claims and continuing claims indicate that the rehiring process are slowing as the number of coronavirus cases rises and… Read More ›

U.S. GDP Contracted 32.9% in the Second Quarter

The U.S. economy fell at its fastest pace on record in the second quarter of 2020 as economic activities were canceled or restricted amid the COVID-19 pandemic. The economy will start to bounce back as restrictions are lifted and economic activities increase. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP)… Read More ›

Mortgage Applications Decrease Slightly

The Mortgage Bankers Association’s (MBA) latest Weekly Application shows a slight decrease in applications for the week ending July 24, 2020. The Market Composite Index decreased by 0.8% from the previous week on a seasonally adjusted basis. Refinancing activity, one of its determinants, decreased by 0.4% from the previous week, while purchasing activity decreased slightly more by 1.5%. The MBA’s… Read More ›

Initial Jobless Claims Rise

Weekly initial jobless claims increased to 1.4 million in the week ending July 18, breaking the downward trend since April 4. Continuing claims, which lags initial jobless claims by one week, declined to 16.2 million the week ending July 11. The increase in initial jobless claims reflected another wave of closures and the pause of reopening procedures in some states… Read More ›

Initial Jobless Claims Decline Slightly

Weekly initial jobless claims declined slightly in the week ending July 11 and continuing claims, which lags initial jobless claims by one week, declined to the lowest level since the week ending April 11. The data indicate that people return to work, albeit slowly, as states reopen economic and social activity. The labor market has gradually improved, but it has… Read More ›