Tag Archive for ‘COVID-19’

Little Change for Total Consumer Credit in 2020

As with most things in 2020, consumer credit’s trajectory of growth was upended by the COVID-19-induced economic recession. Revolving credit, of which credit card debt is a major component, shrank by 11.2% over the year, while nonrevolving credit increased 3.9%, thus producing an overall growth rate of 0.0%. In December, consumer credit increased at a seasonally adjusted annual rate of… Read More ›

Construction Employment Changes Little in January

Total payroll employment rose by 49,000 and the unemployment rate fell to 6.3% for the month. The labor market continues its slow recovery amid the COVID-19 pandemic. In January, residential construction employment remained virtually unchanged (-600), after increasing for eight straight months. Meanwhile, non-residential construction lost 1,900 positions, after four consecutive months of gain. Currently, job gains in residential construction… Read More ›

Jobless Claims Decrease for The Third Straight Week

Weekly initial jobless claims declined by 33,000 in the week ending January 30. Continuing claims, which lag initial jobless claims by one week, decreased by 193,000 in the week ending January 23. This week’s jobless claims indicate that the labor market is recovering from the COVID-19 pandemic gradually. More hiring is expected when Coronavirus vaccines become more widely distributed. According… Read More ›

Jobless Claims Trend Down

Weekly initial jobless claims declined slightly to 847,000 in the week ending January 23. Continuing claims, which lag initial jobless claims by one week, decreased by 203,000 in the week ending January 16. The labor market is recovering from the COVID-19 pandemic, albeit slowly. According to the Unemployment Insurance Weekly Claims Report released by the U.S. Department of Labor recently,… Read More ›

U.S. GDP Expanded in the Fourth Quarter

The U.S. economy continued to grow in the fourth quarter of 2020 but was remained below pre-recession levels. This quarter’s growth reflected both the economic recovery from the current recession and the ongoing impact of the COVID-19 pandemic. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual… Read More ›

Jobless Claims Jump to 965,000

During the week ending January 9, weekly initial jobless claims soared to 965,000, the highest level since mid-August 2020. Continuing claims, which lag initial jobless claims by one week, rose by 199,000 in the week ending January 2. The labor market is struggling to recover from the COVID-19 pandemic as many states tighten business restrictions amid the resurgence of the… Read More ›

Refinancing Soars in First Full Week of New Year

The Mortgage Bankers Association’s (MBA) latest Weekly Application Survey shows that, for the week ending January 8, 2021, mortgage application activity increased by 16.7% from the prior week on a seasonally adjusted basis, as indicated by its Market Composite Index. One of its two constituent indexes, the Purchasing Index, increased by 8% from the previous week while the other, the… Read More ›

Residential Construction Offsets All the Jobs Lost in March and April

After seven consecutive months’ job gains, nonfarm payroll employment fell by 140,000 in December as virus cases surged. The unemployment rate was unchanged at 6.7% in December. Total construction industry (both residential and non-residential) employment totaled 7.4 million in December. Residential construction employment rose by 22,700 in December to 3.0 million. In the past eight months, residential construction added 472,500… Read More ›

Jobless Claims Were Little Changed

During the week of New Year’s, weekly initial jobless claims totaled 787,000, little changed from the previous week. Continuing claims, which lag initial jobless claims by one week, decreased by 126,000. Weekly initial jobless claims peaked at nearly 7 million in the spring of 2020 and have remained at around 0.8 million since the fall of 2020 and into 2021,… Read More ›