WHITE HOUSE WATCH COMMENTARY: BRACING FOR THE WORST YET
–‘There’ll Be A Lot of Death’ By Denny Gulino WASHINGTON (MaceNews) – The president and his experts Saturday warned the nation that next week and the week after are going to see virus death tolls that will far eclipse anything seen so far, as the increasing number of hotspots climb the steepening curve toward their […]
DATA FLASH: US MARCH PAYROLLS DROP 701,000, BUT IT’S ONLY THE BEGINNING
–Unemployment Rate Rises to 4.4% from 3.5%, Some See It Rising to 30% By Kevin Kastner WASHINGTON (MaceNews) – The March employment report was much weaker than expected, but only reflected the very start of the economic shutdowns. The March 14 survey week fell before the bulk of the government-mandated business shutdowns. As a result, […]
Updating CBO’s Economic Forecast to Account for the Pandemic
WASHINGTON (MaceNews) – The following is the non-partisan Congressional Budget Office update text of pandemic-related economic assumptions posted Friday morning by CBO Director Philip Swagel: CBO expects that the economy will contract sharply during the second quarter of 2020 as a result of the continued disruption of commerce stemming from the spread of the novel […]
WHITE HOUSE WATCH COMMENTARY: SOME PEOPLE STILL DON’T BELIEVE THE VIRUS IS COMING
By Denny Gulino WASHINGTON (MaceNews) – The corona virus has an advantage evident in the Thursday evening Corona Virus Task Force briefing and during the day in several statehouses: It can spread faster than its reputation for being a sneaky killer of the unaware. President Trump tried to correct Task Force expert Deborah Birx, placing […]
NEW PHILADELPHIA FED SURVEY: ALMOST 25% OF DISTRICT COMPANIES SHUT DUE TO PANDEMIC
By Jon Hurdle PHILADELPHIA (MaceNews) – Almost a quarter of companies surveyed by the Federal Reserve Bank of Philadelphia temporarily shut down because of the coronavirus in the week ending March 29, the Philly Fed said Thursday in its first weekly survey https://www.philadelphiafed.org/-/media/research-and-data/regional-economy/covid-19-survey/2020/20200402-covid-19-bos-survey.pdf?la=en of how businesses in the Third District are responding to the pandemic. […]
DATA FLASH: US INITIAL CLAIMS SPIKE, BACKLOGS TO MAINTAIN FLOW FOR SEVERAL WEEKS
–Initial Claims Double from Previous Week to Record 6.648 Mln By Kevin Kastner WASHINGTON (MaceNews) – Continuing layoffs and administrative backlogs will lift initial claims to new record highs for the next several weeks before the flow of new filings finally slow. This week, the level of new claims was double last week’s, adding to […]
WHITE HOUSE WATCH COMMENTARY: FEDERAL GOVT STILL CATCHING UP WITH VIRUS NEEDS
By Denny Gulino WASHINGTON (MaceNews) – What’s become a literal American deathwatch was a grinding slog on Wednesday with whatever major progress being made behind the scenes obscured by the questions on why progress is not faster. The evening’s Corona Virus Task Force briefing seemed more bogged down with vague answers rather than being illuminated […]
FED’S ROSENGREN: UNEMPLOYMENT TO RISE ‘DRAMATICALLY’; FOCUSING ON PLIGHT OF WORKERS
NEW YORK (MaceNews) – The Federal Reserve is working to limit economic fallout from the pandemic and promote recovery, but unemployment is surging, and fiscal policy is “crucial,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said Wednesday. “The Federal Reserve is working to limit the financial and economic distress – to take […]
DATA FLASH: US MARCH MANUFACTURING ISM TICKS DOWN ON UNCERTAINTY
-Decline Follows Disappointing Regional Data, Markit Revised Lower By Kevin Kastner WASHINGTON (MaceNews) – Manufacturing sector activity contracted modestly in March according to the Institute of Supply Management, slightly better than the regional data leading up to it, but likely the first in a string of monthly declines. The headline PMI index fell to 49.1 […]
WHITE HOUSE WATCH: PRES TRUMP SEES ‘HORRIBLE’ NEXT FEW WEEKS
–Three Weeks ‘Like We Haven’t Seen Before’ By Denny Gulino WASHINGTON (MaceNews) – President Donald Trump Tuesday night warned the nation that the virus has become a “dark, epic and incredibly horrible” challenge that threatens to kill Americans by the hundreds of thousands. Trump, saying he wants to be a “cheerleader for our country” nevertheless […]