Coronavirus

Survey of U.S. Housing

Update 543 — Survey of U.S. HousingImpact of Shortage, Price Spike, COVIDDespite the pandemic and economic crises, the U.S. housing market is seeing more sales than any year since 2006, with the high volume expected through 2021. Low-interest rates and cheap mortgage terms have fueled demand among Americans of means looking to move or buy. This demand …

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June Adds 850,000 Jobs

Update 542 — June Adds 850,000 Jobs;How Many Covid Job Losses to Recover? This morning’s June jobs report showed the U.S. economy added a substantial 850,000 jobs, with average hourly earnings rising 3.6 percent from a year ago. But labor force participation remained stuck, unemployment actually increased, and the job market has 6.8 million fewer …

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From Saving to Spending

Update 528 — From Saving to Spending:The Consumer’s Role in the US Recovery Consumer spending comprises 70 percent of GDP, so big changes in consumer behavior bear directly on growth more than any other factor. Per the Bureau of Economic Analysis, total personal income in the U.S. increased $4.21 trillion in March. This 21.1 percent …

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House OKs Biden Bill Intact

Update 512 — House OKs Biden Bill Intact$1.9 Trillion: What Will be Its Legacy, Impact? President Biden entered office seven weeks ago, promising a $1.9 trillion federal pandemic response to address unabated individual, family, and small business needs. He also promised stimulus aimed at an economy suffering 10 million jobs lost with millions more slipping …

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Regular Disorder on the Hill

Update 509 — Regular Disorder on the Hill:House to Vote on Wage Hike Nixed in Senate Late last night, the Senate parliamentarian ruled the Democrats’ bill to raise the minimum wage to $15/hour ineligible for the $1.9 trillion reconciliation package. The House is expected to vote on the package tonight, with the wage hike, adopt …

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Recovery Still “Uncertain”

Update 508 — Recovery Still “Uncertain,”Powell Reminds Congress, Citing Jobs Lag In his first appearance before the 117th Congress, Federal Reserve Chair Jerome Powell presented the semi-annual Monetary Policy Report in hearings before Senate Banking yesterday and House Financial Services today.  Powell depicted an economy still suffering from the pandemic and warned of risk of …

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Recovery Robust or Go-Bust?

Update 504 – Recovery Robust or Go-Bust?What’s at Stake in $1.9 Tr. Covid Relief Bill On Wednesday, the House passed a budget resolution for fiscal year 2021, and this morning, following an all-night ‘vote-a-rama,’ the Senate advanced the resolution. These are the first steps in the reconciliation process allowing Democrats to pass President Biden’s $1.9 …

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Democrats’ Trifecta

Update 503 – Democrats’ Trifecta:The Healing Power of Reconciliation  With a Democratic trifecta of now-unified majorities in both chambers of Congress and control of the White House, the new administration has political math on its side in efforts to deliver legislative results and needed COVID relief for weary and sceptical Americans. Democrats will rely on …

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Biden’s $1.9 Tr. Rescue Plan

Update 499 – Biden’s $1.9 Tr. Rescue Plan:Sound in Scope and Scale, but Ambitious Last night, President-Elect Joe Biden announced the details of his $1.9 trillion ‘American Rescue Plan’ — an appropriately constructed and comprehensive rescue package designed to meet the needs of the moment and launch a robust recovery. An ambitious plan, it will …

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