US Manufacturing Soars to 15-Month High: ISM
BY TOM OZIMEK Manufacturing in the United States, as measured by a key business activity gauge, surged to a 15-month high in July, exceeding economists’ expectations. The Institute for Supply Management (ISM) business survey, published Aug. 3, shows that its topline manufacturing activity indicator, called the Purchasing Managers’ Index (PMI), surged to a reading of 54.2 in July. Readings […]
Trump Signs ‘Hiring American’ Executive Order to Prioritize US Workers
BY TOM OZIMEK President Donald Trump signed an executive order on Monday that requires federal agencies to prioritize U.S. labor in federal contracts, ensure only American citizens are appointed to the competitive service, and stop employers from moving H-1B workers into jobs in a way that displaces U.S. workers. “We believe jobs must be offered to American workers first,” […]
Consumer Spending Rises as Incomes Fall, Giving Mixed Picture of Economic Recovery
BY TOM OZIMEK American consumers increased their spending by 5.6 percent in June while personal income fell by 1.1 percent, giving a mixed picture of a U.S. economy struggling to sustain recovery momentum amid a surge of reported COVID-19 cases and lackluster jobs data. Consumer spending is a major driver of the U.S. economy, accounting for around 70 percent of […]
US GDP Suffers Record Collapse, Jobless Claims Point to Stalling Recovery
BY TOM OZIMEK The U.S. economy suffered a historic collapse in the second quarter of this year, with Commerce Department figures showing gross domestic product (GDP) plummeting by 32.9 percent in annualized terms as business activity ground to a halt due to the pandemic. CJ Editor’s note: GDP swings are typically reported at an annual rate […]
Jobs Recovery Stalls in States Experiencing COVID-19 Surge: Report
BY TOM OZIMEK Small-business hiring has slowed in states experiencing a COVID-19 resurgence, according to high-frequency labor market data from a recent report by scheduling firm Homebase. The report found that after more than two months of steady labor market recovery across all states following a sharp plunge in April amid lockdowns, some states are showing a split. Those that […]
100,000 Restaurants Shut by State or Local Governments, Many Can’t Survive: Industry Group
BY TOM OZIMEK A trade group representing about a million of America’s restaurants is calling on lawmakers to help the nation’s ailing eateries after it said nearly 100,000 restaurants were shuttered recently amid pandemic-driven reopening rollbacks. The National Restaurant Association, the world’s largest food service trade association, on July 15 sent a letter to Congress along with a […]
Barr Creates Task Force to Stop Violent Anti-Government Extremists
BY TOM OZIMEK Attorney General William Barr has established a task force aiming to put a halt to “violent anti-government extremists of all persuasions.” Barr made the announcement in a Friday memo to all heads of department components and U.S. attorneys, shared publicly by Department of Justice (DOJ) spokesperson Kerri Kupec. “Some pretend to profess a […]
Federal Authorities Sent $1.4 Billion In Stimulus Checks to 1 Million Dead People
BY TOM OZIMEK A government watchdog has found that federal authorities sent COVID-19 stimulus checks worth some $1.4 billion to over 1 million dead people. The Government Accountability Office (GAO), an agency that reports to Congress, released the findings in a June 25 report on the federal response to the pandemic. The GAO noted in its report that as the Internal […]
US Economic Downturn Eases in June as Lockdowns Lift
BY TOM OZIMEK Business activity in the United States, as measured by purchasing managers index (PMI) data, hit a four-month high, reflecting the lifting of lockdowns and fueling hopes that the economy is roaring back to life. IHS Markit, which released its PMI numbers on June 23 (pdf), said all four measures of U.S. business activity that it […]
America’s Housing Set for Robust Post-Pandemic Recovery: Survey
BY TOM OZIMEK America’s housing market is expected to weather the pandemic and stage a solid rebound, with a Reuters poll showing that U.S. house prices are likely to outpace consumer price increases in 2020 and the following year. According to a June 9–19 poll of over 40 housing strategists, house prices will rise 3.0 percent this year and next, […]
