November 28, 2022

MainStreet Macro: Robots need a human hand

Before the holiday break, I left MainStreet Macro readers with a bit of a cliffhanger. We had just heard about layoffs at some of the biggest technology companies, a sector that has seen a lot of growth over the past several years.
Read more

Latest posts

November 7, 2022

MainStreet Macro: Is the Fed ready for a running play?

Last week brought fresh job data from the ADP Research Institute and the Bureau of Labor Statistics, and another rate hike from the Federal Reserve. Football season is in full swing, too, so here’s some color analysis of the game we’re all watching: Team Fed v. Team Inflation.
Read more

August 8, 2022

MainStreet Macro: Time well spent

.Something happened last quarter that most economy watchers missed. Labor productivity as measured by output per worker dropped like a rock. In the first quarter of this year, U.S. labor force time was not well spent. Productivity fell by 7.3 percent, the biggest drop since 1947. People worked 2.3 percent more hours and produced 5.4 percent less output.
Read more

August 1, 2022

MainStreet Macro: Are we or aren’t we? The three Ds of recessions, and how to prepare

Are we in a recession? Maybe, maybe not. What we know for sure is that the economy is running hot this summer – and not just because of the temperatures. Today we explain how downturns are measured, why this one is unique, and what you can do to prepare.
Read more

June 21, 2022

MainStreet Macro: The New World of Inflation

The Federal Reserve met last week and raised short term interest rates by three-quarters of a percentage point. That’s the biggest rate hike since 1994. At that time year-over-year CPI inflation was just shy of 3 percent gas prices were around a $1 a gallon and house price growth was up 2.5 percent from the previous year.
Read more

June 13, 2022

MainStreet Macro: Missing Workers: Hiring in a Tight Job Market

Summer usually signals the start of theme park season, when adventure-seekers line up for the adrenaline rush of their favorite roller coaster and its ups and downs. Labor market watchers can relate to those ups and downs – maybe too much, lately. It’s clear that employers, workers and jobseekers are more than ready for some stability. The labor market’s high-speed airtime cost more than 19 million workers their jobs at the beginning of the pandemic. Since then, we’ve recovered, but that ride has been bumpy and uneven.
Read more

June 6, 2022

MainStreet Macro: What are small businesses telling us about inflation?

I spend a lot of time talking about small employers because they punch above their weight when it comes to the economy. Companies with fewer than 500 employees created two-thirds of net new jobs leading into the pandemic, and they led the recovery afterward. Each quarter, we at the ADP Research Institute survey our small company clients to gather their insight on the business landscape. This quarter, they wanted to talk about the macroeconomy and – no surprise -- inflation. Here are three things clients are telling us.
Read more

May 31, 2022

MainStreet Macro: Globalization: The Promise, Perils, and Possibilities

Last week I joined the World Economic Forum meetings in Davos, Switzerland. After a two-year hiatus from in-person events, world leaders, CEOs, international investors, and nonprofits reconvened at a time of great risk to global growth. This week, on the occasion of the Davos meetings, I’ll review the promise, the perils and the possibilities of globalization from the perspective of Main Street.
Read more

May 23, 2022

MainStreet Macro: How data is transforming Main Street

Last week I spoke at the World Data Summit in Amsterdam, a conference at which experts from across the globe met to discuss the most pressing data issues of our time. As the name suggests, data is fast becoming the universal language of business. For that reason, in this week’s blog I thought we’d talk about why data is important to Main Street.
Read more