April 5, 2021
MainStreet Macro: Location, location, location (and jobs)
Ask any real estate pro and they'll tell you there are three essentials to selling a property – location, location, location. Well, that may be changing. Location trends long in the making accelerated over the past year due to the pandemic and the newfound mobility of the workforce will have an impact on the housing market. Last month, the economy recovered 916,000 jobs, winnowing away our deficit of 8.4 million jobs, with the bulk of them in services. As we look forward to more hiring in coming months, let’s dig into how the geography of work--and life--is changing.
March 29, 2021
MainStreet Macro: What’s next for small businesses?
Last week, the ADP Research Institute looked at how the first two months of the COVID-19 pandemic affected U.S. employment one year later. During the 2020 lockdown in March and April, the U.S. lost 20 million jobs, or about 15% of total employment. This week we review what's next for small businesses.
March 23, 2021
COVID-19 Toll On US Employment: One Year Look Back
As of March 2021, it has been one full year following the mandatory lockdowns in US economy to stop the spread of COVID-19. Here's a look at the impact on US Employment over the last year.
March 22, 2021
MainStreet Macro: Running Hot and Cold
In the month of March, it’s hard to know which coat to wear. Will the weather be on the warm side or the cool side? That question also can be asked of the economy right now. As Main Street transitions from a pandemic-oppressed winter to a vaccine-liberated spring, is the economy running hot or cold?
March 15, 2021
MainStreet Macro: The March Reset
This month, Main Street marks the one-year anniversary of the World Health Organization declaring the COVID-19 outbreak a pandemic, in a year that took our lives and the economy on a wild roller-coaster ride. In two short months, we went from the longest economic expansion in U.S. history to the most devastating downturn since the Great Depression.
What a difference a year makes. March has brought us an economy on the verge of a reset as the vaccine rollout picks up steam and a $1.9 trillion relief package begins its work.
Yet as the U.S. continues its climb to pre-pandemic GDP, the economy isn’t resetting to its pre-pandemic form. Things are different. As I said last week, the story of the economy’s evolution is still being written. Here are four structural changes likely to outlive the pandemic.
March 8, 2021
MainStreet Macro: An Unscripted Recovery
Oscar material, anyone? If you’ve been looking for a riveting drama, here it is.
You’ve heard the big news by now: Job creation popped in February, blowing through economists’ expectations. Employers added 379,000 jobs, the Bureau of Labor Statistics reported Friday, nearly doubling the consensus estimate.
The monthly data isn’t a disappointment on its face, but let’s dig deeper. Even with the jump in hiring, the U.S. still has had nearly 10 million fewer jobs in February than it did a year ago, before the coronavirus took hold. The unemployment rate last month was 6.2 percent -- better, but likely understates the scarring in the labor markets.
March 1, 2021
MainStreet Macro: What’s all the fuss about?
This week on the Main Street Macro Blog we’re taking a figurative field trip to Wall Street and to a specific neighborhood on the Street called the Bond Market. While Wall Street is not the economy there are some instances when the actions and beliefs of stock and bond investors affect Main Street business. Last week was one of those times. Long term bond yields, the return investors receive from debt securities, have been creeping upwards, causing many of our Wall Street friends to catch the jitters. What’s also the fuss about? Here are four things Main Street should know about the recent rise in bond yields.