United States: Fed Hopes for Recovery While Preparing for a Second Virus Wave “The Federal Reserve is preparing for the possibility of an economically debilitating second wave of coronavirus infections even as it’s hoping that can be avoided. In launching the Main Street and corporate lending facilities this month and starting to buy corporate bonds, the central
June 29, 2020 Real gross domestic product (GDP) declined at an annual rate of 5% for the first quarter of 2020 according to the third estimate released by the Bureau of Economic Analysis (BEA). However, for the fourth quarter of 2019, real GDP had a 2.1% growth. The downward movement in real GDP for the
United States: The U.S.-China Feud Gets Nasty “The U.S. and China are moving beyond bellicose trade threats to exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel. The two countries have blacklisted each other’s companies, barred flights and expelled journalists. The unfolding skirmish is starting to make companies
June 26, 2020 In May, personal income fell $874.2 billion (4.2%) in the U.S, according to estimates released by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased $911.1 billion (4.9%) and personal consumption expenditures (PCE) rose $994.5 billion (8.2%). Real DPI declined 5.0% in May and Real PCE rose 8.1%. The PCE price
United States: U.S. Consumer Spending Rebounded in May While Incomes Declined “U.S. consumer spending surged by a record in May -- while remaining below pre-pandemic levels -- as Americans spent relief payments and ventured out of their homes to newly reopened stores and restaurants. Household outlays rose 8.2% from the prior month, the sharpest increase
June 25, 2020 Consolidated Bakeries (Jamaica) Limited (PURITY) for the first quarter ended March 31, 2020 recorded 9% increase in revenues to $299.05 million from $273.63 million reported for the corresponding period in 2019. Cost of sales for the period rose by 13% to close at $182.38 million (2019: $162.18 million), leading to a gross
June 25, 2020 For the week ended June 20, seasonally adjusted initial claims declined by 60,000 to 1,480,000 from the previous week’s revised level. Claims for the prior week was 1,540,000 following an upward revision of 32,000 from 1,508,000. According to the U.S. Department of Labour (DOL), “The 4-week moving average was 1,620,750, a decrease of
United States: U.S. Recovery Looks to Be Ebbing in States With Virus Outbreaks “The U.S. economic recovery is showing incipient signs of weakening in some states where coronavirus cases are mounting. The ebbing is evident in such high-frequency data as OpenTable restaurant reservations and follows a big bounce in activity as businesses reopened from lockdowns meant
June 24, 2020 During the period January to March 2020, Jamaica’s imports amounted US$1,329.4 million decreasing by 19.0% relative to US$1,641.5 million for the corresponding period in 2019 based on data released by the Statistical Institute of Jamaica (STATIN). Revenue from total exports totalled US$346.7 million for the period under review, a decline of 22.3%
United States: IMF Forecasts Deeper Global Recession from Growing Virus Threat “The International Monetary Fund downgraded its outlook for the coronavirus-ravaged world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. The fund said Wednesday it now expected global gross domestic product to shrink 4.9% this year, more
