A Tale of Two Retail Sectors: COVID-19 Makes Stores Halt while Warehouses Struggle to Keep Up with Sales
“Working in e-commerce, it seemed like it was a better job.” Tyler Hamilton quit his construction job to pack boxes at Amazon’s warehouse near Minneapolis a couple years ago. Since coronavirus, the 23-year-old got a small pay bump but works endless overtime, with one...
Five Things to Watch for in Wednesday’s Retail Sales Report
On Wednesday, April 15th, the Commerce Department will release the advanced retail sales report, a measure of how many goods and services in the sector were sold in March. This key indicator of the state of the economy will be released at 8:30 am. Here are five...
Home Prices Start the Year Off Strong, S&P Corelogic Case Shiller Reports
Home price growth accelerated in January, indicating a strong housing market before the spread of the coronavirus pandemic. The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 3.9% annual gain in January, up from 3.7% in the previous month....
After recovering well from 2008 recession, Arizona could see a quick reversal of fortunes in wake of coronavirus
As the coronavirus crisis continues in the United States, Arizona, like most states, is facing a frightening economic outlook. The social distancing measures put in place by federal and local governments have hurt businesses in the state, forcing some to even lay off...
Medical supply shortages reflect economic relationship between U.S., China
February and March have been very unusual for Jia Yu, owner the Yu Jia Express shipping company in Flushing, Queens. Because of the coronavirus outbreak in China, many Chinese in the United States have shipped medical supplies, including surgical masks, N95 masks and...
U.S. consumer spending and personal income were steady in February before virus’ impact
U.S. consumer spending and personal income remained steady in February, another sign that the economy was holding firm before the country was gripped by the coronavirus pandemic. Personal-consumption expenditures, a measure of household spending, rose 0.2%, a repeat...
Business investment fell in February and faces a grim outlook amid the pandemic
Businesses ordered less equipment in February, an early sign of the supply chain disruptions to the manufacturing sector from the coronavirus pandemic last month that are only projected to get worse as the ripple effects spread deeper into the economy. Orders for core...
U.S. trade deficit narrows markedly as coronavirus limits U.S. imports
The U.S. trade deficit continued to narrow in February with a steep fall in imports but a slight increase in exports, which is just a start showing the impact of the coronavirus pandemic. U.S. exports of goods increased by $0.7 billion over January, the U.S. Census...
Retail Sales in February Showed First Signs of Slowing due to Covid-19
In another sign that coronavirus disrupted consumer spending, February’s numbers show initial slipping in retail sales downward after a slight tick up in January. Down 0.5%, numbers released from the Commerce Department show how American shoppers frequented department...
The Subsidy Gamble: New York state is betting big on Tesla
Anthony Dalessio was in high school when Republic Steel left town in 1984. The steel mill, one of the largest in the country, had been one of Buffalo’s largest employers through the 1950s and 60s. But as globalization moved manufacturing jobs overseas, Republic Steel...