Economy

KBRA COVID-19 Research: Can Credit Hold Ground with U.S. ‘Spiraling Out of Control?’

This KBRA report examines the dramatic tightening in most credit spreads in the face of a still unfolding pandemic, deep economic recession and an uncertain political landscape. read more

Fed Improves Main Street Lending Program Terms to Support Employment

The Wall Street Journal reported that the Federal Reserve has made several adjustments to the Main Street Lending Program to attract more SMEs. read more

U.S. Economy Gains 2.5MM Jobs in May Signaling Recovery in Underway

According to the Bureau of Labor Statistics, the U.S. economy gained 2.5 million jobs in May, more than twice the previous record for a monthly gain of 1.1 million jobs, which was set in September 1983.  read more

Moody’s Analytics: COVID-19 Resurgence Could Cause Global Economic Depression

Moody’s Analytics baseline economic forecast reports that real global GDP will fall by 4.5% this year as a result of COVID-19 and the economy will not return to full-employment until mid-decade. read more

AICPA Survey: Business Execs Cut 2020 Profit & Sales Outlook Sharply

AICPA reports that 92% of businesses are being negatively impacted by COVID-19 with a bleak hiring outlook and liquidity emerging as top concerns. read more

ISM: Non-Manufacturing Contracts in May; NMI at 45.4%

In the latest Non-Manufacturing ISM Report On Business, economic activity in the sector contracted in May for the second consecutive month. read more

ISM: Manufacturing Contracts in May; PMI at 43.1%

Economic activity in the manufacturing sector contracted in May, and the overall economy returned to expansion after one month of contraction, say the nation’s supply executives in the latest Manufacturing ISM Report On Business read more

U.S. Economic Recovery Could Take 10 Years

The Wall Street Journal reported that a full recovery from the effects of COVID-19 on the U.S. economy could take 10 years, according to the Congressional Budget Office. read more

Transportation Equipment Leads 17.2% Drop in April Durable Goods New Orders 

New orders for manufactured durable goods in April decreased $35.4 billion or 17.2% to $170.0 billion, the U.S. Census Bureau announced. Excluding transportation, new orders decreased 7.4%. read more

ISM: Economic Downturn to Continue Through 2020

The ISM reported that manufacturing and non-manufacturing are forecast to contract in the year ahead, with revenue decreasing to 10.3% for manufacturing and 10.4% for non-manufacturing. read more

WSJ: “Swoosh-Shaped” Recovery Expected

The Wall Street Journal reported that the economic recovery from the pandemic will follow a similar pattern to the recovery from the Great Recession. read more

Fed: Negative Interest Rates Not Worth Ramifications

The Wall Street Journal reported that the Federal Reserve has decided that negative interest rates are not worth the detrimental effects they could bring. read more

COVID-19 Stress Test Reveals 52% of Companies Globally Will Become High Risk

A RapidRatings stress test on portfolios of public and private third parties, suppliers, borrowers, and other counterparties to aid clients in modeling potential outcomes of the COVID-19 crisis revealed 52% of all global companies will be categorized as high-risk or very high-risk. read more

ISM: Manufacturing Contracts in April; PMI at 41.5%

Economic activity in the manufacturing sector contracted in April, and the overall economy contracted after 131 consecutive months of expansion, say the nation's supply executives in the latest Manufacturing ISM Report on Business. read more

Fed Ditches Plan to Promote SOFR in Main Street Lending Program

The Wall Street Journal reported that the Federal Reserve will not use the Main Street Lending Program to promote SOFR, its LIBOR replacement of choice. read more

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