The Regional Breakdown Of A Labor Market In Meltdown

By: Taro Chellaram /Wells Fargo Economics & Financial Report/May 26, 2020

The Regional Breakdown Of A Labor Market In Meltdown

With 20.5 Million Job Losses, There is Nowhere to Hide 

  • There was no escaping the economic carnage resulting from the shutdowns implemented in March and April to contain  COVID-19.  All 50 states posted significant job losses in April.
  • The leisure & hospitality sector accounted for the largest share of job losses, with employment down around 45% in most states. Parts of the country with out sized tourist sectors, like Nevada, Hawaii and Florida, saw some of the nation’s largest job losses.



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This Week's State Of The Economy - What Is Ahead? - 21 October 2020

Mobility is continuing to trickle lower in several major developed market economies. The U.K., France, Italy and Canada have all seen some further modest declines in retail/recreation visits.

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Real GDP jumped a record 33.1% during Q3, beating expectations. A 40.7% surge in consumer spending drove the gain.

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e move into the Labor Day weekend celebrating the 235K jobs added in August, while simultaneously lamenting that it was about half a million jobs short of expectations.

This Week's State Of The Economy - What Is Ahead? - 17 April 2020

Economic data from the early stages of the Great Shutdown have finally arrived, and they are as bad as feared. ‘Worst on record’ is about to become an all too common refrain in our commentary.

This Week's State Of The Economy - What Is Ahead? - 13 November 2020

The combination of the election outcome and a workable vaccine boosted financial markets and set the background music for this week’s short list of indicators.

This Week's State Of The Economy - What Is Ahead? - 29 January 2021

Economic data came in largely as expected this week and suggest continued economic recovery.

This Week's State Of The Economy - What Is Ahead? - 06 May 2022

Unlike Yordan Alvarez, no one is expecting the Fed to stand back and admire their handiwork after this weeks 50 basis point increase in the Fed Discount Rate. Similar to Yordan, their effort is more of a single and not a home run.

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The Federal Reserve reduced the fed funds rate 25 bps this week, continuing to cite economic weakness overseas and muted inflation pressures.

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Retail sales declined 0.4% during February, while industrial production was flat (0.0%). Housing starts and permits jumped 9.8% and 13.8%, respectively.


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