The unemployment rate is above 10% (U.S. Bureau of Labor Statistics). Though declining, layoffs remain at elevated levels (Dept. of Labor) amid the lingering pain caused by the COVID recession.

There are many indicators that can be used to measure economic activity. Today, the number of jobs being generated is probably the most important.

Historic Drop in GDP: On Thursday, the U.S. Bureau of Economic Analysis (BEA) reported that Q2 GDP fell at an annualized rate of 32.9%, the largest decline since quarterly records began in 1947.

Aided by massive stimulus from the Federal Reserve, the major indexes have mounted an impressive rally this year.

Let’s review two important economic reports: retail sales and industrial production.

Q2 earnings season unofficially gets underway this week, and investors are bracing for a steep decline in profits.

Nonfarm payrolls surged a record 4.8 million in June, which is on top of the 2.7 million increase in May per the U.S. Bureau of Labor Statistics.

COVID Flare-ups: The rise in cases has created renewed volatility in stocks because it may slow economic progress. But it has yet to create the kind of instability we saw in the early days of the pandemic.

Reopening of State Economies Boosts Sales; Job Losses Remain High. We’re far from reclaiming the economic highs of pre-COVID America, but activity is rising, and it is evident in consumer spending.

“We're Not Even Thinking About Thinking About Raising Rates”. That statement came from Fed Chief Jerome Powell after the Federal Reserve kept interest rates unchanged last Wednesday.

Astounding jobs report! Analysts had expected the unemployment rate to rise from 14.7% in April to 19.8% in May. Instead, the unemployment rate fell to 13.3%.

The savings rate soared from an already-lofty 12.7% in March to a record 33.0% in April, as Americans continued to slam the brakes on spending. The prior record of 17.3% occurred in 1975.

The Q2 decline in economic activity will likely be the steepest ever. Looking ahead, it’s possible we may hit an economic bottom in May or June, as businesses gradually reopen.

The unemployment rate hit its highest level since the Great Depression. April retail sales and April industrial production both registered their largest declines on record going back to 1992 and 1919.

The Gut-Wrenching Employment Report. The staggering number of job losses is something that would have been inconceivable a few short months ago.