Economic Commentary

ECONOMY AND POLICY October 16, 2020 Chief Economist Scott Brown discusses the latest market data. Retail sales rose 1.9% in September, boosted partly by a seasonal quirk. Department store sales jumped 9.7% (-7.0% before seasonal adjustment) and clothing store sales surged 11.0% (-4.3% before seasonal adjustment). August is the month for back-to-school sales. Reduced strength […]

ECONOMY AND POLICY October 09, 2020 Chief Economist Scott Brown discusses current economic conditions. Job losses in the early stages of the pandemic were more concentrated among low-wage workers. About half of those jobs have come back. For high-wage workers, who have been more able to work from home, job losses were less severe and […]

ECONOMY AND POLICY October 09, 2020 Chief Economist Scott Brown discusses the latest market data. The odds of a further fiscal support package rose and fell and rose again. Fed Chair Powell cautioned that “too little [fiscal] support would lead to a weak recovery.” The FOMC minutes from the September 15-16 policy meeting noted that […]

ECONOMY AND POLICY September 30, 2020 The fastest, most economically destructive recession is now in investors’ rearview mirrors. CIO Larry Adam shares his perspective on the unfolding recovery. This October marks 80 years since the opening of the Pennsylvania Turnpike, the United States’ first highway. Highways have been a critical driver of economic growth due […]