U.S. GDP plunges a record 32.9% as jobless claims rise

  U.S. GDP contracted a record 32.9% in the second quarter from a year ago, the Commerce Department said on Thursday, while a separate report showed jobless claims rising for the second consecutive week as the COVID-19 pandemic spins out of control. The economic contraction caused by the pandemic was four times worse than the […]

Employers put the brakes on hiring

  U.S. employers unexpectedly put the brakes on hiring in November, according to ADP Research Institute and Moody’s Analytics. Private sector employment increased by 67,000 jobs, dropping 45% from the prior month’s pace, according to the jobs report issued on Wednesday. Economists expected an increase of 150,000 jobs in November, according to the average estimate in a […]

How Americans Make and Spend Their Money

How do you spend your hard-earned money? Whether you are extremely frugal, or you’re known to indulge in the finer things in life, how you allocate your spending is partially a function of how much cash you have coming in the door. Simply put, the more income a household generates, the higher the portion that […]

FHFA extends GSEs’ affordable housing goals through 2021

  The Federal Housing Finance Agency (FHFA) announced on Wednesday that its single-family and multifamily affordable housing goals for Fannie Mae and Freddie Mac will remain unchanged from those set in 2018-2020. However, unlike previous goals set for a three-year period, the FHFA announced the benchmarks for 2021 only, citing economic uncertainty from the COVID-19 pandemic. The affordable housing goals […]