U.S. Economic News
June 9, 2020
U.S. Economic Indicators
The NFIB Small Business Optimism Index rose 3.5 points to 94.4 in May as eight components improved and two weakened. Sales expectations and plans to increase employment improved, while current job openings declined. NFIB Report
The Job Openings and Labor Turnover Survey (“JOLTS”) report indicated that the number of job openings fell 965,000 to 5.0 million in April. The number of hires decreased to a series low of 3.5 million, and the quits rate fell to 1.4 percent. BLS Report
U.S. News
The Washington Post reports that the U.S. officially fell into a recession in February per the National Bureau of Economic Research’s Business Cycle Dating Committee, formally marking the end of a record 128-month expansion. Recessions typically refer to two consecutive quarters of contraction, but the collapse in production and consumption activity from the coronavirus pandemic was severe and widespread enough for the committee to mark the downturn as a recession even if it ultimately proves to be relatively brief. WaPo