Join us as Dr. Ed Seifried interprets the April 29th Gross Domestic Product (GDP), 2020 1st quarter (advance estimate) report issued by the Bureau of Economic Analysis (BEA). In addition, Dr. Ed will analyze the Fed’s April 28-29, 2020, Federal Open Market Committee (FOMC) meeting results. Dr. Ed has already labeled the unfortunate current economic downturn as the “Great Coronavirus Recession of 2020.”
The 2020 (I) GDP release will be the first indication of the real damage to the economy caused by the government-imposed lockdown. However, it will only measure a few weeks of the economic loss of the lockdown. It will be interesting to observe the lockdown’s impact in the change in GDP from the previous quarter even though the data will include the contribution of the relatively healthy weeks of January, February, and early March.
Similarly, in early April we saw some evidence of this economic damage when the jobs report was issued for March. The employment report issued by the Bureau of Labor Statistics showed that the economy shed some 700,000 jobs in March and the official unemployment rate increased from 3.5% to 4.4%. Obviously, had the March release captured the impact of four full weeks of the lockdown instead of just a couple of weeks, the damage would have been much worse.
The Federal Reserve has also conducted a number of emergency and unscheduled policy meetings since Dr. Ed’s last quarterly economic update webinar. In this quarter’s update, Dr. Ed will document each of these meetings and try to forecast what else the Fed has up its sleeve in the event the Great Coronavirus Recession of 2020 does not respond to the stimulus packages and monetary policies already in place.
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