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COVID-19: Household Debt During the Pandemic [Updated May 6, 2021]
From the Introduction: "This report explores household debt since the COVID-19 [coronavirus disease 2019] pandemic began. First, it describes the effects the pandemic has had on unemployment and income losses, followed by a discussion of observed trends in household debt and delinquencies. Then, the report highlights two important policy impacts that influenced these trends: consumer loan forbearance and macroeconomic policy to support households during the economic recession. Lastly, the report discusses the uncertain outlook for household finances and consumer debt markets."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Mullins, Maura; Weinstock, Lida R.
2021-05-06
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Infrastructure and the Economy [July 1, 2021]
From the Summary: "Infrastructure investment has received renewed interest of late, with both President Biden and some Members of Congress discussing the benefits and costs of such spending and what investments should be considered part of infrastructure. 'Infrastructure investment' or 'infrastructure reform' can describe a wide array of activities in policy discussions, depending on the context. In general, infrastructure has historically referred to longer-lived, capital-intensive systems and facilities, such as roads, bridges, and water treatment facilities. Partly owing to the amorphous definition of 'infrastructure', there is no set method for measuring infrastructure investment. For public infrastructure, economists often use a measure called government investment."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-07-01
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COVID-19 and the U.S. Economy [Updated May 11, 2021]
From the Introduction: "This report provides a synopsis of the economic conditions caused by the pandemic and the theoretical context for how and why economic conditions deteriorated so rapidly in many cases. The report discusses the following economic indicators: employment and unemployment, GDP [gross domestic product] and its components, saving, productivity, and inflation. The report then discusses the impacts of fiscal and monetary policy on the economy, most specifically on GDP and personal income. Finally, the report closes with a discussion about the economic landscape moving forward and the potential lasting impacts to the economy from both the pandemic and the recession."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-05-11
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Is High Inflation a Risk in 2021? [April 6, 2021]
From the Document: "Assuming public health continues to improve, many economists project rapid economic growth in 2021. The unprecedented fiscal [hyperlink] and monetary [hyperlink] stimulus in response to the COVID-19 [coronavirus disease 2019] pandemic is also expected to continue in 2021. Some observers have questioned whether the combination of stimulus and rapid growth will result in rising prices [hyperlink]. [...] The economy experienced persistently high inflation in the 1970s and early 1980s [hyperlink], last reaching double-digits in 1981. Most economists believe this high inflation was caused by overly expansionary monetary and fiscal policies, along with significant increases in energy prices. Additionally, as expectations of higher inflation became incorporated into consumer and business decisions, these expectations contributed to actual increases in inflation. The Federal Reserve (Fed) raised short-term interest rates significantly in the early 1980s, which successfully brought inflation down quickly, though at the cost of a recession."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Labonte, Marc; Weinstock, Lida R.
2021-04-06
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COVID-19: Government Resources for Real-Time Economic Indicators [Updated November 19, 2020]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2020-11-19
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Introduction to U.S. Economy: Unemployment [Updated November 6, 2020]
From the Document: "The U.S. economy has seen historically high levels of unemployment as a result of the Coronavirus Disease 2019 (COVID-19) pandemic. This In Focus provides an introduction to the official unemployment rate and alternative measures of unemployment, briefly examines the reasons for unemployment, and places the unemployment rate in a broader economic context."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-11-06
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COVID-19: How Quickly Will Unemployment Recover? [Updated November 6, 2020]
From the Document: "Because of effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the United States has seen both high unemployment levels and record rates of change in those levels. This has made it difficult to forecast unemployment from one month to the next. This Insight discusses the current state of unemployment, how unemployment might change over the next few years, and what those changes would mean for the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-11-06
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COVID-19: Employment Across Industries [January 5, 2021]
From the Document: "The nature of the Coronavirus Disease 2019 (COVID-19) pandemic has caused differing economic outcomes across industries. Certain industries, such as those that require in-person contact, have been affected more than others by stay-at-home orders, social distancing mandates, and fears of the virus. This Insight discusses which industries have been hardest hit by the pandemic."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-01-05
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Introduction to U.S. Economy: Productivity [Updated June 30, 2021]
From the Document: "Productivity is broadly defined as the ratio of outputs to inputs. With respect to the economy, productivity measures how efficiently goods and services can be produced by comparing the amount of economic output with the amount of inputs (labor, capital, etc.) used to produce those goods. Policymakers are interested in productivity because productivity growth is generally the most consequential determinant of long-term economic growth and substantive improvements in individual living standards."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-06-30
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Introduction to U.S. Economy: The Business Cycle and Growth [Updated January 4, 2021]
From the Document: "On June 8, 2020, the National Bureau of Economic Research (NBER), an independent, nonprofit, research group, determined that economic activity in the U.S. peaked in February 2020 and that the economy subsequently entered into a recession in the same month. On a quarterly basis, economic activity peaked in the fourth quarter of 2019. This In Focus discusses the business cycle, how recessions are determined, and potential causes and effects of these fluctuations in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-01-04
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Introduction to the U.S. Economy: GDP and Economic Growth [Updated October 30, 2020]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2020-10-30
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Introduction to U.S. Economy: GDP and Economic Growth [Updated January 4, 2021]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2021-01-04
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Post-Pandemic Labor Market and Rising Inflation [July 28, 2021]
From the Document: "As measured by the Consumer Price Index [hyperlink] (CPI), published by the Bureau of Labor Statistics (BLS), inflation has increased relatively quickly during the first several months of 2021. In June 2021, CPI inflation was 5.4% (measured by the percent change from June 2020), significantly higher than the sub 2% inflation that had become commonplace since the 2008 financial crisis. There are several reasons this could be occurring, and some have pointed to the labor market as an explanation. This Insight discusses the theoretical connection between the state of the labor market and inflation, recent trends in the labor market, and the dynamics between current labor market conditions and rising inflation in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-07-28
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Infrastructure and the Economy [Updated August 5, 2021]
From the Introduction: "Many economists believe that under the right economic conditions, public investment in infrastructure will contribute to long-term growth. However, if the investment is financed through government debt or made during an economic expansion, this could dampen or even negate the impact. This report discusses the potential benefits and drawbacks of public infrastructure investment, the state of public infrastructure investment in the economy, and potential future plans for additional public infrastructure investment. While the report focuses on public infrastructure investment, we note there is a significant amount of private infrastructure investment in this country as well."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-08-05
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COVID-19: Household Debt During the Pandemic [October 22, 2020]
From the Introduction: "This report explores household debt since the COVID-19 [coronavirus disease 2019] pandemic began. First, it describes the effects the pandemic has had on unemployment and income losses, followed by a discussion of observed trends in household debt and delinquencies. Then, the report highlights two important policy impacts that influenced these trends: consumer loan forbearance and macroeconomic policy to support households during the economic recession. Lastly, the report discusses the uncertain outlook for household finances and consumer debt markets."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Weinstock, Lida R.; Mullins, Maura
2020-10-22
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Federal Reserve's Main Street Lending Program [August 27, 2020]
From the Document: "In response to Coronavirus Disease 2019 (COVID-19), the Federal Reserve (Fed) created a series of emergency lending programs, including the Main Street Lending Program (MSLP). The MSLP supports lending to eligible businesses and nonprofits and marks the first time the Fed has lent to nonfinancial businesses since the 1930s (though it purchased commercial paper [short-term debt securities] issued by nonfinancial businesses in 2008 and 2009)."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2020-08-27
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Introduction to U.S. Economy: Fiscal Policy [Updated August 3, 2020]
From the Document: "Fiscal policy is the means by which the government adjusts its budget balance through spending and revenue changes to influence broader economic conditions. According to mainstream economics, the government can affect the level of economic activity--generally measured by gross domestic product (GDP)--in the short term by changing its levels of spending and tax revenue. This In Focus presents an introduction to fiscal policy."
Library of Congress. Congressional Research Service
Stupak, Jeffrey M.; Weinstock, Lida R.
2020-08-03
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Introduction to U.S. Economy: The Business Cycle and Growth [Updated July 31, 2020]
From the Document: "On June 8, 2020, the National Bureau of Economic Research (NBER), an independent, nonprofit, research group, determined that economic activity in the U.S. peaked in February 2020 and that the economy subsequently entered into a recession in the same month. On a quarterly basis, economic activity peaked in the fourth quarter of 2019. This In Focus discusses the business cycle, how recessions are determined, and potential causes and effects of these fluctuations in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-07-31
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Economic Activity and the Expiration of COVID-19 Relief Provisions [July 30, 2020]
From the Document: "The federal response to the Coronavirus Disease 2019 (COVID-19) crisis has included programs providing economic relief to individuals, businesses, and state and local governments. The recent or looming expiration or exhaustion of several of these programs has generated congressional discussions on the effect that this could have on the U.S. economy's short- and long-term performance. This Insight briefly summarizes the current economic recession and fiscal policy response, highlights some programs that are near expiration or exhaustion of funding, and discusses underlying economic issues."
Library of Congress. Congressional Research Service
Driessen, Grant A.; Weinstock, Lida R.
2020-07-30
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COVID-19: Government Resources for Real-Time Economic Indicators [October 21, 2020]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2020-10-21
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Introduction to U.S. Economy: Unemployment [Updated July 7, 2020]
From the Document: "The U.S. economy has seen historically high levels of unemployment as a result of the Coronavirus Disease 2019 (COVID-19) pandemic. This In Focus provides an introduction to the official unemployment rate and alternative measures of unemployment, briefly examines the reasons for unemployment, and places the unemployment rate in a broader economic context."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-07-07
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COVID-19: Measuring Unemployment [July 13, 2020]
From the Document: "Due to the effects of the Coronavirus Disease 2019 (COVID-19) pandemic, unemployment has risen to levels unseen since the Great Depression, peaking at a rate of 14.7% in April before decreasing to 11.1% in June. The unemployment rate is seen as a crucial metric for judging policy outcomes, but confusion among many observers about how the unemployment rate is calculated has been exacerbated by COVID19 and the difficulties it has presented. This Insight discusses how unemployment data are collected and classified, delves into the challenges COVID-19 has introduced, and puts these issues into context with a brief look at recent unemployment trends."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-07-13
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COVID-19: How Quickly Will Unemployment Recover? [July 17, 2020]
From the Document: "Because of effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the United States has seen both high unemployment levels and record rates of change in those levels. This has made it difficult to forecast unemployment from one month to the next. This Insight discusses the current state of unemployment, how unemployment might change over the next few years, and what those changes would mean for the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-07-17
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Federal Deficits, Growing Debt, and the Economy in the Wake of COVID-19 [March 23, 2021]
From the Introduction: "The Coronavirus Disease 2019 (COVID-19) pandemic caused widespread economic disruption. Commerce slowed, unemployment reached rates not seen since the Great Depression, and many businesses were forced to close. In response, the government enacted a series of laws aimed at providing relief to struggling individuals and businesses and stimulus to improve economic conditions, most recently the American Rescue Plan Act of 2021 (P.L. [public law] 117-2) enacted on March 11, 2021. Altogether, this resulted in large increases in the deficit in FY2020, and a large deficit is projected for FY2021 as well. [...] Deficits and growing debt can affect the economy in the short term and the long term. However, the state of the economy simultaneously contributes to the ways in which deficits and the debt are likely to affect certain parts of the economy. It is therefore necessary to discuss the current state of the budget and debt in the context of the economy and recent economic trends. This report discusses the changing macroeconomic landscape, COVID-19, and how both might influence policy considerations for deficits and the debt."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-03-23
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COVID-19 and the U.S. Economy [November 16, 2020]
From the Introduction: "This report provides a synopsis of the economic conditions caused by the pandemic and the theoretical context for how and why economic conditions deteriorated so rapidly in many cases. The report discusses the following economic indicators: employment and unemployment, GDP [gross domestic product] and its components, saving, productivity, and inflation. The report then discusses the impacts of recent fiscal and monetary policy on the economy, most specifically on GDP and personal income. The policy discussion also includes the expiration of certain provisions from the CARES [Coronavirus Aid, Relief, and Economic Security] Act and how these expirations might affect the economy. Finally, the report closes with a conversation of the economic landscape moving forward, what a recovery might look like, and potential lasting impacts to the economy from both the pandemic and the recession."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-11-16
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Fiscal Policy: Economic Effects [Updated January 21, 2021]
From the Summary: "Fiscal policy describes changes to government spending and revenue behavior in an effort to influence the economy. By adjusting its level of spending and tax revenue, the government can affect economic outcomes by either increasing or decreasing economic activity. For example, when the government runs a budget deficit, it is said to be engaging in fiscal stimulus--spurring economic activity--and when the government runs a budget surplus, it is said to be engaging in a fiscal contraction--slowing economic activity. The government can use fiscal stimulus to spur economic activity by increasing government spending, decreasing tax revenue, or a combination of the two."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-01-21
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Introduction to U.S. Economy: Inflation [Updated December 28, 2020]
From the Document: "'Inflation' is defined as a general increase in the price of goods and services across the economy, or, in other words, a general decrease in the value of money. Conversely, deflation is a general decrease in the price of goods and services across the economy, or a general increase in the value of money. As inflation occurs, individuals can purchase fewer goods and services with the same amount of money. For this reason, an individual would need about $304 in 2020 to purchase the same amount of goods and services as $100 would have purchased in 1980. Measures of inflation are used to adjust money figures to keep purchasing power constant over time, allowing for more accurate comparisons across disparate time periods. Monetary figures that have been adjusted for inflation are referred to as 'real', and non-inflation-adjusted figures are referred to as 'nominal'."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-12-28
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Labor Market Tightness and the Economic Recovery, Part 2 [October 5, 2021]
From the Document: "Recently, many businesses have reportedly complained of labor market 'tightness'--workforce shortages and difficulties in hiring to reduce them. This is surprising to many economists because employment is still low. If long-lasting, these shortages could hold back the economic recovery and potentially contribute to inflationary pressures [hyperlink]. This Insight, which concludes a previous CRS Insight (Part 1 [hyperlink]) that analyzes evidence of potential labor market tightenness, discusses potential causes and the policy implications of those findings."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2021-10-05
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Labor Market Tightness and the Economic Recovery, Part 1 [October 5, 2021]
From the Document: "Recently, many businesses have reportedly complained of challenges posed by labor market 'tightness'-- workforce shortages and difficulties in hiring to reduce them. This is generally considered unusual when employment is still low by historical standards--one of the many unusual economic phenomena that have occurred during the Coronavirus Disease 2019 (COVID-19) pandemic. If long-lasting, these shortages could hold back the economic recovery and potentially contribute to inflationary pressures [hyperlink]. This Insight examines evidence of tightness. A companion Insight (Part 2 [hyperlink]) discusses potential causes and policy implications."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2021-10-05
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COVID-19: Government Resources for Real-Time Economic Indicators [Updated January 13, 2021]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2021-01-13
