Weak Employment Data, Savings Out Of Bullets

Personal income fell -2.7% in August. Still, consumer spending rose 1.0% M/M. What Gives?

The economy is still very much an employment story. While the official U3 unemployment rate fell to 7.9% from 8.4%, the underlying data was, simply put, “ugly!”

“Excess” Savings

CA Law Requires Employers to Submit Annual Pay Data Reports

A bill recently signed into law in California will require private employers to submit annual “pay data reports” to the Department of Fair Employment and Housing (“DFEH”) beginning in March 2021. The California law implements a previously announced program rolled back by the Trump administration to expand federal reporting requirements