The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.
U.S. Economy in a Snapshot is a monthly presentation designed to give you a quick and accessible look at developments in the economy.
Overview of the June 2020 Snapshot
Consumer spending cratered in April. Real spending on both goods and services plummeted, while nominal personal income rose sharply because of the payments authorized under the CARES Act of 2020. Consumer confidence stabilized in May.
Real business equipment spending declined sharply in 2020Q1, its largest fall since 2009Q1.
New orders and shipments of nondefense capital goods ex-aircraft plummeted in April.
Housing activity continued to slow considerably in April. Single-family housing starts as well as pending and existing home sales dropped sharply, reflecting the adverse effect on the housing market from the COVID-19 pandemic and measures to address it.
Payroll employment rose significantly in May. The unemployment rate fell, mainly due to a decline in temporary layoffs, while the labor force participation rate and the employment-to-population ratio both increased.
Aggregate weekly hours worked by all private employees rose in May.
Core PCE inflation declined and remained below the FOMC’s longer-run objective.
U.S. equity indices improved substantially over the last month. Implied volatility declined. The nominal 10-year Treasury yield remained near all-time lows. The market-implied expected policy rate path over the next year remained near zero. The broad trade-weighted dollar index fell. Oil prices recovered some.
U.S. Economy in a Snapshot, produced by the Research Function of the New York Fed, is designed to provide a tight yet comprehensive overview of current economic and financial developments. This monthly packet presents charts and commentary on a broad range of topics that include labor and financial markets, the behavior of consumers and firms, and the global economy. What’s more, Snapshot aims to cover special topics such as movements in commodity prices, developments in the Second District, or findings from the New York Fed Survey of Consumer Expectations.