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 August 2020 Snapshot
Consumer spending continued to rebound in June. Spending on goods is back to its February level, but services expenditures are still significantly below their February level. Nominal personal income fell as the economic impact payments authorized under the CARES Act of 2020 declined in the month. Consumer confidence fell in July.
Real business equipment spending plunged in 2020Q2, reflecting the disruption linked to the COVID-19 pandemic. New orders and shipments of nondefense capital goods ex-aircraft rebounded further in June.
Housing activity continued to recover in June. Single-family housing starts as well as new and existing home sales rose, but uncertainty about the future outlook is high amid significant COVID-19 outbreaks in many states.
Payroll employment increased at a slower pace in July. The unemployment rate fell, mainly due to a decline in temporary layoffs. The labor force participation rate was essentially unchanged and the employment-to-population ratio increased moderately; both were still low.
The recent rise in permanent job losers came to a halt.
Core PCE inflation remained well below the FOMC’s longer-run objective.
U.S. equity indices rose over the last month. Implied volatility decreased. The nominal 10-year Treasury yield remained low. The market-implied expected policy rate path was little changed. The broad trade-weighted dollar index declined. Oil prices rose modestly.
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.