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 July 2020 Snapshot
Consumer spending rebounded in May. Real spending on goods (especially durables) grew more quickly than that on services. Nominal personal income fell as the payments authorized under the CARES Act of 2020 declined in the month. Consumer confidence rose in June but remains below pre-pandemic levels.
Real business equipment spending declined sharply in 2020Q1, its largest fall since 2009Q1.
New orders and shipments of nondefense capital goods ex-aircraft partially rebounded in May.
Housing activity rebounded only moderately in May. Single-family housing starts as well as new home sales rose, reflecting the easing of shutdowns stemming from the COVID-19 pandemic over the month.
Payroll employment rebounded further in June. The unemployment rate continued to fall, mainly due to a decline in temporary layoffs. Meanwhile, the labor force participation rate and the employment-to-population ratio both increased.
The number of permanent job losers continued to rise.
Core PCE inflation remained below the FOMC’s longer-run objective.
U.S. equity indices declined slightly over the last month. Implied volatility remained elevated. The nominal 10-year Treasury yield fell moderately and remained near all-time lows. The market-implied expected policy rate path declined at horizons beyond 1 year. The broad trade-weighted dollar index was roughly unchanged. 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.