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T HE WORST day of the covid-19 pandemic, at least from an economic perspective, was Good Friday. On April 10th lockdowns in many countries were at their most severe, confining people to their homes and crushing activity. Global GDP that day was 20% lower than it would otherwise have been (see chart 1). Since then governments have lifted lockdowns. Economies have begun to recover.
Quite a lot has been going on:
State Economists Deliver Some Positive News About Colorado's Economy, But Plenty Of Concerns
Colorado's sharp plunge in economic activity because of the pandemic was followed by a substantial rebound this summer, according to state economics who said it was a stronger recovery than anticipated. Colorado's unemployment rate was 6.7% in August. At its peak during the pandemic it was 12.2%.
"Although the losses remained staggering, the US has gained almost 11 million of the 22 million jobs lost since February. Colorado has gained, actually updated today, 52% of the jobs lost since the pandemic began," said Elizabeth Ramey, a state legislative economist, who helped prepare the most recent quarterly revenue forecast. She briefed lawmakers on the bipartisan Joint Budget Committee on Friday.
Fed's Bostic Hopeful Economics Can Make Progress on Racial Issues
Atlanta Fed leader Raphael Bostic said Friday he's optimistic that the economics profession can do better in addressing racial inequality.
With persistent and large wealth gaps between white and black households, Mr. Bostic said the economics profession must change so that it can better understand why these disparities exist and how they can be remedied.
The easy part of the U.S. economic recovery is over.
After a rollercoaster ride in the spring and summer, the U.S. economy appears to be entering a flatter stretch ahead of the pivotal 2020 presidential election.
The thundering economic rebound that followed a historic recession in the wake of the coronavirus pandemic has shifted into a more lukewarm recovery. Consumer spending has slowed, business investment is soft, and the number of people going back to work has tapered off.
* * *
A slower recovery is evident in the number of people applying for unemployment benefits. After falling through most of the summer, new state and federal jobless claims appear stuck around 1.4 million or so a week. More big companies have announced layoffs and thousands of small businesses have closed permanently.
Many things are taking place:
Bronx businesses want Yankee management to 'pay their share' as economics crisis
Leaders of businesses around Yankee Stadium held a rally Thursday afternoon demanding that the city renegotiate the lease and tax deal that Yankee management worked out to stay in the Bronx under the Bloomberg administration. They claim that extra money obtained through the negotiation could help keep businesses surrounding the stadium stay afloat until fans are able to return to the stadium.
At the same time, the Yankees are preparing to issue bonds to the public to raise a billion dollars in “anticipation of lower attendance in 2021.”
The Fed's money-pumping efforts are driving a new economic cycle that's reminiscent of 2009,
The Federal Reserve's plans for long-lasting aid are on track to drive a 2009-style economic comeback, Canaccord Genuity analysts said Thursday.
Since the coronavirus outbreak began, the purchases have driven a sharp increase in excess liquidity, or the difference between available money and that needed for economic growth. But excess liquidity recently fell from its peak amid a late-summer rebound in industrial production, Canaccord said.
Read more: Jefferies handpicks the 17 best stocks spanning multiple sectors to buy now — and details why each company's future looks 'particularly attractive,' even in a downturn
How women are feeling the economic impacts of coronavirus - CNN
You can also head to cnn.com/coronavirus and sign up for our daily newsletter, which features the latest updates on this fast-moving story from CNN journalists around the globe. For a full listing of episodes of "Coronavirus: Fact vs. Fiction," visit the podcast's page here .
Comparing Biden's and Trump's economic policies - Marketplace
The next U.S. president will end up inheriting an economy that's been badly damaged by the COVID-19 crisis, which has led to record job losses over the past year, a potential eviction crisis , the shutdown of businesses across the country, and exorbitant medical bills .
After the 2020 election, either Democratic nominee Joe Biden or Republican Donald Trump, will have to grapple with the economic and financial fallout, along with other economic issues that had existed pre-COVID.
Happening on Twitter
Every country has some sort of restrictions in place. Narrative of lockdown v. no lockdown not helpful. About degre… https://t.co/dLW1MsRa0z devisridhar (from Edin, Oxford, Wash DC, Miami) Fri Sep 18 14:25:47 +0000 2020
Wages for all Americans increased at around the same pace as the economy from 1947 to 1974. But since 1975, the b… https://t.co/a12whChAlu Anthony (from Signal: 773-658-9986) Sun Sep 20 01:33:41 +0000 2020
The Foreign Direct Investment (FDI) has risen 23.5% on a YoY basis from $90.3 million to $112.3 million compared to… https://t.co/6bIV4vVuJS aleemkhan_pti (from Punjab, Pakistan) Fri Sep 18 08:53:59 +0000 2020
Wealth and income inequality is now so extreme that the top 1% is literally taking $2.5 trillion away from the bott… https://t.co/xWIxl8LooI SenSanders (from Vermont/DC) Tue Sep 15 21:56:36 +0000 2020
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