Here is the situation the U.S. economy faces, a month before Election Day: Job growth is stalling . Layoffs are mounting . And no more help is coming, at least not right away.
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Already, many furloughs are turning into permanent job losses , and major companies like Disney and Allstate are initiating new rounds of layoffs. The hotel industry is warning of thousands of closures, and tens of thousands of small businesses are weighing whether to close up shop for good . An estimated one of every seven small businesses in the United States had shut down permanently by the end of August — 850,000 in all — according to data from Womply, a marketing platform.
Other things to check out:
Can central banks keep holding off the Covid economic crisis? | Economics | The Guardian
In this context, the hope is that today's generous liquidity conditions, enabled and supported by central banks, will continue to provide a bridge to a better 2021, not only reversing the economic and social damage but also delivering further gains to investors. But will this bridging operation, already deployed for several years to compensate for other headwinds, be sufficient to overcome what is an increasingly complex pandemic cocktail?
Despite this uncertain, unsettling and inherently volatile cocktail of background conditions, stocks and other risk assets have shown remarkable resilience. Most notably, a considerable share of investors has been willing to continue "buying the dip", either because they believe "there is no alternative" to stocks or because reliable market bounces over the last few years have stoked their "fear of missing out".
Bloomberg - Are you a robot?
Fed: Economic recovery will slow without more aid from Congress - The Washington Post
The meeting minutes underscore how Fed leaders view another stimulus package — one that reaches households, businesses and local governments still on the brink — as essential to a strong and stable recovery.
On Tuesday, Fed Chair Jerome H. Powell again called on Congress to keep up the support, especially for pockets of the economy that were not experiencing a rebound. Speaking at the annual meeting of the National Association for Business Economics, Powell said that too-little support could ultimately lay a foundation for household insolvencies, business bankruptcies and meager wage growth.
Not to change the topic here:
Celebrated Harvard economist Raj Chetty to speak on COVID-19 impact on Oct.
Chetty's groundbreaking work has transformed what we know about economic mobility in the United States. During this virtual event he will answer whether or not the economic fallout of COVID-19 will make it harder to get ahead in America, or if it is already harder than we think.
Chetty received his Ph.D. from Harvard University in 2003 and is one of the youngest tenured professors in Harvard’s history. Before joining the faculty at Harvard, he was a professor at UC-Berkeley and Stanford University. Chetty has received numerous awards for his research, including a MacArthur “Genius” Fellowship and the John Bates Clark medal, given to the economist under 40 whose work is judged to have made the most significant contribution to the field.
Into the darkness - Black holes suck in the Nobel prize for physics | Science & technology |
BLACK HOLES are some of the universe's most exotic objects. They are so dense that nothing, not even light, can escape their immense gravitational pull. At a black hole's centre is thought to be a point of infinite density, called a singularity, where the known laws of physics break down.
Understanding these dark cosmic objects has been a decades-long effort. On October 6th the Nobel-prize committee of Sweden's Royal Academy of Science awarded the most famous honour in physics to three of those who have led that effort.
Harvard Economics Professor Isaiah Andrews Wins MacArthur Grant | News | The Harvard Crimson
Harvard Medical Society Renamed in Honor of First Black Tenured Professor, Physician-Scientist Hinton
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Harvard Economics professor Isaiah S. Andrews was one of 21 recipients of a 2020 MacArthur Fellowship, the MacArthur Foundation announced on Tuesday.
Andrews said in an interview that he received the news around a month ago, but was not allowed to publicize it until the foundation's official announcement. The only person he could tell was his husband.
Press corner | European Commission
Happening on Twitter
Airline stocks surge as Trump tweet resurrects relief hopes https://t.co/33t3pWDxwV MarketWatch (from New York, NY) Wed Oct 07 12:51:02 +0000 2020
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