Fed's Powell: There's no returning to pre-pandemic economy
Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy has been permanently changed by the COVID pandemic and it is important that the central bank adapt to those changes. “We're not simply going back to the economy that we had before the pandemic,” Powell said at a Fed virtual town hall for educators and students. Powell said that, while it is not yet clear if the delta variant of COVID will have further impact on the economy, the country has already seen significant changes since the pandemic began shutting the country down in March 2020.news.yahoo.com
Economy grew by 1.6 percent in first quarter, showing signs of boom to come
The U.S. recovery likely found its rhythm in the first three months of 2021, according to early forecasts of data to be released by the Bureau of Economic Analysis this morning. It appears likely all Covid-19-era losses will be recovered by the middle of this year.washingtonpost.com
UK economy ended 2020 better than previously thought
The pandemic has battered the British economy, which has suffered its deepest recession in more than 300 years. (AP Photo/Matt Dunham)LONDON – Official figures show that the British economy ended 2020 on a stronger footing than previously thought but that it suffered a bigger than anticipated fall in output in the immediate aftermath of the first coronavirus lockdown. In its latest revisions for 2020 data, the Office for National Statistics said Wednesday that the British economy contracted by 19.5% during the second quarter, the first full quarter of lockdown. Overall, the agency said, the British economy ended 2020 9.8% smaller, slightly better than the previous estimate of 9.9%. The U.K. as a whole has had Europe’s deadliest coronavirus outbreak, with over 126,000 people having died after testing positive for COVID-19.
U.S. economy is 'on the brink' of a complete recovery, says Richmond Fed's Barkin
Pedestrians walk outside the New York Stock Exchange in the U.S. The U.S. economy is recovering from the Covid-19 recession, but some economic "scarring" may take a long time to heal, said Richmond Federal Reserve Bank President Thomas Barkin. Economic scarring refers to damage left behind by crises that will suppress growth prospects over the medium or long term. "I'm hopeful we're on the brink of completing this recovery," Barkin said Monday at the Credit Suisse Asian Investment Conference that's being held virtually this year. The U.S. economy contracted by 3.5% in 2020 compared to a year ago, estimated the Bureau of Economic Analysis.cnbc.com
Pandemic prompts state to offer break on overdue traffic fines and other fees for low-income residents
Lightfoot’s plan created a six-month payment plan that reduces required down payments and gives those with ticket debt more time to pay. The plan also allowed people to request a 24-hour extension to pay their fines in full or get on a payment plan after their vehicles are locked with a Denver boot, though the plan does not ban use of the controversial device that has been the bane of many motorists’ existence.chicagotribune.com
Without stimulus, employment might not reach pre-pandemic level until 2024
Without stimulus, employment might not reach pre-pandemic level until 2024 New analysis from the Congressional Budget Office predicts the U.S. economy will return to its pre-pandemic peak in the middle of 2021, but the number of people employed won't return to previous levels until 2024. Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, joins CBSN's "Red & Blue" host Elaine Quijano to discuss what she thinks the federal government should do to aid the economy.cbsnews.com
Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic
India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. (AP Photo/Anupam Nath)NEW DELHI – India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. A country enters a technical recession if its economy contracts for two successive quarters. The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. That was followed by a $35.14 billion package to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.
Another recession looms for UK economy as lockdowns bite
The Office for National Statistics said that as a result of the fall, the economy is 8.5% smaller than its pre-pandemic peak. Because of the November fall, the economy is set to contract again in the fourth quarter. “The economy took a hit from restrictions put in place to contain the pandemic during November, with pubs and hairdressers seeing the biggest impact," said Darren Morgan, director for economic statistics. The hope is that the rollout of coronavirus vaccines — the U.K. is ahead of many other countries — will see a pick-up in activity later this year. ___Follow AP coverage of the coronavirus pandemic at:https://apnews.com/hub/coronavirus-pandemichttps://apnews.com/hub/coronavirus-vaccinehttps://apnews.com/UnderstandingtheOutbreak
Georgia governor reflects on COVID-19 battle, touts economy
FILE - Georgia Gov. Geoff Duncan hold a news conference Wednesday evening, Jan. 6, 2021, at the Georgia State Capitol in Atlanta, to condemn the breach of the U.S. Capitol. The 2020 election cycle has left Georgia's Republican governor bruised even though he wasn't on the ballot. READ: Georgia Gov. Kemp said his budget includes $40 million to establish a “Rural Innovation Fund” for rural Georgia businesses.
UK economy bounces back in summer but faces wintry chills
The London streets are nearly deserted during the first full week of a four-week coronavirus lockdown in England, but some are calling to allow businesses to reopen their doors to kickstart the city economy. The imposition of new limits on public life in the autumn means the economy will likely end the year even smaller. The Office for National Statistics said Thursday that the economy grew by 15.5% in the July to September period. Despite the third-quarter improvement, the statistics agency said the economy was still 9.7% below where it was at the end of 2019. In addition to virus developments, the British economy remains hobbled by uncertainty over the future trade relationship between the U.K. and the EU.
IMF blames resurgent coronavirus for UK growth downgrades
(AP Photo/Frank Augstein)LONDON – The International Monetary Fund has downgraded its growth forecasts for the British economy for this year and next, following an acceleration in the number of coronavirus infections over the past couple of weeks. In its annual assessment of the British economy published Thursday, the Washington D.C.-based body lowered the forecasts it made just two weeks ago. Instead of shrinking by 9.8% this year, the Fund now expects the British economy to contract by 10.4%. The other U.K. nations — Scotland, Wales and Northern Ireland — have also imposed fresh restrictions in recent weeks. After that, the British economy contracted by nearly a quarter before the restrictions started to be eased and large sections of the economy reopened.
U.S. GDP booms at 33.1% rate in Q3, better than expected
The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. "It's obviously good news that the economy bounced back in the third quarter," said Eric Winograd, senior economist at AllianceBernstein. "There's still a lot of work to do here and the pace of improvement ... is going to slow. That is part of the reason that the pace of growth is going to slow from here." The economy has been in a technical recession since February, as first-quarter growth declined at a 5% pace.cnbc.com
IMF revises its global GDP forecast higher, but warns the economy 'remains prone to setbacks'
The International Monetary Fund on Tuesday turned slightly more positive on the global economy for this year, but warned of a "long, uneven and uncertain" recovery. The global economy is now projected to contract by 4.4% in 2020 — an upward revision from an estimate of -4.9% made in June. The IMF's projection assumes that social distancing due to the coronavirus pandemic will continue into 2021, and that local transmission will fall everywhere by the end of 2022. However, it warned that the coronavirus crisis is far from over. The IMF projected "only limited progress" going forward and cut its GDP (gross domestic product) growth expectations for next year to 5.2%, from an estimate of 5.4% made in June.cnbc.com
UK economy slump not as bad as feared but still a record
LONDON – The British economy did not contract as much as originally thought during the second quarter of the year when coronavirus lockdown measures were at their most intense — though the slump remained the worst on record. The Office for National Statistics said Wednesday that the British economy contracted by 19.8% in the April to June quarter from the previous three-month period, slightly less than its previous estimate of 20.4%. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously. “It is clear that the U.K. is in the largest recession on record," the statistics agency said. Since May, when lockdown measures started to be eased, the British economy has managed to eke out three months of growth, which has helped it recoup around half of the output lost.
Global economic outlook not as bad as expected - OECD
PARIS – The global economy is not doing as bad as previously expected, especially in the United States and China, but has still stuffered an unprecedented drop due to the coronavirus pandemic, an international watchdog said Wednesday. The global economy is expected to rebound and grow by 5% next year, the organization said. The OECD upgraded its forecast for the U.S. economy, anticipating a contraction of 3.8% this year instead of a plunge of 7.3% forecast previously. The Paris-based organization, which advises developed countries on economic policy, urged governments not to raise taxes or cut spending next year “to preserve confidence and limit uncertainty." “The aim must be to avoid premature budgetary tightening at a time when economies are still fragile,” it said.
What gifts NOT to buy on Father’s Day, according to one survey
For those who are stumped about what kind of gift to buy for Father’s Day, maybe one suggestion that could help is this: Start with what not to buy for the occasion. Coupon Lawn surveyed more than 1,000 fathers in the United States to see what their most unwanted gifts were for Father’s Day. The survey found that 46% of people buy clothes as Father’s Day gifts. The responses found that 30% of fathers dislike receiving these, even though 59% of people who get gifts on Father’s Day buy cards. Coupon Lawn said as part of its survey that $5.3 billion is spent on unwanted Father’s Day gifts, although that is half of the $10.5 billion the site said is spent on unwanted Mother’s Day gifts.
Study finds Jacksonville-area economic impact from pandemic will be severe
JACKSONVILLE, Fla. A study from the Northeast Florida Regional Council shows the coronavirus pandemics impact on Northeast Florida will be about 15% more severe than the national average. According to the councils report, the focus of the analysis was on how changes in the national economy will be experienced in Northeast Florida. Its model shows that even in a best-case scenario more than 41,000 jobs will be lost in the Jacksonville area. The model shows St. Johns County will see the second most job losses with more then 4,000 jobs cut, but that county could reach pre-pandemic economic levels by next year. For more information on the Northeast Florida Regional Council, visit www.nefrc.org/.
All the questions we are asking ourselves as return of youth sports takes shape
With more states lifting stay-at-home orders and loosening restrictions, it could lead to the return of youth sports sidelined by the COVID-19 pandemic. While organizations in just about every state are formulating plans to return, some states have already set in motion dates for a return to action. The Ohio Department of Health said youth leagues for non-contact and limited-contact sports were able to start May 26, Texas Gov. Greg Abbott said youth sports and camps could start back up May 31, with games likely starting in mid-June, while Florida Gov. For more serious and expensive travel sports, this might be about the time organizations start seasons and playing prominent tournaments, but the clock is ticking.
Shoppers see higher prices at grocery stores during Memorial Day weekend
Your Memorial Day meals will be a bit more expensive this year as grocery store prices keep going up. This all happening ahead of the Memorial Day weekend, where lots of people will be throwing meats on the grill. Inside a Publix in Arlington, we saw buy one get one deal on hot dogs priced at $4.99. Some people recommend finding non-traditional items to eat this memorial day, and maybe keeping it that way for the time being. With a shortage of food supply, the demand grows higher which means the prices go up.
5 tips to start a franchise in a pandemic economy
Historically, economic downturns have been among the best times for people to start franchises. With the COVID-19 pandemic causing unemployment rates to soar quickly, starting a franchise might be on people’s minds. Diana Trondsen, a small business and franchising expert who is also a consultant with FranNet, offered five suggestions for those interested in starting their own franchise. When first considering whether to start a franchise, whether it’s a food or retail store, taking the time to analyze your life situation and then brainstorm the best ideas are essential. When researching what type of franchise to open, one needs to see how well competitors have done in that community.
How China could use this moment to charge ahead with its geopolitical agenda
China, the world's second largest economy, is under threat as the pandemic wipes out jobs and slows productivity and growth. But even with the economic setback, that's not stopping Beijing from doubling down on its geopolitical agenda. China could be using diplomatic outreach, while skirting any responsibility for the crisis, as a way to move forward with its geopolitical plans, Economy said. I think the Trump administration will be looking to China to buy American, to fulfill the promises that it made," she said. In the meantime, the People's Republic of China has rolled out significant measures to offset the economic impact of the pandemic.cnbc.com
Why are liquor stores considered ‘essential’ during COVID-19 pandemic? Here are 5 reasons
But diving into the issue more closely, the reasons why liquor stores remain open and thriving become a little clearer, even if they are debatable to some. Here are five reasons why it can be beneficial for liquor stores to remain open during the pandemic. Given this, liquor stores technically fall under the category of “food and agriculture” on the level of grocery stores and pharmacies, and thus, are considered essential. Grocery stores don’t have the selection of liquor stores. Do you agree that liquor stores should be considered essential, and thus, be allowed to remain open?
Need some income as pandemic continues to unfold? Here are jobs that are more in-demand than ever
There are many jobs that are high in demand during the coronavirus pandemic, which, at the very least, can be a short-term Band-Aid to the financial worries people have. Here are some jobs in which people can make some cash, right now:Delivery driversYou could drive for a number of companies right now. With the pandemic further driving online retail sales, employees who can deliver those increased orders for companies are like gold right now. Grocery store helpThis isn’t much of a revelation, especially for those who have waited in long lines and seen empty shelves at grocery stores in recent weeks. Did we miss any other jobs that have grown in demand in the wake of the coronavirus pandemic?
The economy is improving, so why are Americans feeling so down?
The economy is improving, so why are Americans feeling so down? Steady job-creation this year has failed to quell people's anxiety about their financial prospects and the broader direction of the economy. CBS News' Lauren Lyster reports.cbsnews.com
Will the economy change much during the year's second half?
Will the economy change much during the year's second half? The economy contracted nearly three percent during the first quarter of the year. CBS News business analyst Jill Schlesinger explains what to expect in the second half of the year.cbsnews.com
U.S. economy shrinks for first time in three years
U.S. economy shrinks for first time in three years The harsh weather this past winter is getting much of the blame for a slowdown in the economy, but most economists believe it sets the economy up for a strong rebound this quarter. Anthony Mason reports.cbsnews.com