Pandemic Creates Germany-Sized Drop in Global Consumption
The amount of global consumption lost in the pandemic roughly equals the size of the German economy, but the slump also led to the biggest ever drop in greenhouse gas Continue Reading
Weekly jobless claims near four-month low; millions drawing unemployment benefits
The number of Americans filing for jobless benefits dropped to a near four-month low last week, but a record 32.9 million people were collecting unemployment checks in the third week Continue Reading
US economy may be stalling out as viral outbreak worsens
The U.S. economy is stumbling as the viral outbreak intensifies, threatening to slow hiring and deepening the uncertainty for employees, consumers and companies across the country. Coronavirus case counts are Continue Reading
Global GDP Could Fall 20% as Climate Change Heats up
Hotter temperatures by 2100 could slash global GDP by more than 20%, according to new research, and the way the economic impact will be distributed threatens to turn climate change Continue Reading
Fed officials suggest U.S. recovery may be stalling
Federal Reserve officials raised fresh doubts on Wednesday about the durability of the U.S. recovery, while new business surveys highlighted developing risks from the relentless coronavirus pandemic. In separate appearances, Continue Reading
US consumers reduced their borrowing by $18.3 billion in May
U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on Continue Reading
Airbus Sales Drought Worsens With Third Month of Zero Jet Orders
Airbus SE failed to secure any aircraft orders for a third month this year, as the collapse in global air travel battered demand for new jetliners. The European planemaker attracted zero Continue Reading
German exports regain ground in May, but a long way to go
German exports regained some ground in May, though the gain was far short of making up for big losses at the height of the coronavirus pandemic in Europe, official figures Continue Reading
US voters more pessimistic on chances of economic rebound
Americans have become more pessimistic about the prospects for a quick pandemic recovery, especially in the states of the US South and west where coronavirus cases have spiked, according to a Continue Reading
Some 83% of German firms with foreign exposure complain of collapsing revenues
Around four-fifths of German firms with foreign exposure have experienced a collapse in revenues as a result of the coronavirus crisis, and 93% expect global economic conditions to improve only Continue Reading
Unemployment Expected to Reach Highest Level Since Great Depression
Congress is eager to pass the next phase of coronavirus stimulus legislation, but the bipartisan spirit that was present months ago may be frayed. Unemployment rates in the world’s advanced Continue Reading
Governments Eye a Green Economic Recovery. Some Industries Aren’t Convinced.
Governments around the world are spending like never before to kick-start their economies in the wake of Covid-19 lockdowns, in many cases tying green initiatives to rescue packages, even as Continue Reading
Federal Reserve official warns US recovery may be ‘levelling off’
A senior Federal Reserve official has warned that the rebound in the world’s largest economy is in danger of stalling as a result of the recent spike in coronavirus infections Continue Reading
EU forecasts deeper economic hit from pandemic
The European Union’s executive forecasts that the bloc’s economy will contract more than previously expected because of the coronavirus pandemic, which has caused lockdowns on business and public life that Continue Reading
Developing World Loses Billions in Money From Migrant Workers
Migrant workers—from Polish farmhands working the fields of southern France to Filipino cruise-ship workers in the Caribbean—who lost their jobs because of the pandemic’s economic impact are running out of Continue Reading
June’s cautious economic recovery is based in part-time work and vulnerable industries
The June unemployment rate of 11.1 percent, down from a peak of 14.7 percent in April , reflects a continuing, cautious economic recovery. What those numbers don’t show is an Continue Reading
U.S. job growth accelerates; layoffs remain elevated
The U.S. economy created a record 4.8 million jobs in June as more restaurants and bars resumed operations, but layoffs remained elevated and raging COVID-19 cases across the country threaten Continue Reading
US Jobs Report Jun 2020: 4.8 Million Hired, Unemployment Rate 11% – Bloomberg
The U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent Continue Reading
AP Explains: 5 key takeaways from a strong June jobs report
At first glance, the June employment report was a blockbuster. The U.S. economy produced a record 4.8 million added jobs last month, walloping expectations. And the unemployment rate sank from Continue Reading
Russia’s economic crisis is drawing in more desperate families
She still has her dreams: to raise a doctor, an engineer, a military general and an athlete. But as the coronavirus pandemic swept over Russia, bankrupting businesses and families, Yekaterina Gorbunova, Continue Reading
A Recovery That Started Out Like a V Is Changing Shape
Jacksonville Beach restaurant owner Don Nicol explains how he is keeping his staff and customers safe from the coronavirus, while also complying with state occupancy regulations, as Florida reached new Continue Reading
The ‘Rocket Ship’ Economic Recovery Is Crashing
As the U.S. faces a blisteringly hot summer, millions of people already reeling from the coronavirus’s economic fallout are about to face sharp increases in electric bills that may drive Continue Reading
U.S. consumer spending rebounds; falling income, surging COVID-19 cases loom
U.S. consumer spending rebounded by the most on record in May, but the gains are not likely to be sustainable, with income dropping and expected to decline further as millions Continue Reading
Pandemic causes ‘unprecedented’ fall in global trade
World trade experienced an “unprecedented” decline in April as most big economies suffered from strict coronavirus lockdowns, according to widely watched data which found that the eurozone was the hardest-hit Continue Reading
US GDP fell at 5.0% rate in Q1; worse is likely on the way
The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to Continue Reading
U.S. Trade Deficit Grows As Oil Exports Drop In May
U.S. trade deficit in goods unexpectedly widened in May versus forecasts for a narrower deficit, due to what analysts saw as a slide in exports mostly driven by oil. The Continue Reading
US job market’s modest improvement may be stalling
The number of laid-off workers seeking U.S. unemployment aid barely fell last week, and the reopening of small businesses has leveled off — evidence that the job market’s gains may Continue Reading
ECB’s Lagarde Warns of Complicated, Transformational Recovery
European Central Bank President Christine Lagarde said the recovery from the coronavirus pandemic will be “restrained” and will change parts of the economy permanently. While the worst of the crisis Continue Reading
U.S. layoffs remain elevated as weak demand persists after businesses reopened
Weak demand is forcing U.S. employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened, buttressing views the labor market could take Continue Reading
Euro Area’s Post-Lockdown Revival Still Leaves Long Road Ahead
The pick up in euro-area economic activity after the lifting of lockdowns in June is doing little to change the picture of a long, slow recovery and rising unemployment. The Continue Reading
UK car industry calls for support package, warns on risks of no-deal Brexit
The UK auto industry has called for a dedicated restart package to help protect jobs, citing a survey showing that up to one in six jobs in the sector are Continue Reading
Coronavirus doing almost double the debt damage as financial crash: Moody’s
The coronavirus will push debt levels in the world’s richest nations up by almost 20 percentage points on average this year, credit rating agency Moody’s said on Monday, almost double Continue Reading
Charting Global Economy: U.S. Sales Jump, Euro-Area Demand Lags
A record jump in U.S. retail sales offered some hope the world’s largest economy is emerging quickly from a deep recession, while demand is lagging behind an improvement in euro-area capacity. Here Continue Reading
How the Coronavirus Will Reshape World Trade
When the global economy finally gets beyond the pandemic, expect it to be less globalized than before. Governments, including many longtime advocates of global trade, are using the crisis to Continue Reading
Hiring rose in 46 states in May yet jobless rates still high
Employers added jobs in 46 states last month, evidence that the U.S. economy’s surprise hiring gain in May was spread broadly across the country — in both states that began Continue Reading
A Tidal Wave of Bankruptcies Is Coming
Already, companies large and small are succumbing to the effects of the coronavirus. They include household names like Hertz and J. Crew and comparatively anonymous energy companies like Diamond Offshore Continue Reading
U.S. weekly jobless claims remain high, second wave of layoffs blamed
A second wave of layoffs amid weak demand and fractured supply chains is likely keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long Continue Reading
Retail Sales Rebounded in May, but the Road Back Is Long
Retail sales rebounded sharply in May as thousands of stores and restaurants reopened after lockdowns were lifted and federal stimulus checks and tax refunds fueled a burst of spending, a Continue Reading
Trump team prepares $1 trillion infrastructure plan to spur economy
The Trump administration is preparing an up to $1 trillion infrastructure package focused on transportation projects as part of its push to spur the world’s largest economy back to life, Continue Reading
U.S. Industrial Output Rebounded in May by Less Than Projected
U.S. industrial production rose by less than forecast in May after a record slump a month earlier, indicating a gradual recovery for manufacturing as coronavirus-related shutdowns continued to restrain demand. Output Continue Reading
German Cabinet Okays $70 Billion in Debt to Combat Recession
Chancellor Angela Merkel’s cabinet signed off on plans to raise another 62.5 billion euros ($70 billion) in debt to finance the country’s largest stimulus program in recent history. The proposal has Continue Reading
U.S. expected to report record rise in monthly retail sales
U.S. retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops Continue Reading
The U.S. Has Already Lost More Than 100,000 Oil And Gas Jobs
The US oil and gas labor market is amongst the world’s most severely hit by the downturn that the Covid-19 pandemic has brought, a Rystad Energy analysis of the latest Continue Reading
German economy to contract more sharply in second quarter than in first quarter: ministry
Germany’s economic output will fall further in the second quarter than in the first but the easing of coronavirus-related restrictions and leading indicators suggest the trough has been passed, the Continue Reading
Wall Street plunges to close with biggest one-day loss since mid-March
Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. All three major U.S. stock Continue Reading
A month into reopening, no clear turn for U.S. economy or pandemic
A month into efforts to broadly reopen the U.S. economy there is little clarity either on the pace and durability of the recovery, or on the ability to convincingly suppress Continue Reading
US Unemployment Benefits: 1.5 Million Filed Claims Last Week
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UK economy shrank by a quarter in depths of lockdown
Britain’s economy shrank by a quarter in the March-April period as entire sectors were shuttered by the coronavirus lockdown, reaching what looks likely to be the bottom of a “catastrophic” Continue Reading
Record-breaking plunge in eurozone industrial output
Eurozone industrial production plunged by a record 17.1 per cent in April, as the coronavirus pandemic caused major disruption to businesses across almost all manufacturing and construction sectors of the Continue Reading
China’s Factory-Gate Deflation Accelerates
China’s industrial deflation worsened in May, with factory-gate prices falling at their fastest pace in more than four years as the coronavirus pandemic crushed global demand for commodities. The country’s Continue Reading