German economy shrank 10.1% in second quarter from previous quarter amid coronavirus shutdowns
FRANKFURT, Germany (AP) — German economy shrank 10.1% in second quarter from previous quarter amid coronavirus shutdowns. View full article at apnews.com
U.S. Consumer Confidence Retreats on Diminished Expectations
U.S. consumer confidence declined in July by more than forecast as Americans became rattled by the recent increase in Covid-19 cases and its impact on the economy and the job Continue Reading
Covid’s Next Economic Crisis: Developing-Nation Debt
The world is gearing up for a battle over developing-country debt like few it has seen before. Rich and poor countries are at loggerheads with private investors that, over the Continue Reading
Emerging Economies Face Real Risk of ‘Submerging,’ Tharman Says
Emerging economies could see the gains they’ve made over recent decades unravel, with economic, social and political consequences for the rest of the world, according to a senior Singaporean official. The Continue Reading
Plateau in European activity points to economic headwinds
Parts of the European economy which were hardest-hit by the pandemic are showing signs of recovery but other areas of activity that began to bounce back earlier have leveled off, Continue Reading
Fiscal Cliffs Threaten Fragile U.S. Recovery: Economy Week Ahead
Policymakers in the U.S. will resume contentious talks this week on another round of stimulus that could prove critical to the still-fragile recovery of the world’s largest economy. With much Continue Reading
U.S. Wages Just Jumped the Most Ever. But It’s Horrible News
The median weekly earnings of full-time workers in America jumped more than 10% in the second quarter from a year earlier, the U.S. Bureau of Labor Statistics reported today. The data Continue Reading
Stress rises for unemployed as extra $600 benefit nears end
A major source of income for roughly 30 million unemployed people is set to end, threatening their ability to meet rent and pay bills and potentially undercutting the fragile economic Continue Reading
Russia Incomes Plunged Most Since 1998 as Virus Rocked Economy
Russian incomes in the second quarter plunged by the most since the country’s 1998 default as the economy of the world’s biggest energy exporter took a double blow from the Continue Reading
Consumers Came Back in June, but for How Long?
The American consumer came back last month, with retail sales increasing 7.5 percent from May as stores reopened in warm weather, shoppers shook off lockdown fatigue and the federal government Continue Reading
The Next Disaster Is Just a Few Days Away
Some of us knew from the beginning that Donald Trump wasn’t up to the job of being president, that he wouldn’t be able to deal with a crisis that wasn’t of Continue Reading
A $35 Billion Bite From U.S. Bank Profits May Only Be the Start
The six giant U.S. banks that just cut $35 billion from their profits to brace for a tsunami of souring loans also offered this confession: They don’t really know how Continue Reading
Virus surges. Work hours plateau. U.S. may be flattening the wrong curve
The U.S. economic recovery showed signs of plateauing last week as the country battled rising coronavirus case counts and an increasingly fractured government response, according to data from a broad Continue Reading
Coronavirus Could Short-Circuit U.S. Industry Bounce
In recent years, purchasing managers indexes have become important indicators of where the global economy might be heading. But in the current slowdown, where small businesses were some of the Continue Reading
Coronavirus bringing record $1 trillion of new global corporate debt in 2020: report
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new Continue Reading
Pandemic Crushes Garment Industry, the Developing World’s Path Out of Poverty
Many of Asia’s developing countries have long relied on factories producing T-shirts, trousers and shoes that employ millions of people and help them climb the income ladder. This is how Continue Reading
After the fastest recession in U.S. history, the economic recovery may be fizzling
United Airlines announced plans to lay off more than one-third of its 95,000 workers. Brooks Brothers, which first opened for business in 1818, filed for bankruptcy. And Bed Bath and Continue Reading
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