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
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
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
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
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 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
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 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
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. 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 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
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 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 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
View full article at www.bloomberg.com
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
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 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
Consumers may be eager to hit their nearest reopened mall, but it could already be too late for many struggling retailers. U.S. retailers will shutter 20,000 to 25,000 stores this Continue Reading
Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace Continue Reading
The U.S. unemployment rate likely shot up to almost 20% in May, a new post World War Two record, with millions more losing their jobs, exposing the horrific human toll Continue Reading
The German economy has passed the trough of its coronavirus recession and is starting to grow again, the Bundesbank said, endorsing the government’s sweeping fiscal stimulus that should underpin the Continue Reading
The epic damage to America’s job market from the viral outbreak will come into sharper focus Friday when the government releases the May employment report: Eight million more jobs are Continue Reading
The U.S. services sector shrank for a second month in May as the coronavirus pandemic triggered shutdowns and layoffs around the country. Activity did rise from levels last month that Continue Reading
U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from Continue Reading
U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from Continue Reading
The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, the Congressional Budget Office said Monday. In an analysis Continue Reading
Low-carbon technologies could disrupt global oil demand in the not-too-distant future the way COVID-19 crushed demand during the lockdowns worldwide, Mark Little, chief executive of one of Canada’s largest oil Continue Reading
The U.S. economy contracted 5% in the first quarter of 2020. With the coronavirus crisis continuing into the summer, economists are expecting an even steeper contraction in the second quarter. Continue Reading
The Congressional Budget Office projected on Monday that the pandemic would inflict a devastating long-term blow on the United States economy, costing $7.9 trillion over the next decade. Without adjusting Continue Reading
The devastation of the coronavirus pandemic on the U.S. labor market will be on display this week, with Friday’s jobs report likely to show the unemployment rate soared to nearly Continue Reading
Euro zone manufacturers appear to have passed their nadir, a survey showed on Monday, but activity is still contracting sharply as government-imposed lockdowns due to the coronavirus pandemic keep demand Continue Reading
U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the Continue Reading
U.S. consumer spending plunged in April by the most on record as widespread government lockdowns largely prevented Americans from spending federal stimulus payments in the month. Household outlays fell 13.6% Continue Reading
The multitrillion-dollar patchwork of federal and state relief programs has not kept bills from piling up or prevented long lines at food banks. But it has mitigated the damage. Now Continue Reading
Total U.S. unemployment claims are expected to surpass 40 million. Forecasters expect the weekly Labor Department report on unemployment claims on Thursday morning to show another 2.1 million filings last Continue Reading
The German economy is likely to shrink by 6.6% this year as a consequence of the coronavirus pandemic before growing by 10.2% in 2021, the Ifo Institute said on Thursday Continue Reading
The European Union has stepped back from the brink. Again. Unprecedented in nature and ambitious in scope, the 2.4 trillion euros ($2.6 trillion) in total recovery spending unveiled by the EU Continue Reading
Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week. West Texas Intermediate crude futures fell as much as 3.2% after the close in Continue Reading
Truck loads are growing again. Air travel and hotel bookings are up slightly. Mortgage applications are rising. And more people are applying to open new businesses. These are among some Continue Reading
A store in Niles, Ill., this month. (Nam Y. Huh/AP) Roughly one-quarter of the labor force in Nevada, Michigan and Hawaii is unemployed, and nearly every other state registered a Continue Reading
Even as states begin to reopen for business, a further 2.4 million workers joined the nation’s unemployment rolls last week, and there is growing concern among economists that many of Continue Reading
The coronavirus recovery is in trouble before it even begins. As swiftly as the lockdowns across Asia were imposed, the process of lifting them will be slow and uneven. That Continue Reading
Risk managers expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum showed on Tuesday. Two-thirds of the 347 respondents to Continue Reading
The chairman of the Federal Reserve says the US economy could “easily” contract by 20-30% amid the pandemic. Jerome Powell added in a CBS interview that the economic downturn might Continue Reading
The Texas economy has suffered a double blow from COVID-19 crisis and the collapse of the oil industry. U.S. shale drillers had already planned on cutting capex this year by Continue Reading
The world’s number one problem today is that the world’s population is too large for its resource base. Some people have called this situation overshoot . The world economy is Continue Reading
Consumers pulled back on spending and factories cut output at the fastest pace in decades as lockdowns to contain the coronavirus pandemic hit the U.S. economy. Retail sales, a measure Continue Reading
The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer significant declines should the coronavirus pandemic deepen, with the commercial real estate market being among Continue Reading
One Thursday morning seven weeks ago, Federal Reserve Chair Jerome Powell made a rare appearance on NBC’s “Today Show” to offer a reassuring message to Americans dealing with the economic Continue Reading
