Susan Tompor: US economy to deliver record 3rd quarter — but spiking COVID-19 cases could bring slump
The U.S. economic scorecard is set to post one mind-blowing grand slam Thursday for record growth in the third quarter. But, like much of 2020, don’t be shocked if the economic bump reverts into yet another slump.Worries are building that the COVID-19 spike in Europe possibly could foreshadow widespread shutdowns in the United States — and that would hurt economic growth.Future rollbacks on a regional basis in the U.S. could slow things significantly, possibly contributing to a recession, especially if an alarming level of coronavirus cases continue in many communities and another giant stimul...
Detroit Free Press
Editorial: The women-last recovery: The COVID recession is setting back mothers
The coronavirus has killed 107,472 men in America, and just (just!) 91,332 women (as of Oct. 3).But the virus’ economic impacts here are being disproportionately borne by women, who made up 46% of the U.S. workforce pre-pandemic, but account for 54% of jobs lost since the recession began. In September alone, married women lost 1.2 million jobs, while single men gained 1 million jobs.Why? It’s simple and it’s complicated. Industries and sectors with the greatest job losses tended to be low-wage and service jobs, disproportionately held by women. Meanwhile, hamstrung by closed schools and cut of...
New York Daily News
Haiti's currency is suddenly strong against the dollar. For many, that's disastrous
A sudden and spectacular appreciation in Haiti’s national currency, the gourde, is creating havoc across the country as economists try to figure out what’s fueling it and skeptical Haitian consumers wonder how long it will last.Over the past four weeks, the gourde has risen in value from 118 gourdes to the U.S. dollar at the end of August to 65 gourdes for every greenback on Wednesday, an appreciation of 81.5 percent.The gourde’s rise is a windfall for importers, big dollar-denominated borrowers and those doing business or getting paid in gourdes, who have seen their earnings plummet due to th...
Pandemic makes economic and racial gaps worse, Fed's Bostic says
ATLANTA — The pandemic has intensified inequality in America and, without decisive action by the federal government, many minorities and poor people could be left out of any economic recovery, said the president of the Federal Reserve Bank of Atlanta on Friday.Nationally, the unemployment rate for white people is 7.5%, compared to 13.1% for Black people and 10.5% for Latinos.Without going into specifics, Raphael Bostic said Congress and the Federal Reserve need to provide relief for jobless Americans and beleaguered businesses.Otherwise, even when the pandemic is over, “we’ll have some communi...
The Atlanta Journal-Constitution
Biden leads Trump in new poll, but voters believe incumbent can bring back the economy
Democratic candidate Joe Biden leads President Donald Trump in a new poll that finds voters still think the incumbent is better qualified to bring back the nation’s anemic economy, which is in recession as the nation struggles to manage the COVID-19 pandemic.An NPR/PBS NewsHour/Marist Poll that surveyed 1,152 adults between Sept. 11 and Sept. 16 found Biden leads Trump overall with 52% of the vote compared to the president’s 42%. That margin tightens slightly when third party candidates are included in the polling.The poll shows that Biden holds a commanding lead over Trump when it comes to ra...
New York Daily News
Ann McFeatters: Trump has indeed handled economy much as he ran his businesses
It turns out that Trumpers were right. Donald Trump has handled the economy much as he ran his businesses.Spend. Spend. Spend. Borrow. Borrow Borrow. It’s all about perception, branding and publicity. And the boss is always right.Because of Trump and complicit Republicans in Congress, our national debt now is greater than our gross domestic product. The debt exceeds $26 trillion, greater than the annual economic output of the entire country. In other words, we owe more than we produce each year.Is it any surprise that Trump’s reelection campaign has received $1.1 billion from wealthy donors an...
Tribune News Service
The Week Ahead: Pandemic, partisanship and pressure for more stimulus
Last week’s market swoon didn’t burst the optimism of stock investors. But if it continues in the week ahead, it will press Congress to move on a stalled coronavirus economic stimulus package.Let’s be clear: The inability of Congress to make any meaningful moves on providing additional support to the U.S. economy battling a pandemic is about politics, not policy. The Democratically controlled House OK’d an additional $3 trillion package in May. Senate Republicans proposed their own set of plans in July. There is some common ground — $1,200 stimulus checks — but not much else.There has been som...
Jon Talton: Never mind the frothy stock market — we could be headed into a pandemic depression
With the S&P 500 hitting records, Apple’s value doubling in two years and Amazon and Walmart returning strong profits, this might seem like an absurd time to be writing about a pandemic depression.But the prospect of COVID-19 and its economic shutdown causing a sustained downturn is very much on the minds of economists and other scholars and policymakers.For example, a new article in Foreign Affairs magazine by Carmen Reinhart, chief economist of the World Bank, and her husband Vincent, BNY Mellon chief economist, argues that “this situation is so dire that it deserves to be called a ‘depressi...
The Seattle Times
The Week Ahead: Virtual Fed talk, real questions
Normally late August is when the global financial elite gather in the foothills of the Grand Tetons to rub shoulders, hike in the valleys, and share ideas about the world’s economy.But this is not a normal late August.The Federal Reserve Bank of Kansas City’s annual Jackson Hole Economic Symposium has dropped the geographic reference from its title this year. COVID-19 moved the yearly banking conference out of the Wyoming mountains and into cyberspace. It will be Thursday and Friday online in the week ahead. Instead of discussing monetary policy among lodgepole pines, cottonwood trees and huck...
Illinois congressman calls for federal ban on electronic cigarettes, citing study that shows link to COVID-19
CHICAGO — Citing a study showing a correlation between vaping and COVID-19, an Illinois congressman is calling for a federal ban on all e-cigarettes — though a vaping industry advocate called it a publicity stunt.Rep. Raja Krishnamoorthi, a Democrat from Schaumburg and chairman of the House Subcommittee on Economic and Consumer Policy, wrote a letter to the Food and Drug Administration this week calling for the agency to “clear the market of all e-cigarettes, temporarily, for the duration of the coronavirus crisis.”The letter repeated a request the representative made on April 1 after prelimin...