Joseph N. DiStefano: US still trails pre-COVID peak in jobs and economic activity, and the new president may not matter
The U.S. economy shrank by nearly one-third during the three-month period ending in June. The economy recovered about four-fifths of that loss by August, according to the Glenmede Recovery Index, which tracks bank card payments, business accounts, and Google Mobility data. But the nation has since stalled at that point, remaining at recession levels, with unemployment double the pre-virus rate.“The pandemic remains in a reopening phase. On a near-term basis, we’re not getting a full recovery because of the lack of vaccine, the lack of herd immunity,” said Jason Pride, chief investment officer ...
The Philadelphia Inquirer
Prospects dim for return of Chicago's convention industry. 'I would say definitely not 2021'
Chicago’s convention industry, one of the city’s major sources of tax revenue, might not return in any significant fashion until 2022, dealing a prolonged financial blow to the city as it struggles to make up a $1.2 billion budget shortfall.Mayor Lori Lightfoot is scheduled to present her plan to close the city’s budget deficit Wednesday, which might include increases to property and gas taxes, as well as city worker layoffs.With COVID-19 cases on the rise again and business and international air travel depressed, trade show organizers continue to examine plans for next year. Already, eight sh...
Susan Tompor: IRS still reaching out to send stimulus checks
Many lower income households who are still wondering why they didn’t get a stimulus check of $1,200 or more are getting another second chance.The Internal Revenue Service is extending what had been an Oct. 15 deadline until Nov. 21 for those who typically don’t file a tax return to get their information to the IRS.The IRS is trying to connect with people who typically don’t file a tax return and have not received a stimulus check or Economic Impact Payment yet. Those stimulus payments began rolling out in April but millions did not get money yet.Who needs to do extra work to get money?The goal...
Detroit Free Press
Time UAE residents though beyond renting
Among the most fundamental - and practical - dreams people share is owning a home. But why is it that not everyone succeeds in this? Economics plays a significant role in the overall scheme of things.So, given the opportunity to purchase a property - or your home, no less - would you not hold on tightly and make sure you “own” it? In Dubai, while there has been a correction in rental values, it has essentially lagged behind the correction going on in property values. And I do not believe the general rent decline will exceed 10 per cent in most areas.Owning a property is essential to underpinni...
Editorial: Shocking new rates for homeowners insurance threaten Florida's economy
Florida homeowners, already facing an anxious few months because of the COVID-19 pandemic, face a new threat — the prospect of major cost increases for property insurance.As the Sun Sentinel reported Sunday, the increases could range from 30% to 40%. They would come just as Gov. Ron DeSantis has ended the moratorium on mortgage foreclosures. It also seems likely that Senate Republicans won’t pass a second COVID-19 stimulus bill that could help laid-off homeowners pay their insurance premiums.How will the Florida Legislature respond? If history is a guide, the priority will be to please the ins...
Avoidable crashes: Economics and external affairs | Daily FT
Remember ‘A Country Free from Corona’? The crucial tourist sector must be hard hit by the second wave, as also the factories and supply chains. We are in a vortex of geographically spattered,seemingly randomised corona-proliferation. The virus is a faster-spreading, more virulent variety, observed Dr. Sudath Samaraweera and Dr. Jayaruwan Bandara. (A veritable ‘Viyathvirus’?)Instead of local authorities as the frontline for COVID-19 ‘second wave’ prevention, the regime’s been busy implementing “the Surakimu Sri Lanka security plan, [through which] details regarding family members are being coll...
Daily Financial Times
U.S. Bancorp profit falls 17% due to low interest rates, slumping economy
U.S. Bancorp’s profit dropped 17% in the third quarter as it set aside another $635 million for possible loan defaults due to economic challenges from the coronavirus pandemic.The provision would also cover expected losses from a credit card portfolio it acquired from State Farm, the company said.But the special charge was smaller than the $1.7 billion it set aside in the previous quarter, a sign that the parent of U.S. Bank sees economic conditions improving.Its net income in the third quarter was $1.58 billion, or 99 cents a share, compared to $1.91 billion in the same quarter a year ago. Th...
Star Tribune (Minneapolis)
Still slammed by unemployment, states try to avoid tax hikes
As a historic wave of layoffs continues, states are grappling with evaporating funds for unemployment benefits that could force cuts to those payments or hikes in business taxes.Thirty-one states already are dipping into federal CARES Act dollars or seeking federal loans to keep money in the unemployment coffers. Those and other states also are considering legislation or other actions to fend off business tax increases triggered by high jobless payouts.Unemployment insurance trust funds are paid for by business taxes and pay out benefits to laid-off workers. If the funds start to run out of mo...
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
College grads struggle to launch careers in a pandemic economy. 'I chose the worst year to get my life together'
CHICAGO — Kevin Zheng had big plans lined up as he prepared to graduate in the spring with a degree in criminal justice from the University of Illinois at Chicago.The 23-year-old thought he’d enter the job market well-prepared, with an internship at the Chicago Police Department on his resume.But the COVID-19 health crisis upended that plan. His internship was canceled, his graduation was delayed until August, and he sat in his bedroom for the virtual commencement ceremony. Now he’s looking for a job in a pandemic-induced recession.“I chose the worst year to get my life together,” said Zheng, ...