Coronavirus recession now expected to be deeper and longer
4 years, 9 months ago

Coronavirus recession now expected to be deeper and longer

LA Times  

The Pike in Long Beach -- normally crowded with weekend shoppers, diners and moviegoers -- is almost completely deserted on Saturday, March 21. “You may well see significant rises in unemployment and significant declines in economic activity, but there can also be a good rebound on the other side of that,” he said in a rare television appearance last week. Several dozen prominent economists across the ideological spectrum, in a poll by the University of Chicago, were virtually unanimous in agreeing that there will be greater economic damage if lockdowns were abandoned while “the likelihood of a resurgence in infections remains high.” The American economy, as measured by real gross domestic product, grew at a 2.3% rate last year — a moderate but still impressive pace given the much slower performance in other advanced nations. But then it’ll get tougher: “Even though the virus will have receded, an economic slog will continue with weak job growth and persistently high unemployment as worries that the virus will flare up again stymie travel, trade and business expansion,” he said. “When uncertainty rises, employers may choose to wait and see before filling new positions, contributing to higher unemployment,” economists at the San Francisco Fed said.

Economy Trump Unemployment Economic Spending Great Fed Virus Economists Quickly Zandi Economic Activity Ihs  recession  expected  quickly  coronavirus  virus  growth  activity  deeper  spending  longer  economists  great  economic  unemployment  economy

History of this topic

US consumer confidence ticks higher on better outlook for hiring
1 month, 1 week ago

US consumer confidence ticks higher on better outlook for hiring

Associated Press  

WASHINGTON — Americans’ outlook on the economy improved modestly in November, lifted by expectations for lower inflation and more hiring. Rising consumer confidence suggests Americans may spend more in the coming months, which would help boost economic growth. The Conference Board doesn’t break out its responses by party, but another measure of consumer sentiment by the University of Michigan showed …

What the latest numbers tell us about the economy before the election
2 months, 1 week ago

What the latest numbers tell us about the economy before the election

NPR  

What the latest numbers tell us about the economy before the election This year's presidential campaign has focused heavily on economic issues. NPR's chief economics correspondent, Scott Horsley, joins us. SIMON: Scott, The Economist just had a cover story calling the U.S. economy the envy of the world, but a lot of Americans demonstrably don't seem to feel that way. …

Confidence about economy declines after consistent recovery
6 months, 3 weeks ago

Confidence about economy declines after consistent recovery

The Hindu  

Confidence about the economy, job opportunities and income levels marginally declined over the past two months, shows data from the Reserve Bank of India’s bi-monthly Consumer Confidence Survey. In May 2024, the share of respondents who said income levels have increased since 2023 reduced from 27.7% in March 2024 to 25.3% in May 2024. The percentage of respondents who believe …

Consumer confidence slips in February as anxiety over potential recession surprisingly reappears
10 months, 1 week ago

Consumer confidence slips in February as anxiety over potential recession surprisingly reappears

Associated Press  

American consumers are feeling less confident this month as concerns over a possible recession grew despite most recent data pointing to a healthy U.S. economy. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 106.7 from a revised 110.9 in January. Americans were slightly less worried about food and gas prices last month, …

American consumers feeling more confident than they have in two years
11 months, 1 week ago

American consumers feeling more confident than they have in two years

Associated Press  

American consumers, fresh off strong holiday spending, are feeling more confident than they have in two years. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose for the third straight month, to 114.8 in January from 108 in December. The index, which measures both Americans’ assessment of current economic conditions and their outlook for …

Economy has lost momentum during a tough year, EU commission says and warns of risk from Mideast
1 year, 1 month ago

Economy has lost momentum during a tough year, EU commission says and warns of risk from Mideast

Associated Press  

FRANKFURT, Germany — The European Union’s executive commission lowered growth its expectations for this year and next, saying the economy “has lost momentum” as inflation discourages consumers and higher interest rates deter borrowing for purchases and investment. it could create spillovers on energy prices.” While growth remains anemic, unemployment remains near record lows and growth should improve as inflation falls …

US economy grows at faster rate in nearly 2 years
1 year, 2 months ago

US economy grows at faster rate in nearly 2 years

Hindustan Times  

The US economy heated up more than expected in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. The GDP pick up reflects "accelerations in consumer spending, private inventory investment, and federal government spending" among other factors, said the Commerce Department. - "The US economy …

U.S. consumer confidence jumps to a two-year high as inflation eases
1 year, 5 months ago

U.S. consumer confidence jumps to a two-year high as inflation eases

Associated Press  

WASHINGTON — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates. The Conference Board, a business research group, said its consumer confidence index rose to 117 in July from a revised 110.1 in June. Tumbling inflation …

US consumer spending, inflation cool in November
2 years ago

US consumer spending, inflation cool in November

Al Jazeera  

While economic activity is slowing amid rising interest rates, it’s not enough to discourage US Fed from more rises. Slowing economic activity amid rising borrowing costs was also flagged by other data from the Department of Commerce on Friday showing a modest gain in orders for locally manufactured capital goods last month. The personal consumption expenditures price index rose 0.1 …

This Week: Consumer confidence, consumer spending, jobs data
2 years, 1 month ago

This Week: Consumer confidence, consumer spending, jobs data

Associated Press  

A look at some of the key business events and economic indicators upcoming this week: CONFIDENCE CHECK The Conference Board delivers its latest index of U.S. consumer confidence Tuesday. The index, which measures consumers’ assessment of current conditions and their outlook for the future, has been mostly hovering above 100, despite red hot inflation and sharply higher interest rates. Consumer …

United States recession fears grow as economy contracts for second quarter
2 years, 5 months ago

United States recession fears grow as economy contracts for second quarter

ABC  

The United States economy has unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising speculation the economy is on the cusp of a recession. Key points: Prices for groceries, petrol and other basics increased at the fastest pace since 1981 Job growth averaged 456,700 per month in …

If the US is in a recession, It’s a very strange one
2 years, 6 months ago

If the US is in a recession, It’s a very strange one

Live Mint  

The U.S. economy has experienced 12 recessions since World War II, and each one included two features: Economic output contracted and unemployment rose. “I would be surprised if there were a recession without much job loss," said Gregory Mankiw, a Harvard University economics professor. Robert Gordon, a Northwestern University economics professor and member of the NBER’s business cycle dating committee, …

US economy shrank by 1.5% in Q1 but consumers kept spending
2 years, 7 months ago

US economy shrank by 1.5% in Q1 but consumers kept spending

Associated Press  

WASHINGTON — The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter’s drop in the U.S. gross domestic product — the broadest gauge of economic output — does not …

Recession warning as confidence among shoppers falls to lowest since 2008 financial crash
2 years, 8 months ago

Recession warning as confidence among shoppers falls to lowest since 2008 financial crash

The Independent  

Sign up to our free Living Well email for advice on living a happier, healthier and longer life Live your life healthier and happier with our free weekly Living Well newsletter Live your life healthier and happier with our free weekly Living Well newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. …

Strong job growth points to COVID’s fading grip on economy
2 years, 10 months ago

Strong job growth points to COVID’s fading grip on economy

Associated Press  

WASHINGTON — In a buoyant sign for the U.S. economy, businesses stepped up their hiring last month as omicron faded and more Americans ventured out to spend at restaurants, shops and hotels despite surging inflation. Yet the February hiring data suggest that two years after COVID-19 sparked a nationwide shutdown and 22 million job losses, the disease is losing its …

China economy starts the year with a wobble
2 years, 11 months ago

China economy starts the year with a wobble

Live Mint  

BY JONATHAN CHENG | UPDATED JAN 30, 2022 12:54 AM EST Manufacturing and service sector surveys show retreat in January as latest Covid-19 outbreaks hit domestic demand The Chinese economy started the year on an uncertain footing, as Covid-19 flare-ups disrupted factory activity and consumer spending, according to a trio of manufacturing and service sector surveys released Sunday. China’s official …

US economy grew 5.7% in 2021 in rebound from 2020 recession
2 years, 11 months ago

US economy grew 5.7% in 2021 in rebound from 2020 recession

Associated Press  

WASHINGTON — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020’s brief but devastating coronavirus recession. What’s more, the Federal Reserve made clear Wednesday that it plans to raise interest rates multiple times this year to battle the hottest inflation in nearly four decades. “The upside surprise came largely …

Germany is on the brink of a winter recession
3 years ago

Germany is on the brink of a winter recession

CNN  

London CNN Business — Germany is teetering on the brink of recession this winter as supply bottlenecks and a wave of new coronavirus cases hobble the economy. “Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy,” Timo Wollmershäuser, head of forecasts at Ifo, said in a statement. “The strong post-pandemic recovery that …

UK GDP: Recovery still lagging other G7 economies as growth slows
3 years, 1 month ago

UK GDP: Recovery still lagging other G7 economies as growth slows

CNN  

London CNN Business — UK GDP growthslowed between July and September, leaving the economy still around 2% smaller than it was before the pandemic and trailing the recovery in other G7 nations. The UK economy, struggling with supply chain disruptions and high energy prices, expanded by 1.3% in the quarter, down from growth of 5.5% in the previous three-month period …

Avoiding recession won't be enough to solve Australia's economic problems
3 years, 4 months ago

Avoiding recession won't be enough to solve Australia's economic problems

ABC  

Australia is not in recession. But it probably won't make much difference if the technical definition of a recession is reached or not — the nation has been in an economic malaise for a while. Australia's economy grew over June quarter Photo shows Pedestrians cross at Flinders Street Australia's economy has bounced back from the COVID recession, with national growth …

Consumer confidence remains weak in July
3 years, 5 months ago

Consumer confidence remains weak in July

Hindustan Times  

A combination of the second wave of Covid-19 and an inflationary spike seems to have done lasting damage to aggregate demand in the economy, findings from the latest Consumer Confidence Survey of the Reserve Bank of India suggest. The latest CCS findings—it was conducted between June 28 to July 9—show that the second wave of Covid-19 has done far more …

US consumers boost spending 1% as inflation remains high
3 years, 5 months ago

US consumers boost spending 1% as inflation remains high

Associated Press  

WASHINGTON — American consumers increased their spending by 1% in June — a dose of energy for an economy that is quickly rebounding from the pandemic recession but is facing new risks led by the delta variant of the coronavirus. June’s solid increase in consumer spending provided further evidence that consumers are driving a strengthening recovery from the pandemic recession. …

U.S. Economy Accelerated At A Solid 6.5% Rate Last Quarter
3 years, 5 months ago

U.S. Economy Accelerated At A Solid 6.5% Rate Last Quarter

Huff Post  

LOADING ERROR LOADING WASHINGTON — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — …

Pandemic recession ended in April 2020, shortest on record: Economists
3 years, 5 months ago

Pandemic recession ended in April 2020, shortest on record: Economists

India Today  

It hit like a derailed train and was hugely destructive but short-lived. The US economy reached a peak in February 2020, the National Bureau of Economic Research's Business Cycle Dating Committee said Monday. The NBER said the recession ended that month because that is when the economy reached its lowest point in terms of jobs and output. Explained: How Covid-19 …

Pandemic recession ended in April 2020, shortest on record
3 years, 5 months ago

Pandemic recession ended in April 2020, shortest on record

Associated Press  

WASHINGTON — It hit like a derailed train, was hugely destructive but short-lived. The U.S. economy reached a peak in February 2020, the National Bureau of Economic Research’s Business Cycle Dating Committee said Monday. The NBER said the recession ended that month because that is when the economy reached its lowest point in terms of jobs and output. The economy’s …

Consumer confidence has hit a new low, says RBI survey
3 years, 7 months ago

Consumer confidence has hit a new low, says RBI survey

The Hindu  

The confidence of consumers, devastated by the second wave of COVID-19, has dipped to a new low and 81.4% of the respondents have said that the general economic situation has “worsened”, a new survey by the Reserve Bank of India has said. The RBI released the results of the May 2021 round of its Consumer Confidence Survey to understand perceptions …

India’s economic report card is drenched in red ink
3 years, 7 months ago

India’s economic report card is drenched in red ink

Live Mint  

India’s nascent economic recovery has been derailed by the second covid-19 wave even before it could gather steam. Launched in October 2018, Mint’s macro tracker provides a monthly state-of-the-economy report based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living. A year ago, during the first nationwide lockdown, 13 of …

US recovery from pandemic recession is showing momentum
3 years, 8 months ago

US recovery from pandemic recession is showing momentum

Associated Press  

WASHINGTON — Powered by consumers and fueled by government aid, the U.S. economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans their jobs and businesses. The economy grew last quarter at a vigorous 6.4% annual rate, the government said …

US consumer confidence returns to pre-pandemic levels
3 years, 8 months ago

US consumer confidence returns to pre-pandemic levels

Associated Press  

WASHINGTON — Consumer confidence rose sharply for a second straight month, hitting the highest level since the pandemic began, as the rapid rollout of vaccines and another round of U.S. financial support for Americans boosts optimism. “Consumer confidence has rebounded sharply over the last two months,” said Lynn Franco, senior economic indicators director at the New York-based Conference Board. “Consumers …

US consumer confidence hits 14-month high, house prices soar
3 years, 8 months ago

US consumer confidence hits 14-month high, house prices soar

Al Jazeera  

An upbeat survey released Tuesday by the Conference Board suggests the US economy is continuing to power ahead early in the second quarter as the pace of COVID-19 vaccinations accelerates. An upbeat survey released Tuesday by the Conference Board suggests the economy is continuing to power ahead early in the second quarter as the pace of COVID-19 vaccinations accelerates. “Led …

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why
3 years, 8 months ago

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why

India Today  

A sharp surge in daily cases during the second wave of the Covid-19 pandemic has led to stricter lockdowns in most states. Brokerage firm Nomura recently said in a report that the pace of business activity resumption has taken a huge knock due to the mobility restrictions across Indian states. Business activity in India has started plummeting since the second …

IMF says US economy is growing at its fastest pace since 1984
3 years, 9 months ago

IMF says US economy is growing at its fastest pace since 1984

CNN  

London CNN Business — President Joe Biden’s $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind. The IMF said the “unprecedented policy response” to the pandemic means …

Consumer confidence surges in March to highest point in year
3 years, 9 months ago

Consumer confidence surges in March to highest point in year

Associated Press  

WASHINGTON — U.S. consumer confidence surged in March to the highest reading in a year, helped by increased vaccinations and more government economic support. The Conference Board said Tuesday its consumer confidence index rose to 109.7 in March, the best showing since it stood at 118.8 in March of last year as the pandemic was beginning to hit the United …

US consumer spending and incomes fall, but rebound is expected
3 years, 9 months ago

US consumer spending and incomes fall, but rebound is expected

Al Jazeera  

Both consumer spending and personal incomes are expected to rebound in March as Americans receive stimulus cheques. Consumers’ spending and personal incomes both fell sharply in February as severe winter storms disrupted shopping in many parts of the United States and as the government wrapped up distribution of $600 relief payments. Consumer spending fell one percent last month, the Commerce …

Most Economies Not to Return to Pre-pandemic Activity Levels Until 2022: Moody's
3 years, 9 months ago

Most Economies Not to Return to Pre-pandemic Activity Levels Until 2022: Moody's

News 18  

Moody’s Investors Service on Thursday said the credit downturn arising out of COVID-19 will be short-lived but most economies will not return to pre-pandemic activity levels until 2022. In the year since the World Health Organisation declared COVID-19 a pandemic on March 11, 2020, the virus has disrupted the global economy and triggered a credit downturn accompanied by a spike …

CNN Poll: One year into the coronavirus pandemic, most Americans say the worst has passed
3 years, 9 months ago

CNN Poll: One year into the coronavirus pandemic, most Americans say the worst has passed

CNN  

CNN — After a full year living under the shadow of the coronavirus pandemic, the American public finally sees a brighter future, according to a new CNN Poll conducted by SSRS. As Biden prepares to stand before the country in a prime-time address marking the one-year anniversary of widespread lockdowns in the United States, most Americans say they have a …

Why the pandemic left long-term scars on global job market
3 years, 9 months ago

Why the pandemic left long-term scars on global job market

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The truth is, I want my job back,’’ said …

UK economy just had its worst year in three centuries
3 years, 10 months ago

UK economy just had its worst year in three centuries

CNN  

London CNN Business — The UK economy suffered its biggest slump in more than three centuries last year, with GDP falling by nearly 10% over the course of 2020. “Today’s figures show that the economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world,” UK finance minister Rishi Sunak …

US consumer spending fell 0.2% in December in face of virus
3 years, 11 months ago

US consumer spending fell 0.2% in December in face of virus

Associated Press  

WASHINGTON — U.S. consumers slowed their spending by 0.2% in December, cutting back for a second straight month in a worrisome sign for an economy struggling under the weight of a still out-of-control pandemic. On Thursday, the government estimated that the economy grew at a 4% annual rate in the final three months of 2020 but shrank last year by …

The engine of the US economy, consumer spending, sputters again
3 years, 11 months ago

The engine of the US economy, consumer spending, sputters again

Al Jazeera  

Surging COVID-19 infections and restrictions in December slammed the brakes on the engine of the US economy – consumer spending – for the second consecutive month. Business-sapping restrictions designed to contain spiralling COVID-19 infections slammed the brakes on the engine of the United States economy in December, as consumers kept their wallets snapped shut and hunkered down at home. Consumer …

COVID-19 pummels US economy in 2020; performance weakest in 74 years
3 years, 11 months ago

COVID-19 pummels US economy in 2020; performance weakest in 74 years

Live Mint  

Washington: The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. In the fourth quarter, GDP increased at a 4.0% annualized rate as the virus and lack of another spending package curtailed consumer spending, and partially …

U.S. Economy Slows Sharply As Pandemic Resurges
3 years, 11 months ago

U.S. Economy Slows Sharply As Pandemic Resurges

NPR  

U.S. Economy Slows Sharply As Pandemic Resurges Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Updated at 1:12 p.m. "There's nothing more important to the economy now than people getting vaccinated," Federal Reserve Chairman Jerome Powell said Wednesday. Sponsor Message "The economy remains in a delicate spot," said Jim Baird, chief …

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter
3 years, 11 months ago

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter

LA Times  

Stuck in the grip of the COVID-19 pandemic, the U.S. economy shrank in 2020 by the largest amount in 74 years but grew at a 4% annual rate in the final three months of the year. For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy …

New COVID-19 lockdowns imperil global economy’s recovery
3 years, 11 months ago

New COVID-19 lockdowns imperil global economy’s recovery

Al Jazeera  

Vaccine roll-outs have been a major reason for investors’ rosy outlook, but concerns about mutant strains have tempered optimism. A major chunk of the global recovery in companies’ earnings – recovery expected in the first quarter of 2021 – is at risk of being pushed back further as coronavirus lockdowns and mobility restrictions in several countries cloud hopes of a …

US consumer confidence stumbles; COVID-19 sapping economic momentum
4 years ago

US consumer confidence stumbles; COVID-19 sapping economic momentum

Live Mint  

US consumer confidence dropped for a second straight month in December as a deterioration in the labor market amid renewed business restrictions to slow the raging pandemic offset the rolling out of a vaccine for COVID-19. The Conference Board's consumer confidence index dropped to a reading of 88.6 this month, the lowest since August, from 92.9 in November. The survey's …

US Slightly Upgrades GDP Estimate For Q3 To 33.4% Growth
4 years ago

US Slightly Upgrades GDP Estimate For Q3 To 33.4% Growth

News 18  

The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economys third-quarter performance. The July-September growth spurt upgraded slightly from Commerces previous estimate of 33.1%, announced last month — marked a sharp recovery from the second quarters 31.4% drop, the worst in records …

The recession is technically over but for wages and jobs, the recovery is a long way away
4 years, 1 month ago

The recession is technically over but for wages and jobs, the recovery is a long way away

ABC  

It's a big bounce back, undeniably, but we're not out of the woods yet. The 3.3 per cent boost to Australia's economic growth from July to September is stronger than most anticipated, but keep in mind the base it's coming off: a 7 per cent fall in the prior three months, as COVID-19 health restrictions shut down large tracts of …

India suffers first recession in decades
4 years, 1 month ago

India suffers first recession in decades

CNN  

New Delhi/London CNN Business — India has plunged into recession for the first time in nearly a quarter of a century as the pandemic continues to weigh heavily on Asia’s third biggest economy, which economists warn will struggle to recover from the slump. Government consumption also fell sharply in part because of an“inadequate fiscal response to the crisis,” said senior …

Economic growth will be slower next year due to second coronavirus wave: CPB
4 years, 1 month ago

Economic growth will be slower next year due to second coronavirus wave: CPB

Dutch News  

The Dutch economy will contract 4.2% this year, slightly less than expected, the government’s macro-economic think-tank CPB said in its latest forecasts. However, the CPB said, the second coronavirus wave will mean the recovery next year will be slower than forecast earlier. Unemployment will increase to more than 6% in 2021, affecting particularly young people, employees on a flexible employment …

Picture of US economy is worrisome as virus inflicts damage
4 years, 1 month ago

Picture of US economy is worrisome as virus inflicts damage

Associated Press  

WASHINGTON — Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income and nervous consumers, whose spending is needed to drive a recovery from the pandemic. The number of Americans seeking unemployment aid rose last week for a second straight week to 778,000, evidence that many employers are still slashing jobs more than …

Discover Related