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 battered Indian economy during 2nd wave The economy's output of goods and services likely reached its pre-pandemic level in the April-June quarter, analysts estimate. PANDEMIC HANGOVER CONTINUES While output has likely fully recovered, the economy still has 6.8 million fewer jobs than before the pandemic.

Pandemic Jobs Recession Economy Reached  recession  jobs  economy  reached  shortest  2020  ended  services  recovered  economists  likely  record  months  output  pandemic  committee

History of this topic

The workers hit the hardest
2 years, 8 months ago

The workers hit the hardest

The Hindu  

According to the Centre for Monitoring Indian Economy ’s Consumer Pyramids Household Survey, employment in India fell from 408.9 million in 2019-20 to 387.2 million in 2020-21 and then recovered to 401.8 million in 2021-22. The 7 million jobs lost over the two years since the COVID-19 outbreak is unevenly distributed, so it may be difficult to cover most of …

A likely poor jobs figure for January could prove temporary
2 years, 11 months ago

A likely poor jobs figure for January could prove temporary

LA Times  

Last month, U.S. employers might have shed jobs for the first time in about a year, potentially raising alarms about the economy’s trajectory. Yet even if the January employment report coming Friday were to show a deep loss of jobs, there would be little mystery about the likely culprit: a wave of Omicron cases last month that led millions of …

US unemployment claims drop to new pandemic low
3 years, 2 months ago

US unemployment claims drop to new pandemic low

Live Mint  

The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another sign the job market is healing after last year's coronavirus recession. Since topping 900,000 in early January, the weekly applications have fallen more or less steadily ever since and are gradually moving toward prepandemic levels of around 220,000 a week. Overall, 2.1 million …

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 …

Signs the 2020 recession may already be over
3 years, 6 months ago

Signs the 2020 recession may already be over

CNN  

New York CNN Business — America’s Covid-induced recession has been a painful one — but it could ultimately be short. Things are incredibly robust and it’s almost a euphoria,” said Ivan Kaufman, chairman and CEO of Arbor Realty Trust, a real estate firm that lends to apartment owners and commercial real estate firms. They even used a joke from “Meet …

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 …

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 …

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 …

Germany’s economy: Pandemic recession wasn’t as bad as 2009
3 years, 11 months ago

Germany’s economy: Pandemic recession wasn’t as bad as 2009

CNN  

London CNN Business — Germany’s economy held up better in the pandemic than it did during the global financial crisis, despite a second wave of lockdowns in the fourth quarter and the reversal of more than a decade’s growth in employment and trade. “Germany’s outperformance reflects its comparatively light lockdown during the first wave of Covid-19, low share of tourism …

US unemployment: Low-paid jobs hit hardest in pandemic economy
4 years ago

US unemployment: Low-paid jobs hit hardest in pandemic economy

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. Read our privacy policy Ten months into America’s viral …

US loses 140,000 jobs, first monthly drop since spring
4 years ago

US loses 140,000 jobs, first monthly drop since spring

Associated Press  

WASHINGTON — U.S. employers shed jobs last month for the first time since April, cutting 140,000 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. Last month, restaurants, bars, hotels, casinos, movie theaters and other entertainment venues shed nearly 500,000 jobs, the most since April, when nationwide shutdowns triggered 7.6 …

US unemployment rate falls to 8.4% even as hiring slows
4 years, 4 months ago

US unemployment rate falls to 8.4% even as hiring slows

Hindustan Times  

The US unemployment rate fell sharply in August to 8.4% from 10.2% even as hiring slowed, with employers adding the fewest jobs since the pandemic began. A report from the Labor Department added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery. Employers added 1.4 million jobs, the Labor …

US hiring slows amid signs of longer-lasting economic damage
4 years, 5 months ago

US hiring slows amid signs of longer-lasting economic damage

Associated Press  

WASHINGTON — U.S. hiring slowed in July as the coronavirus outbreak worsened, and the government’s jobs report offered signs Friday that the economic damage from the pandemic could last far longer than many observers originally envisioned. “There are whole parts of the economy that will remain unemployed until we have a much tighter control of this virus.” The jobs report …

A US recession began in February in the face of coronavirus
4 years, 7 months ago

A US recession began in February in the face of coronavirus

Associated Press  

WASHINGTON — The U.S. economy entered a recession in February as the coronavirus struck the nation, a group of economists declared Monday, ending the longest expansion on record. “The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

How long will it take the US economy to recover from coronavirus?
4 years, 7 months ago

How long will it take the US economy to recover from coronavirus?

Al Jazeera  

The case is growing for a prolonged US recession. The Federal Reserve Bank of Atlanta’s GDPNow forecasting model currently sees the US economy shrinking 42.8 percent from April through June. As for the jobs market – Federal Reserve chief Jerome Powell said during an interview with CBS on Sunday that the US unemployment rate could peak at 25 percent. What …

It could take many years for America’s jobs market to recover from this shock
4 years, 8 months ago

It could take many years for America’s jobs market to recover from this shock

CNN  

New York CNN Business — The US job market has completely cratered within mere weeks. We’re just not seeing it.” Bob Michele, chief investment officer at JPMorgan Asset Management “Even though the shock has been severe and rapid, the healing process will take much longer,” said Danielle DiMartino Booth, CEO and chief strategist for Quill Intelligence. “There’s just been too …

US unemployment at historic levels, with 20.5 million jobs lost in April due to coronavirus
4 years, 8 months ago

US unemployment at historic levels, with 20.5 million jobs lost in April due to coronavirus

ABC  

The US economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the coronavirus pandemic is battering the world's biggest economy. Key points: US jobless rate surged to an historic 14.7 per cent, up from just 4 per cent in a month US jobless rate …

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms
4 years, 8 months ago

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

Firstpost  

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record Washington: The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began …

Recession sign: US economy shrinks 4.8 percent in first quarter
4 years, 8 months ago

Recession sign: US economy shrinks 4.8 percent in first quarter

Al Jazeera  

The plunge in first-quarter US GDP will likely pale in comparison to second quarter damage from coronavirus lockdowns. We knew the United States economy had likely taken a significant hit in the first three months of this year as coronavirus lockdowns started sweeping the nation in March. US economic growth as measured by gross domestic product contracted 4.8 percent on …

Virus sinks US labour market with 700,000 jobs lost in March
4 years, 9 months ago

Virus sinks US labour market with 700,000 jobs lost in March

Al Jazeera  

Coronavirus torpedoed the United States jobs machine in March. The economy lost 701,000 jobs last month, the US department of Labor reported on Friday – abruptly ending 113 straight months of jobs creation as businesses and factories closed shop and people locked down to contain the spread of COVID-19. Moreover, the monthly employment data understates the true scale of the …

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. …

Coronavirus downturn has been rapid and sharp, says former Fed head Janet Yellen
4 years, 9 months ago

Coronavirus downturn has been rapid and sharp, says former Fed head Janet Yellen

Firstpost  

Talking of the employment sector, Yellen said she was expecting higher percentages of unemployment due to the coronavirus outbreak. Former US Federal Reserve chairperson Janet Yellen has said the economic downturn due to the coronavirus pandemic has been “rapid and sharp” and is “different” than any the country has faced. Speaking at an online seminar hosted by the Brookings Institution, …

Coronavirus economy: Recession or depression?
4 years, 9 months ago

Coronavirus economy: Recession or depression?

Al Jazeera  

Many economists have come around to the view that coronavirus disruptions will trigger a global recession. In the US, though, the National Bureau of Economic Research defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” What …

Coronavirus deals a death blow to U.S. economic expansion
4 years, 9 months ago

Coronavirus deals a death blow to U.S. economic expansion

The Hindu  

No one knows how long it will last or how much it will hurt. But the U.S. economy is either sliding into a recession for the first time since 2009 or is already in one — a sudden victim of the coronavirus outbreak. The vast changes deemed necessary to defeat the virus — people and companies no longer engaging with …

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