2020-09-27@04:11:08 GMT
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the economy:

    Tens of millions of people are going hungry in the United States as Senate Republicans refuse to pass a new coronavirus stimulus bill. According to new data from the Census Bureau, 23 million adults live in households that had sometimes or often had “not enough to eat” over the previous seven days—a huge increase over 2019. And though adults in most families will go without food before letting their children go hungry, 9% to 14% of adults with children said those children sometimes or often didn’t have enough to eat. Another survey, from NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health, found that one in six households is delaying payment on or missing major bills to buy food....
    (CNN)The first general election debate on September 29 represents a significant opportunity for President Donald Trump to change the dynamic of a race where he trails in national polling, as well as in recent polls from some of the battleground states he would need to win to be reelected. While debates traditionally have not had a significant impact on public opinion, the nature of this year's campaign -- where voters have had less direct contact with the candidates as a result of the Covid-19 pandemic -- makes Tuesday evening's matchup potentially more consequential than in the past. Lanhee J. ChenHere are three things Trump should do to change the course of the presidential race and emerge the winner from...
    Farvahar Partners CEO and Daily Caller contributing editor Omeed Malik and Allianz Chief Economic Advisor Mohamed El-Erian joined Fox Business anchor Maria Bartiromo to discuss the recovering U.S. economy during a Friday night “Maria Bartiromo’s Wall Street” segment. The COVID-19 pandemic and ensuing lockdowns caused a massive surge in unemployment and quickly put the brakes on what had been historic highs for the stock market. Though deaths declined from April to May and beyond, a surge in cases has kept a damper on the recovery. Kicking off the segment, El-Erian stressed the difficulty of balancing “economic health, public health and individual freedom” when it comes to a bounceback for an economy devastated by a global pandemic. Malik went on to make...
    A candlelight vigil remembering and honoring Justice Ruth Bader Ginsburg was held Monday evening September 21, 2020 in San Pedro. Community members were invited to participate as prayers were led and speakers praised Justice Ginsburg. Supervisor Janice Hahn spoke during the Monday evening event September 21, 2020. (Photo by Chuck Bennett, Contributing Photographer) People gather under a mural of Supreme Court Justice Ruth Bader Ginsburg in the U Street neighborhood in Washington, Friday, Sept. 18, 2020, after the announcement that Ginsburg died of metastatic pancreatic cancer at age 87. (AP Photo/Pablo Martinez Monsivais) SoundThe gallery will resume inseconds People gather at the Supreme Court on the morning after...
    VIDEO5:2205:22BNSF Railway incoming CEO on impact of the pandemic on the rail industrySquawk Box Katie Farmer, incoming CEO of BNSF Railway, told CNBC on Friday that her industry has clearly been impacted economically by the coronavirus pandemic, but there's optimism on the horizon. "We have seen the economy start to pick up relative to rail loadings," Farmer told "Squawk Box." While BNSF, owned by Warren Buffett-led Berkshire Hathaway, anticipates a rebound, Farmer noted this year has been different from the past. "We basically say that if we're handling 200,000 units of wheat, that indicates we're a busy railroad," she explained. "In 2018, we handled over 200,000 units of wheat, 41 times that year. Fast forward to 2020 and with the impact of...
    VIDEO2:3402:34Cramer: Olive Garden-parent Darden is a buy with pandemic stimulus at standoffMad Money with Jim Cramer Investors should buy Darden Restaurants due to the uncertain future for the U.S. restaurant industry during the coronavirus pandemic, CNBC's Jim Cramer said Thursday.  Shares of the Olive Garden owner soared more than 8% on Thursday, after it reported per-share earnings that outpaced Wall Street expectations. And the "Mad Money" host said he believes the stock has room to go higher because Washington has yet to agree on another round of Covid-19 aid, leaving millions of small businesses across the nation in precarious financial footing.  "Unfortunately, without some help from Congress, you better believe most independent restaurants will not be able to hold out....
    Stipe Miocic training partner Aleksa Camur aims to make impact at UFC 253 This Mall Favorite Just Filed for Bankruptcy Olive Garden-parent Darden is more attractive the longer the pandemic drags, Jim Cramer says "Mad Money" host Jim Cramer told investors to buy shares of Olive Garden-parent Darden due to the uncertainty around the coronavirus. "All I know is the stock deserves to go higher, and the longer the pandemic goes on, the more attractive it gets," he said Thursday. "Unfortunately, without some help from Congress, you better believe most independent restaurants will not be able to hold out," Cramer said. Investors should buy Darden Restaurants due to the uncertain future for the U.S. restaurant industry...
    Watch: Padraig Harrington lifts giant tree branch to play shot at Irish Open 15 Lazy Dog Breeds That Are Expert Nappers Most Americans don't know these lucrative Social Security "secrets" Ad Microsoft Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away Ad Microsoft 23 Gadgets That Could Sell Out Before the Holidays Ad Microsoft Full screen 1/21 SLIDES © Nicole S Glass / Shutterstock.com Given the fact that...
    Photo credit: Spencer Platt, Getty Images. A major Wall Street analytics firm released its financial forecast for the country over the next decade under four different scenarios — and it assessed the prospect of a Joe Biden win and full Democratic control of Congress as the best for the economic recovery. According to a new 10-year forecast from Moody’s Analytics, the nation would enjoy faster and stronger GDP growth, more employment gains, more labor participation and income growth, and greater corporate profits if a blue wave sweeps the 2020 election. “The economic outlook is strongest under the scenario in which Biden and the Democrats sweep Congress and fully adopt their economic agenda,” Moody’s wrote.”The economy is expected to create 18.6...
    What kind of economic growth can we expect if Joe Biden wins the presidency in November and Democrats sweep Congress? And how does it compare to a hypothetical Trump victory and a Republican sweep? The boffins at Moody’s Analytics took a look at the likely impact of economic policy in both scenarios and came up decidedly bearish on Republicans: The economic outlook is weakest under the scenario in which Trump and the Republicans sweep Congress and fully adopt their economic agenda. In this scenario…it is not until the first half of 2024 that the economy returns to full employment…unemployment remains persistently higher…labor force participation rate that never fully recovers to its pre-pandemic highs…real after-tax income does not change much during...
    shapecharge | E+ | Getty Images Racial inequality is bad for the U.S. in innumerable ways, of course, many of which are hard to calculate directly. But now Citi has put a number to at least one aspect of social injustice, finding in a new study that $16 trillion has been erased from U.S. GDP over the last two decades due to discrimination. The report's findings are based on analysis of factors including wages, education, housing, as well as equitable lending to Black entrepreneurs.  "Racial inequality has always had an outsized cost, one that was thought to be paid only by underrepresented groups," said Raymond McGuire, vice chairman of Citigroup and one of the report's authors. "What this report underscores...
    US 2020 Election: The economy under Trump in six charts
    Neel Kashkari, president and chief executive officer of the Federal Reserve Bank of Minneapolis.Andrew Harrer | Bloomberg | Getty Images [The stream is slated to start at 1 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak at a public health forum Wednesday hosted by  the Harvard T.H. Chan School of Public Health. Kashkari will be joined by Michelle Williams, Dean of the Faculty at Harvard T.H. Chan School of Public Health, David Williams, Professor of Public Health and Chair of the Department of Social and Behavioral Sciences as well as Margaret Hamburg, Foreign Secretary at National Academy of Medicine and former commissioner of the U.S. Food and...
    Democratic presidential nominee Joe BidenJoe BidenOmar fires back at Trump over rally remarks: 'This is my country' Trump mocks Biden appearance, mask use ahead of first debate Trump attacks Omar for criticizing US: 'How did you do where you came from?' MORE is rolling out a slate of ads in swing states featuring small business owners in the hopes of hitting President TrumpDonald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE on one of his strongest issues – the economy. The former vice president’s campaign announced Wednesday morning it is launching TV and...
    DUBAI, United Arab Emirates (AP) — Two oil-rich Arab Gulf states suffered severe economic blows on Wednesday, as a major credit agency downgraded Kuwait for the first time and the United Arab Emirates acknowledged its economy would contract to a level last seen in 2009. The agency, Moody’s Investors Service, cut Kuwait’s debt rating and sounded the alarm that its “liquid resources are nearing depletion.” With the government failing to pass a public debt law, Kuwait has drawn from its reserve fund to keep spending — at a pace that could prove unsustainable. Moody’s warned that government “gridlock” and ineffective debt management would erode Kuwait’s financial strength in the years ahead. Even if Kuwait managed to push through a debt...
    (CBSNewYork) — In recent weeks, hope of relief for the unemployed and struggling workers had grown increasingly faint. The first stimulus package is now a distant memory. President Trump’s Lost Wages Assistance program is running out of money. And the economy continues to struggle through its worst crisis in generations. But last week brought renewed sense that a divided Congress could put together some sort of plan. That optimism came in the form of the “March to Common Ground” COVID Stimulus framework, issued by 25 Democrats and 25 Republicans calling themselves the Problem Solvers Caucus. The package seeks to tackle key areas of need, ranging from unemployment assistance to direct assistance for individuals and families. (Translation: additional jobless payments and...
    J.P. Morgan Chase CEO Jamie DimonGetty Images SINGAPORE — J.P. Morgan Chase's Chief Executive Jamie Dimon said he's not against higher taxes on the rich, but a wealth tax is not the way to do it. "A wealth tax is almost impossible to do," he told CNBC-TV18 at the J.P. Morgan India summit on Tuesday when he was asked whether he's in favor of such a proposal put forth by several Democrats. "I'm not against having higher tax on the wealthy. But I think that you do that through their income as opposed to, you know, calculate wealth which becomes extremely complicated, legalistic, bureaucratic, regulatory, and people find a million ways around it. I would just tax income," he said,...
    As coronavirus-related shutdowns lead to housing struggles, including scams and unforgiving landlords, a gig workers’ app claims people can sign up to be part of an eviction crew. Hide The app, Civvl, posted employment ads on Craigslist and advertised rates up to $125 per hour for workers, Vice News first reported on Monday. Following the report, ads for the app disappeared from Craigslist, and reviews for the app called into question its legitimacy. Hide Ads for Civvl listed under “labor gig” were posted to Craigslist within the last month as the country anticipated a second wave of the coronavirus pandemic and scores of people on the West Coast were left with burnt homes following unprecedented wildfires.  “Unemployment is at a...
    Why is the American stock market still relatively strong (even after recent steep daily declines) when the Main Street American economy keeps chalking up more layoffs, more unemployment, and more bankruptcies? Standard Keynesian economic policy calls for saving money during good times in order to address future economic downturns. Countries should run budget surpluses when times are good; in difficult periods, budget deficits are in order. Then there are unavoidable emergencies like world wars and pandemics. The global coronavirus pandemic has created a massive increase in public and private debt. Countries are incurring massive deficits to prevent full-scale, Great-Depression-style economic collapse. Companies are amassing debt as a result of rational responses to the Federal Reserve’s low interest rates and enormous...
    Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, D.C., on Tuesday, Feb. 11, 2020.Andrew Harrer | Bloomberg | Getty Images Federal Reserve Chairman Jerome Powell pledged continued support for an economy that he said has shown substantial improvement but still needs more work. In remarks the central bank leader will deliver Tuesday to the House Financial Services Committee, he reiterated the Fed's commitment to helping the economy through the coronavirus pandemic and outlined what's been done so far. "We remain committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit...
    Analysis: Explaining the EPLs record goal spree This is what happens to your dog when you say I love you Most Americans don't know these lucrative Social Security "secrets" Ad Microsoft Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away Ad Microsoft 23 Gadgets That Could Sell Out Before the Holidays Ad Microsoft ...
              Live from Virginia Monday morning on The John Fredericks Show –  weekdays on WNTW AM 820/ FM 92.7 – Richmond, WJFN FM 100.5 – Central Virginia, WMPH AM 1010 / FM 100.1 / FM 96.9 (7-9 PM) Hampton Roads, WBRG AM 1050 / FM 105.1 – Lynchburg/Roanoke and Weekdays 6-10 am and 24/7 Stream –  host Fredericks welcomed Senior Strategist to the Trump-Pence 2020 Campaign, Steve Cortes to the show. During the show, Cortes weighed in on positive coronavirus news and how that type of news is directly correlated with improving the economy. He also touched upon how many mayors and governors of cities were using the COVID as a depression tactic with the public in order...
    A delivery driver wearing a face mask rides an electric bicycle along a street in the Central Business District (CBD) in Beijing on July 16, 2020.WANG ZHAO | AFP | Getty Images SINGAPORE — China is well on its way to recovering from a coronavirus pandemic-led economic crisis and will continue to be the most important marginal driver of global GDP, British economist Jim O'Neill told CNBC.  O'Neill, former chief economist at Goldman Sachs, pointed to the latest Chinese consumer spending data as a sign of China's accelerating recovery. Retail sales for August in the world's second-largest economy rose 0.5% from a year ago, the first positive report for 2020 so far.  "I suspect Chinese GDP growth could actually end...
    Minority communities in the US and elsewhere have sometimes turned to traditional money saving methods outside the formal banking system. The economic shock from the coronavirus pandemic could spur renewed interest in those savings clubs. When Hilda Robles recalls her first years in America, tears come to her eyes. "I cried and even wanted to leave at one point because I felt alone," she says. "I would ask people for help and they couldn't help me because they didn't understand Spanish and I didn't understand English." When she came to San Antonio, Texas some 20 years ago, even daily duties like getting to work or going to the doctor were feats of bilingual diplomacy and logistical planning - she...
    By Christopher Rugaber | Associated Press WASHINGTON — Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes. The Federal Reserve said Monday that American households’ net worth jumped nearly 7% in the April-June quarter to $119 trillion. That figure had sunk to $111.3 trillion in the first quarter, when the coronavirus battered the economy and sent stock prices tumbling. Since then, the S&P 500 stock index has regained its record high before losing some ground this month. It was up 2.8% for this...
    Woman suspected of sending ricin-tainted package to Donald Trump at White House arrested at US-Canada border Which states have the fewest coronavirus restrictions? Six months into the pandemic, the US economic outlook is getting gloomier Six months. It may feel like an eternity, but that's how long it's been since states started enacting stay-at-home orders. © David L. Ryan/The Boston Globe/Getty Images BOSTON, MA - SEPTEMBER 8: Table cloths are set up on tables at the LIR in Boston on Sept. 8, 2020. McGreevey's, the Pour House, the Lir, and Whiskey's, four bars and pubs on Boylston St. in Boston, are all closed down during the COVID-19 pandemic, leaving a once-bustling part of the city empty. (Photo by David...
    CORONAVIRUS is NOT getting weaker and could still lead to thousands more deaths over winter, the UK's top doctor has warned Professor Chris Whitty told Brits the country could face 200 deaths a day by November in a dire warning about the spread of the virus today. ⚠️ Read our coronavirus live blog for the latest news & updates 5Professor Chris Whitty issued a stark warning of a coronavirus second wave over winterCredit: PA:Press Association Prof Whitty, Chief Medical Officer, and Sir Patrick Vallance, Chief Scientific Adviser, addressed the nation live in a televised address to issue a Doomsday warning that the nation is in the grip of a second wave. The UK's top doctor said: "We should see this...
    SHANGHAI, Sept. 21, 2020 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (NYSE: JKS) (“JinkoSolar”), an innovative global solar module manufacturer today announced that it has been invited as a speaker to The Climate Week NYC, which is biggest climate summit taking place in 2020, organized by the Climate Group and hosted in association with the United Nations and the City of New York. In particular, JinkoSolar will participate in the RE100 Members Forum, an exclusive event which will celebrate all the RE100 member companies for the many ways they’ve accelerated the transition to a renewables-based electricity system. RE100 is an initiative that brings together the world’s more influential companies committed to power all of their operations with 100% renewable energy sources, and...
    IT has been six months since Britain went into lockdown. Six months since the Government ordered the closure of all cafes, pubs, restaurants, nightclubs, theatres, cinemas, gyms and leisure centres that fateful Friday. ⚠️ Read our coronavirus live blog for the latest news & updates 2One thing that’s changed a lot is the Labour Party. Keir Starmer became leader in April and we are very much under new leadership Six months since the Chancellor announced that the Government would pay 80 per cent of wages for those employees not working — the “furlough” scheme. So now — as Labour begins its first ever online party conference — seems a good time to look at what has changed and what...
    By The Associated Press PARIS — Coronavirus infections tipped the scales again in France on Saturday with nearly 13,500 new infections in 24 hours. Economy Minister Bruno Le Maire is among them. He announced Friday in a tweet that he had tested positive with no symptoms and was working during self-isolation. The high-profile Le Maire is the fourth French minister to test positive since March. It was the second day in a row that new COVID-19 cases in France were above 13,000. The French health agency said Friday’s big jump was the result of one hospital in the Essonne region south of Paris belatedly reporting numerous cases. It wasn’t clear whether that kind of add-on effect was at play on...
    (CNN)The economic recession caused by the Covid-19 pandemic has disproportionately affected women by almost every measure. And, in the United States, the economic downturn is hitting women of color the hardest, according to C. Nicole Mason, president and CEO of the Institute for Women's Policy Research."We're talking about women who earn less than $40,000 a year, who are ... grocery store clerks, restaurant workers, who if you don't show up for work -- meaning a physical place -- you won't be paid," Mason said on a recent episode of "Coronavirus: Fact vs. Fiction" podcast. "So it's just a really very difficult time for many of these women and many of these workers. "Mason -- a single, Black mother herself --...
    She hasnt missed a Colts home game since team came to Indy in 1984. Her streak will end Sunday. 14 types of people who shouldnt own a dog The easy part of the U.S. economic recovery is over. Now comes the hard part ECONOMIC PREVIEW © Getty Images The U.S. economy is still plowing ahead despite the coronavirus, but the path to recovery still faces plenty of obstacles. After a rollercoaster ride in the spring and summer, the U.S. economy appears to be entering a flatter stretch ahead of the pivotal 2020 presidential election. Load Error The thundering economic rebound that followed a historic recession in the wake of the coronavirus pandemic has shifted into a more lukewarm...
    Ursula Huws September 18, 2020 11:38PM (UTC) This article was originally published on The Conversation. Even before the arrival of the coronavirus pandemic, major upheavals were taking place in the UK labour market. Between 2016 and 2019, the number of people working for online platforms such as Deliveroo and TaskRabbit doubled from 4.7% of the adult population to 9.6% — the equivalent of 5.5 million people. Lockdown caused these trends to escalate still more sharply as a housebound population switched en masse to ordering goods online. For many, the growth of the platform economy is cause for concern. But I believe the principles of platform technology could be used by governments to transform the way public services are delivered, taking advantage...
    Reuters September 18, 2020 0 Comments Democratic U.S. presidential candidate Joe Biden criticized President Donald Trump’s handling of the U.S. economy on Friday as the two rivals headed to the election battleground state of Minnesota, one of four states where early voting was getting underway. Trump trails Biden in national opinion polls ahead of the Nov. 3 election, but is trying to make up ground in Minnesota, a state he lost by about 1.5 percentage points to Democrat Hillary Clinton in 2016. Biden toured a union carpenter training center in Hermantown, a suburb of the Lake Superior port city of Duluth, and painted a grim picture of the economic situation in Minnesota’s iron ore mining region, saying the coronavirus...
    Nuclear fallout THE nuclear option of a new two-week shutdown would be a catastrophe for pubs, restaurants and hotels. We are far from sure it will work. The Government had better be right. The Sun has been sceptical about ­rising Covid cases. They have so far been largely down to increased tests and are mainly robust young people. ⚠️ Read our coronavirus live blog for the latest news & updates 3A two-week shutdown would be a catastrophe for pubs and restaurants, we cannot shut our economy down every couple of monthsCredit: PA:Press Association Even so it is hard to ignore the sudden huge leap today alongside the steady rise in hospitalisations and deaths, the two far more crucial...
    In a post on Twitter, the CEO of Ripple (XRP) made it clear that the depreciation of the dollar is favorable to the rise of cryptocurrencies in this period punctuated by health crisis and uncertainty in the global economy. The dollar has experienced a significant decline in the international market. In March 2020, it lost almost 5% of its value in the currency market. Analysts predict it could even see a general drop of 20% next year. While cryptocurrencies keep expanding more and more after the Covid, they have also experienced a downtrend such as bitcoin which fell to $ 7,900 in March. After the bitcoin rebounded to reach in September 11,000 dollars the bictoin....
    Empty malls are getting some surprising new tenants Insider Retail: McDonalds Travis Scott collaboration is a success, but its spicy chicken nuggets disappoint Michael Farr: The problem with the U.S. economy is there are too many poor people It's easy to hate the rich for all that they have and all that you don't, but the rich aren't the problem, says Michael Farr. The problem is that the poor and middle class don't have enough money. Until employment and wages increase, the U.S. economy will remain at best bogged down and at worst digging a deeper hole for all of us. © Provided by CNBC A Kelly Center for Hunger Relief volunteer sorts through food for distribution...
    New York (CNN Business)Small businesses are disappearing. Unemployment claims remain unbelievably high. And state and local budgets are imploding. Yet Congress is likely to skip town this month without providing additional emergency aid to the economy, according to Goldman Sachs."At this point, a major stimulus package before the election looks like a long shot," Goldman Sachs economists wrote in a note Friday.Republicans and Democrats are locked in a stalemate over the size and makeup of another round of stimulus. And the critical debate is being complicated by the looming election, which is less than two months away. The simple thing Trump doesnt get about the stock marketGoldman Sachs now expects Congress to depart Washington at the end of September without...
    Rosh Hashanah, Trump and Biden head to Minnesota, Nuggets-Lakers: 5 things to know Friday Papa Johns creating new global headquarters in Atlanta, shifting some jobs out of Louisville Op-ed: Markets are up and the economy is down. Here are some moves investors can make The disconnect between a struggling economy and booming markets can be disconcerting for investors. Markets are recovering based on hopeful signs for the near future, including the development of Covid-19 vaccines. In any event, investors should stay the course and continue to rebalance, diversify and maintain realistic expectations. © Provided by CNBC The New York Stock Exchange. The financial markets are rising and the economy is falling. What is with this disconnect between...
    By Gergely Szakacs BUDAPEST (Reuters) - Hungarian car dealer Realszisztema has shelved plans to build a $1.7 million service facility and warehouse. Auto supplier AGC Glass Hungary, too, is turning away from expansion ambitions as it faces a future of fewer workers and sliding sales. The companies are part of an auto industry that until recently had been a mainstay of a strong Hungarian economy, and a sector that Prime Minister Viktor Orban has hailed as a testament to his stewardship of the nation. Realszisztema and some other Hungarian companies weathered the first wave of the COVID-19 pandemic reasonably well. But now they are preparing for a second wave, which has injected a renewed sense of uncertainty into their business...
    Office workers wearing face masks during lunch time in the central business district in Singapore.Roslan Rahman | AFP | Getty Images SINGAPORE — Competition for white-collar jobs will become more intense after the coronavirus pandemic showed that a lot of work can be done over the internet, Singapore's Minister for Trade and Industry Chan Chun Sing said on Thursday. "In the past, people think that the blue-collar workers are the ones at risk and that's because their jobs can be replaced by robots and automation. To some extent, that is true," Chan said during a panel discussion moderated by CNBC's Nancy Hungerford at the virtual Singapore Summit. "But increasingly, I think the world is realizing that competition is even tougher...
    Governor Gretchen Whitmer (D-MI) said Thursday on MSNBC that President Donald Trump moving forward with indoor campaign rallies was “denying this virus is still a very real threat.” Whitmer said, “He’s going to be going into quote/unquote swing states and having these rallies, and it’s just — it’s so disturbing because we know, we have made an incredible sacrifice. We put this virus on. We got serious about it. We ramped up testing. We save thousands of lives. We reengaged our economy. Some of our kids are back in school. We’re on the cusp of flu season. Yet you see this behavior from the leader of the free world who is going in and denying this virus is still a very real threat,...
    The Marriner S. Eccles Federal Reserve building stands behind a fence in Washington, D.C., on Tuesday, Aug. 18, 2020.Erin Scott | Bloomberg | Getty Images For the past decade or so, the Federal Reserve has been quite effective in helping to create inflation, just not the kind that it normally targets. The Fed's perpetually easy monetary policy, consisting of historically low short-term interest rates and trillions of dollars in bond buying, has coincided with a huge swell in asset prices, stocks in particular. What it has not driven is the kind of inflation central bank officials like to see – higher wage pressures, for instance, that help improve the standard of living as well as signal a vibrant economy not...
    Democratic presidential nominee Joe Biden's economic record does not look good compared to President Trump's, Trump campaign senior adviser Mercedes Schlapp argued Thursday. A new poll from the Kaiser Family Foundation and the Cook Political Report found that 32 percent of voters in Arizona, Florida, and North Carolina ranked the economy as the most important issue when it comes to electing a president. "The economy is the defining issue of this election," Schlapp told "America's Newsroom." "We saw poverty rate levels at a record low, especially for Hispanics and Black Americans," she said under the Trump administration. "We've seen median income increase significantly. We’ve seen the fact that his economic policies have worked for our country and we have the results to prove it." DESANTIS BLASTS BIDEN’S POLICIES AND RECORD, SAYS...
    Massive federal spending meant to blunt the coronavirus’s economic impact could have long-term costs, experts say — meaning those stimulus checks might not be free money after all. Congress’s unprecedented stimulus measures coupled with the Federal Reserve’s aggressive efforts to shore up the economy could drive up inflation in the coming years, leaving Americans with less purchasing power over time, according to reports. Lawmakers have approved about $4 trillion in coronavirus-related stimulus spending, according to the Committee for a Responsible Federal Budget, while the Fed has injected trillions more into the financial markets and cut interest rates to near zero. Those efforts have been aimed at warding off deflation, a phenomenon in which consumers reduce their spending and prices...
    600,000 without power as flooding move north John Lewis and Waitrose axed staff bonuses for the first time in 65 years after recording a $71 million loss Stocks tumble after the Fed says the recovery will take time The Dow and the broader US stock market took a dive on Thursday, opening sharply in the red after the Federal Reserve said the path to recovery would be very long. © Spencer Platt/Getty Images Stocks finished mixed following the central bank's monetary policy update on Wednesday, and sentiment clearly hasn't improved over night. Load Error The Dow opened down 1.1%, or more than 300 points lower, while the broader S&P 500 fell 1.5% at the opening bell. The...
    A man walks past a closed and boarded up restaurant in the City of London on August 21, 2020.Tolga Akmen | AFP | Getty Images SINGAPORE — The importance of China's role in the world economy has not diminished despite rising geopolitical tensions, said Douglas Flint, chairman of Standard Life Aberdeen. "I think China is hugely important to the global economy and to global trade," said Flint, who spoke to CNBC's Nancy Hungerford during this year's virtual Singapore Summit. "Seven months ago, every single company in the world virtually saw its growth opportunities in Asia, led by China. I don't think that's changed," he said on Wednesday. A very strong middle class and the desire to consume in a different way will continue to...
    (CNN)India is in crisis. Its economy has crashed, with the largest slump on record decimating millions jobs. Its already fragile healthcare system is buckling under the weight of soaring coronavirus cases. With more than five million cases, India ranks only behind the United States for confirmed infections. But whereas other populist leaders are feeling the political heat from their handling of the pandemic -- US President Donald Trump and his British counterpart Boris Johnson, for instance -- Indian Prime Minister Narendra Modi has largely escaped the scathing headlines and crushing opinion polls that have beleaguered his counterparts. Modi's landslide re-election for a second five-year term last year gave him a sweeping mandate to push his Hindu nationalist agenda, in a country...
    Boris Johnson A second lockdown would be an economic “disaster” for the UK, Boris Johnson said as he acknowledged that the testing system was experiencing “huge problems.” In his second appearance before the Commons powerful liaison committee this year, the Prime Minister fielded questions on the surge in covid-19 infections, testing shortages and his handling of the Brexit negotiations.  During the 103-minute session, Mr Johnson insisted that reimposing nationwide restrictions would be “completely wrong for this country” and warned that the impact on the public finances would be “disastrous.” However, he pushed back against criticism of the tightening of social distancing measures through the rule of six, telling MPs that ministers would do everything necessary to “defeat the disease”.  Schools...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City New York’s Economy Candy is gearing up for the Halloween season with specially-curated candy packs for everyone to enjoy. The shop’s CandyCare Pack line first launched in March 2020 when New Yorkers were sending CandyCare Packs to their friends and neighbors. Economy Candy hopes that the Halloween CandyCare Packs will help continue this inspiring tradition of spreading cheer and joy for kids of all ages. The Halloween CandyCare Packs start at $35 and includes a Halloween themed Trick or Treat Bag filled with favorite Halloween treats from traditional Pick ‘N’ Mix Halloween candy and full-Size candy bars, plus toys and games...
    Feds: COVID-19 vaccine will begin moving 24 hours after the first one is approved McDonalds Travis Scott Meal proves to be popular, leading to shortages and upcoming change Why the stock market keeps flying high in a struggling economy The economy is in the dumps. Tens of millions are unemployed. Expanded unemployment benefits have expired, leaving them unable to pay bills. Politicians are deadlocked over stimulus relief. © wsf-s / Shutterstock Why stocks are doing way better than the economy So why is the stock market doing so well? Seriously, the S&P 500 stock index set an all-time record in early September, beating out its previous high, and it remains close to record territory. What gives? Load Error ...
    Getty A new stimulus proposal could provide another $1,200 to Americans in 2020, after months of stalled negotiations on Capital Hill between Democrats and Republicans in Congress. The proposal, which came from members of the bipartisan House Problem Solvers Caucus, would provide the American economy with approximately $1.5 trillion in funding, including another round of stimulus checks. Emily Cochrane and Nicholas Fandos of the New York Times wrote of the new proposal, The measure would infuse the economy with at least $1.5 trillion in new money, in addition to repurposing $130 billion from previous legislation and building in $400 billion in automatic triggers that would extend jobless aid and provide for another round of stimulus checks if the...
    London (CNN Business)The huge shock to many of the world's biggest economies from the coronavirus pandemic may not be quite as bad as economists feared just a few months ago.In a report published on Wednesday, the Organization for Economic Cooperation and Development upgraded its forecast for global economic output this year, noting that while declines were still "unprecedented in recent history," the outlook has improved slightly since June.The Paris-based agency said it now expects the world economy to shrink by 4.5% in 2020 before expanding by 5% in 2021. Previously, the OECD said it thought the global economy would contract by 6% this year and grow 5.2% next year.But the agency, which represents the world's biggest economies, warned that headline...
            by David Bossie  On September 29, President Donald Trump and former Vice President Joe Biden will face off in Cleveland, Ohio for the first of three nationally televised debates. Unfortunately, by that time, some North Carolinians will already have started voting, as the first batch of absentee ballots were sent by the state on September 4th. That means that some North Carolinians won’t have the benefit of seeing the candidates on stage together to debate their visions for America prior to casting their vote. As you make your decision, it is important that you have the facts: President Trump’s leadership and policies built the world’s strongest economy once already, and he’s doing it again, providing...
    US coronavirus: Study says Covid-19 may have arrived in December Americas best hole-in-the-wall fried chicken joints Stocks vs. the Economy: Cramers Mad Money Recap (Tuesday 9/15/20) The stock market doesn't represent the real economy, Jim Cramer reminded his Mad Money viewers Tuesday. That's why while the stock market is hitting new highs, vast swaths of the real economy are in dire need of additional stimulus. © TheStreet Stocks vs. the Economy: Cramer's 'Mad Money' Recap (Tuesday  9/15/20) If you only look at our economy through the lens of the stock market, you'll only see strong earnings from Adobe Systems sending shares up 2.1% and blowout earnings from FedEx signaling that commerce is strong. It's easy to look...
    President TrumpDonald John TrumpDemocrats, advocates seethe over Florida voting rights ruling Russian jets identified in Trump campaign ad calling for support for the troops Democratic Senate candidate 'hesitant' to get COVID-19 vaccine if approved this year MORE is upping the stakes in his bet that the economy can deliver him a second term. On Tuesday morning, the Trump campaign announced it was boosting TV advertising spending by “nearly 50 percent” with commercials focused on the economy. In one national ad, the campaign claims that “American workers paid the price” for trade deals supported by Trump’s Democratic opponent, former Vice President Joe BidenJoe BidenDemocrats, advocates seethe over Florida voting rights ruling Trump order on drug prices faces long road to finish...
    Bengals claim kicker, but Bullock expected to go vs. Browns This Is the One Word You Should Never Say When Apologizing When will the U.S. economy get back on track following coronavirus shock? Watch for these 5 signs Not all recessions are created equally. Neither are the recoveries - and the biggest financial fear is that the current economic slump will persist years after the coronavirus is contained. © Apu Gomes / Contributor / Getty Images A framing art gallery is closed in Venice Beach, California, during the coronavirus pandemic. Economists often say recessions take on shapes. A "W"-shaped recession is a double-dipping downturn, with the financial system bouncing back but falling again. A "U" form means lower-for-longer, while...
    The Hill’s Campaign Report: Welcome to The Hill’s Campaign Report, your daily rundown on all the latest news in the 2020 presidential, Senate and House races. Did someone forward this to you? Click here to subscribe. We’re Julia Manchester, Max Greenwood and Jonathan Easley. Here’s what we’re watching today on the campaign trail: LEADING THE DAY: Joe BidenJoe BidenDemocrats, advocates seethe over Florida voting rights ruling Trump order on drug prices faces long road to finish line There's no debate: America needs an equitable and resilient government MORE sought to shore up his support among Latino voters and military personnel in Florida on Tuesday, as the Democratic nominee made his first general election trip to the pivotal swing...
    Vic Fangio questions unnecessary roughness that negated interception 65 Best Healthy Keto Recipes to Keep You In Ketosis Americas infrastructure has been severely impacted by COVID-19. Investing in it could help the economy recover faster. © Samantha Lee/Business Insider Samantha Lee/Business Insider © Mario Tama/Getty Images Los Angeles City Mayor Eric Garcetti talked about the push to make the city carbon-neutral in the coming years. Mario Tama/Getty Images The United for Infrastructure 2020 virtual, weeklong event is taking place September 14-21. Panelists, including government officials and advocacy leaders, discussed how COVID-19 has re-emphasized the importance of investing in proper infrastructure in America. More people are working from home, making access to broadband internet more crucial than ever. Water...
    Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020.Mandel Ngan | AFP | Getty Images While committed to keeping interest rates low for the next several years, the Federal Reserve still has plenty of work to do as it steers the U.S. economy through the pandemic. As central bank officials gather Tuesday and Wednesday for their policy meeting, a number of items are on the agenda, even as the mystery of where rates are headed has disappeared. The Federal Open Market Committee will provide its quarterly update on where it sees GDP, unemployment and inflation heading. It also will take up the...
    House Republicans announced plans for governing with lower taxes and support for law enforcement if they are able to retake the House in the Nov. 3 election. The GOP agenda included few details but a strong pledge from Republicans to steer clear of the far-left agenda they say House Democrats and their presidential nominee, Joe Biden, plan to follow. Republicans called their agenda “Our Commitment to America,” and they said the plan's objectives include restoring America to life before the pandemic, rebuilding the economy, and renewing the American dream. They provided few details, although Rep. Kevin Brady, a Texas Republican and ranking member on the Ways and Means Committee, said the GOP would make the 2017 tax cuts permanent. Minority...
    President TrumpDonald John TrumpDemocrats, advocates seethe over Florida voting rights ruling Russian jets identified in Trump campaign ad calling for support for the troops Democratic Senate candidate 'hesitant' to get COVID-19 vaccine if approved this year MORE’s campaign is launching two new ads shifting the focus of their message from “law and order” to the economy, one of the few issues on which the president leads Democratic presidential nominee in the polls. The Trump campaign is investing at least $10 million in new cable and local broadcast ads in key battleground states and districts promoting the president’s economic policies as a resounding success for women and people of color.  The cable news ad attacks Biden for crafting “bad trade deals”...
    Bowl projections: Big 12 might already have lost its at-large College Football Playoff hopes "Nothings Ever Going to Be the Same": Donatella Versace On Whats Next For Fashion A snapshot of the $1.2 trillion freelance economy in the U.S. in the age of Covid-19 More than one-third of the American workforce freelance amid the Covid-19 pandemic, contributing $1.2 trillion to the U.S. economy, a study by Upwork revealed Tuesday. This was a 22% increase since 2019 and it was fueled in part by an influx of younger, highly-skilled professionals seeking flexible alternatives to traditional employment.  © Provided by CNBC More than one-third of the American workforce freelance amid the Covid-19 pandemic, contributing $1.2 trillion to the U.S....
    Americans will be voting earlier than ever in this year’s election. Twenty-three states will be sending out mail-in ballots by September 19 and polling suggests a near majority of Americans plan to submit their vote as soon as possible. Say goodbye to the October surprise, Election Day is effectively here. REP. MCCARTHY: DEMS WANT TO INFLICT 'MORE PAIN' UNDER COVID-19 JUST BECAUSE 'THEY DESPISE' TRUMP As voters assess what Congress did for them over the last two years, the record of House Speaker Nancy Pelosi and her Democratic Party majority is abysmal. Among their most serious derelictions: They orchestrated the most baseless, rushed, and partisan impeachment in U.S. history. They support defunding the police, defunding border patrol, and shrinking...
    Hong Kong (CNN Business)The coronavirus pandemic has pushed the world's economies into historic slumps. But China is bucking the trend. The world's second largest economy has been in recovery mode for months. Now, consumers are starting to spend more, pushing retail sales up to 3.36 trillion yuan ($495 billion) in August, a 0.5% increase over the previous year. While small, the gain marks the first time sales have increased in 2020. Chinese authorities touted the uptick at a monthly press conference Tuesday, and pointed out that the country is seeing economic improvement elsewhere, too. The US economy needs more stimulus. Is any coming?"The job market has stabilized, and travel restrictions have loosened," said Fu Linghui, a spokesman for National...
    A man eats a takeaway meal on a chair placed outside a restaurant in the Kowloon-side Sham Shui Po district of Hong Kong in the early morning of July 29, 2020, as new social distancing measures come into effect which include restaurants only being allowed to serve takeaway meals, to combat a new wave of coronavirus infections.Anthony Wallace | AFP | Getty Images SINGAPORE — Developing Asia, which includes countries like China, India, Indonesia and Singapore, will contract this year for the first time in about six decades as the coronavirus pandemic continues to hammer economies worldwide, the Asian Development Bank said. In its updated outlook report, ADB said GDP in developing Asia will contract 0.7% this year. The bank also...
    Sally shifts, putting Miss. and Ala. coasts in crosshairs McDonalds is selling a 3-foot-long Chicken McNugget body pillow so you can snuggle up to your favorite snack Housing is still holding up the economy. Its so not like 2008 The stock market continues to be volatile and the job market is still in worse shape than where it was before Covid-19 plunged the United States into recession. But there is still one undeniable bright spot for America's economy: the housing market. © Bing Guan/Bloomberg/Getty Images Mortgage applications are rising, thanks to record low rates. The Federal Reserve is planning to keep rates interest rates near zero for the foreseeable future, which will make financing even more affordable. Load...
    New York (CNN Business)The stock market continues to be volatile and the job market is still in worse shape than where it was before Covid-19 plunged the United States into recession. But there is still one undeniable bright spot for America's economy: the housing market.Mortgage applications are rising, thanks to record low rates. The Federal Reserve is planning to keep rates interest rates near zero for the foreseeable future, which will make financing even more affordable."Housing is probably going to come out as one of the winners of this crisis," said Esty Dwek, head of global market strategy for Natixis Investment Managers. Uh-oh: The low and slow economic recovery is back "Interest rates should remain low for even longer. So...
    As the economic toll from the pandemic grows, so do the uncertainties regarding just how we plan to move forward as a nation. COVID-19 has severely slowed down many sectors of our economy while grinding others to a near halt. Worse, what should be an entirely data-driven response to a global health crisis has devolved into an opportunity for seemingly endless political maneuvering and virtue-signaling. Behind all the smoke and mirrors, the impact on the economy remains very real and may prove even more costly down the road. Below are five ways the pandemic has severely impacted our economy. 1. Small businesses continue to bear the brunt of the pandemic  According to an initial study for the Proceedings of the...
    “How can the stock market go up, while the economy is still struggling to recover amid the pandemic?” The answer is that the stock market is not the economy and vice versa. Let’s start with the economy. As expected, the second quarter of 2020 was the most debilitating for the U.S. economy since the government began keeping records in 1947 — Jill Schlesinger  and about four times worse than the weakest quarter of the Great Recession. The Bureau of Economic Analysis said real gross domestic product (GDP) decreased at an annual rate of 31.7% percent in the second quarter of 2020. The good news is the recovery has begun and the third quarter should show a significant bounce. Even with...
    London (CNN Business)American lawmakers cannot agree on the next steps to aid the country's fragile recovery from the coronavirus pandemic. That means more pressure on the US Federal Reserve. What's happening: Fed officials convene for their final meeting before November's election on September 15 and 16. The central bank is expected to set new economic and interest rate projections that run through 2023. It may also put more meat on the bones of a new strategy, unveiled last month, under which it could let inflation run higher to help the economy recover.Andrew Smith, chief investment strategist at Delos Capital Advisors, thinks this is a "seismic shift" in the Fed's approach to inflation to which the market is not paying enough...
    Memphis-Houston college football game in jeopardy due to Tigers COVID-19 outbreak What Backstage Beauty Will Look Like at Fashion Week This Year and in the Future The numbers tell us the economy is better, but millions of Americans aren’t feeling it ECONOMIC PREVIEW © Getty Images Over one thousand individuals wait in line at the Barclays Center in Brooklyn for a free food as New Yorkers struggle with unemployment and other financial stresses brought on by the COVID-19 outbreak. The U.S. economy has kept growing despite a summer spike in coronavirus cases and the end of massive federal aid, but millions of Americans are either being left out or in are danger of being left behind. Load Error ...
    Click here for a complete list of our election recommendations. With the likes of Uber, Lyft, DoorDash and Instacart, the gig economy has revolutionized transportation and how we shop. During the pandemic, we’ve witnessed the importance of its flexibility, as the companies have been able to ramp up to meet grocery delivery demand while providing jobs that allow workers to choose their hours. Without these companies, our stores would be packed, exacerbating the spread of coronavirus, and fewer people would have jobs. But state lawmakers and their labor union supporters seem hellbent on destroying the gig economy, which provided about 1 million app-based rideshare and food delivery jobs in 2018. Rather than embracing its flexibility, legislators and labor leaders...
    The U.S. economy is growing faster than previously expected as the recovery has proved far more durable than thought. Economists this week reacted to data released this week by upgrading their forecasts for what had already been projected to be a record-shattering third quarter for growth in GDP. Goldman Sachs economists hiked their third-quarter GDP growth forecast to 35 percent from 30 percent. A big driver: the consumer has proved more resilient to potential drags from fiscal policy and rising infection rates than expected. High levels of savings over the summer may have proved enough to support higher levels of consumer spending. Bank of America’s Merrill Lynch economists raised their projection for third-quarter growth to 27 percent from 15 percent...
    President TrumpDonald John TrumpWarren: I feel 'deep down fury' that Trump downplayed pandemic NYT reporter removed from Trump rally in Michigan Trump says he didn't share classified information following Woodward book MORE’s base of support is famously resilient. But it likely isn’t big enough to win him a second term. Trump has spent much of the campaign offering up his greatest hits to supporters, including blasts at the media and his opponent Joe BidenJoe BidenHarris calls it 'outrageous' Trump downplayed coronavirus Historian predicts Trump downplaying pandemic will go down as 'the greatest dereliction of duty' in presidential history Overnight Defense: Trump announces new US ambassador to Afghanistan | Pentagon officially withdraws plan to end 'Stars and Stripes' | Biden says...
    London (CNN Business)The United Kingdom, which is one of the few countries to report monthly GDP data, said on Friday that its economy grew by 6.6% in July compared to the previous month — putting it on track for record growth in the third quarter. All good? Not exactly.The growth was slightly slower than in June, when the pace of expansion was 8.7%. And economists say that future gains will be much harder to come by."July was probably the last of the big step ups in activity and a full recovery probably won't be achieved until early 2022," said Thomas Pugh, UK economist at Capital Economics. The trend could be replicated in other large economies around the world. The end...
    A woman wearing a surgical mask crossed the Royal Exchange on March 11, 2020 in the financial district of the capital London, England. Richard Baker | In pictures via Getty Images The UK economy grew 6.6% in July, according to preliminary estimates released on Friday, as the economy recovers from a sharp decline caused by corona virus-induced locking operations. Estimated growth in July GDP (GDP) Economists who voted for Reuters expect a monthly expansion of 6.7%, following growth of 8.7% in June and 2.4% in May, followed by a 20% decline in April. Friday data from the Office for National Statistics (ONS) showed a 11.7% decline compared to the same period last year, which was slightly below expectations of a...
            by Meshawn Maddock  Workers and business owners across the state are still waiting to learn what fate Governor Gretchen Whitmer has in store for them. Of course, businesses that wield political clout and make significant contributions to Whitmer’s budget — say, a crowded Detroit casino — have no such uncertainty to worry about. They’re allowed to open. For five months, Michiganders have endured a largely arbitrary system of lockdown restrictions imposed by a governor more concerned with political posturing than making decisions based on data or common sense. In addition to the economic pain, the coronavirus pandemic has served to aggregate into the governor’s office seemingly limitless power over the economic fate of thousands of businesses and millions...