Tag: Recession

Private companies cut 2.8 million jobs in May

Private companies shed 2.8 million U.S. jobs last month, according to a report from payroll processor ADP and Moody’s Analytics. Why it matters: It’s way less than the nearly 9 million private sector jobs economists estimated would be lost in May, suggesting layoffs during the coronavirus crisis could be slowing sooner than Wall Street expected. Between the lines: The job losses are still huge (over 3 times worse than the record seen before pandemic crushed the labor market), but way less than the revised 19.6 million historic job losses seen in April. Weekly applications for unemployment have tapered off from ... Read more

Poll: Most Americans say economy is in a recession or depression

May 30 (UPI) — Since mid-April, most Americans have said they believe the country is in a recession or depression, a new poll shows. Seven out of 10 U.S. adults surveyed for the Gallup Poll released Friday said they believe the U.S. economy is in a depression or recession. At or above 70 percent of U.S. adults have said the same since mid-April. In the latest poll, 41 percent said the economy is in a recession and 30 percent said it is in a depression. The figure has risen from March, when 37 percent said the U.S. economy was in ... Read more

Fed Chair Powell: Coronavirus is “great increaser” of income inequality

Federal Reserve Chairman Jerome Powell said during a virtual interview Friday that the economic blowback from the coronavirus pandemic is hitting those who can least afford it the hardest. Why it matters: The U.S. economy has plunged into the worst downturn since the Great Depression at a record pace, and a full recovery may take years. More Americans are collecting unemployment now than ever before in history — and 40% of those out of work are in the poorest U.S. households, per a recent Fed survey. “The pandemic is falling on those least able to bear its burdens. It is ... Read more

2.1 million Americans filed for unemployment last week

Another 2.1 million people filed for unemployment last week, the Department of Labor said on Thursday. Why it matters: Even as states reopen their economies, the number of newly-filed unemployment applications remains historically high as the pandemic slams the labor market. The big picture: The number of weekly jobless claims during the coronavirus crisis peaked at 6.9 million in late March. While the pace of newly filed applications has slowed, it continues to be higher than at any point in modern history before the pandemic hit. The headline figure released by the Labor Department doesn’t include those who last week ... Read more

Amid the COVID-19 crisis and the looming economic recession, the Military Radars market worldwide will grow by a projected US$996.4 Million, during the analysis period

New York, May 27, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Military Radars Industry” – https://www.reportlinker.com/p05361259/?utm_source=GNW An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Airborne market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. As part of the new emerging geographic scenario, the United ... Read more

No media publisher is immune in the coronavirus era

COVID-19 has accelerated the shrinkage of journalism. Why it matters: If it could happen to The Atlantic, where 68 staffers were laid off today, it could happen to any media company. The big picture: 2.4 million Americans filed for unemployment last week, reports Axios’ Courtenay Brown. The pre-COVID record number of filings was set in 1982 at 695,000. New York state’s Labor Department told reporters this week it has paid out 4.5 years’ worth of unemployment benefits in just over two months. Between the lines: The coronavirus hit diversified publishers on multiple fronts. Advertising: Publishers who enjoyed record COVID-19 web ... Read more

Covid-19 driven recession could impact 2020 graduate careers for a decade

21 May Unemployment levels have reached new highs over the last three months since the lockdown was initiated in the US. As millions of students graduate during this uncertain time, their future job prospects remain bleak. Careers and earnings may be impacted for graduates for many years. Covid-19 Report — Updated twice a week Understanding the Covid-19 outbreak, the economic impact and implications for specific sectors Our parent business intelligence company Konstantina Beleli, an economist and journalist, shared an article on how million of students in US are graduating in one of the worst job markets witnessed since the Great ... Read more

No recession for U.S. military-industrial complex

On March 15, 1950, the World Peace Council sent out the Stockholm Appeal, a short text that called for a ban on nuclear weapons and that would eventually be signed by almost 2 million people. The appeal was made up of three elegant sentences: We demand the outlawing of atomic weapons as instruments of intimidation and mass murder of peoples. We demand strict international control to enforce this measure. We believe that any government which first uses atomic weapons against any other country whatsoever will be committing a crime against humanity and should be dealt with as a war criminal. ... Read more

How the Coronavirus is Killing the Middle Class

Kelly Bates is a forty-one-year-old single mom who lives with her nine-year-old daughter, Danielle Lucky, in Collingdale, Pennsylvania, a middle-income neighborhood of aging red-brick row houses a few miles from the Philadelphia airport. Bates, who is willowy, with large brown eyes, had grown up in South Philadelphia in the seventies and eighties, as part of the city’s burgeoning African-American middle class: her father was a heating contractor, and her mother worked for the Bell Telephone Company. But over the decades crime in the neighborhood increased, and, in 2015, Bates bought a three-bedroom house in Collingdale for seventy thousand dollars, hoping ... Read more

Fed chair sees prolonged recession; Afghanistan to go back on the offensive; China, Russia not slowing space ops amid COVID; And a bit more.

The United States is bracing for a prolonged recession, Federal Reserve Chairman Jerome Powell warned this morning — a day after America’s top infectious disease expert told lawmakers lifting lockdowns could trigger new COVID-19 outbreaks, potentially killing more than the 81,000 that have already passed away from the virus in the U.S. “The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II,” Powell said in an ongoing webcast you can watch here. As far as the lockdowns, Dr. Anthony Fauci warned senators Tuesday, “I think we’re going in the right direction, ... Read more