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Fed's Powell stressed the uncertainty and challenges facing the U.S. economy _ GDP fell at a 5% rate
- 2020-07-01
- Traiding Idea
U.S. Federal Reserve Chairman Jerome Powell said on Monday that the world's largest economic outlook was uncertain and depended on two factors: controlling the coronavirus and the government's efforts to support economic recovery. Powell said economic activity has picked up in recent weeks following the reopening of some areas. "We have entered an important new phase and have done so sooner than expected. While this bounceback in economic activity is welcome, it also presents new challenges, notably, the need to keep the virus in check." Powell said.
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U.S. unemployment surpasses 47 MILLION _ U.S. consumer spending rebounds, falling income
- 2020-06-28
- Traiding Idea
Another 1.48 million Americans applied for unemployment benefits last week, the Department of Labor said. Economists had expected a 1.3 million increase in initial filings as the coronavirus cases in the United States increased. As a result, the total number of claims since mid-March is 47.3 million. Continued regular jobless claims mean that people who have applied for unemployment benefits for at least two consecutive weeks now reach 19.5 million, less than 20.3 million in the previous week.
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Another 1.5 million Americans have applied for unemployment _ Eurozone economy heading for 'sharp decline' of 13 percent
- 2020-06-21
- Traiding Idea
The U.S. Department of Labor said initial claims for unemployment benefits for the week ending June 13 reached 1.508 million. That's just under 1,542 million claims a week earlier. Demand for unemployment benefits rose to a record high of 6.867 million in late March. Current demand is twice as high as the unemployment rate in the Great Depression between 2007 and 2009. "People will say claims are coming down, but for an economy that is reopening, that is a huge number," said Steven Blitz, a senior U.S. economist in New York.
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U.S. economy faces significant uncertainty _ A dollar crash is virtually inevitable
- 2020-06-17
- Traiding Idea
U.S. Federal Reserve Chairman, Jerome Powell, has warned that the country's economy will face significant uncertainty in the coming months, and the recession following the outbreak of the Coronavirus will increase income inequality for minorities and low-income people. "Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it. Until the public is confident that the disease is contained, a full recovery is unlikely" Powell said in a report to the Senate Banking Committee.
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US national debt hits $26 TRILLION _ 1.5 million jobless filings added
- 2020-06-13
- Traiding Idea
Over the past week, about 1.5 million people in the United States have applied for unemployment benefits, indicating that Americans are still losing their jobs despite the reopening of the economy. According to the latest figures from the US Department of Labor, unemployment insurance claims fell for the 10th consecutive week, but the rate of layoffs is still at an all-time high. Last week's job report also showed that American employers added 2.5 million jobs in May, an unexpected increase.
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US recession began in February
- 2020-06-10
- Traiding Idea
The longest economic development in US history has officially over. The National Bureau of Economic Research said Monday that the recession began in February. The economy collapsed so quickly that NBER wasted no time in announcing the recession, a clear contradiction to previous recessions when the body took upwards of a year to declare what most people already knew. Social distancing requirements imposed to combat the pandemic have shattered swaths of the US economy, from cruise ships and airlines to restaurants and Broadway shows. "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 to be briefer than earlier contractions," NBER said.
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US jobless claims rise to 36 million since the start of lockdowns
- 2020-05-15
- Traiding Idea
US jobless claims rise to 36 million since the start of lockdowns The number of Americans seeking unemployment benefits for the eighth consecutive week remained in the millions as the economy continued to reel from the Covid-19 pandemic. US Department of Labor figures shows that the number of people applying for unemployment benefits rose to 2.98 million in the week ended May 9. That figure was 3.18 million the week before. Economists estimate that the unemployment rate in the United States is 2.5 million.
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Top Things to Know in the Market on Wednesday, May 13th
- 2020-05-13
- Traiding Idea
Oil falls amid concerns about second wave of virus, rise in U.S. inventories Oil prices fell on Wednesday on concerns about a possible second wave of Coronavirus infections in countries starting to ease lockdowns while industry data show an increase in US crude inventories. These concerns have overshadowed Saudi officials' promises to further reduce oil production. Earlier this week, Riyadh announced it was cutting production by another 1 million barrels to help stabilize the oil market. On Tuesday, the Saudi cabinet urges OPEC+ countries to reduce production to balance the global oil market. Brent crude fell 58 cents, or 1.9 %, to settle at $ 29.40 a barrel today.
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