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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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Top Things to Know in the Market on Tuesday, May 12th
- 2020-05-12
- Traiding Idea
Saudi Arabia to cut oil output by another 1 million barrels a day. After Saudi Arabia ordered its state oil giant to cut production by 1 million barrels a day, in addition to reducing production agreed by OPEC+, Crude prices reversed early trading losses and finally rose again. Oil prices rose after Saudi Arabia, which has been hit hard by low prices, said it would cut production in June more than ever before. The voluntary cut, announced by the Saudi Ministry of energy, will wipe out an extra 1 million barrels a day from world markets. Thus, the total decrease in Saudi oil production will be 4.8 million barrels per day compared to April's production level.
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U.S. stock index futures slip on fears of the new wave of coronavirus cases
- 2020-05-11
- Traiding Idea
U.S. stock index futures dipped on fears of the new wave of coronavirus cases U.S. stock index futures dipped on Monday as investors expressed concern about the second wave of coronavirus outbreaks. While oil prices fell and COVID-19 cases in Germany and South Korea rose again after lockdowns were lifted, Exxon Mobil Corp and Chevron Corp dropped more than 1% in premarket trading.
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A record 20.5 million jobs were lost in April as unemployment rate soars to 14.7 %
- 2020-05-09
- Traiding Idea
A record 20.5 million jobs were lost in April as unemployment rate soars to 14.7 % A report released by the U.S. Labor Department on Friday shows that the number of unemployed reached an all-time high of 20.5 million in April, following the economic downturn caused by the Coronavirus outbreak and the closure of businesses. U.S. Federals Reserves officials warned on Friday that while many parts of the country are reopening after weeks of closure, Americans should not expect a rapid recovery and a reduction in the unemployment rate. "A couple months ago I was optimistic, I was hopeful, that maybe we would have a 'V'-shaped recovery - shut things down, clamp down on the virus, and then have a quick recovery," said Neel Kashkari, President of the Federal Reserve bank of Minneapolis.
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