Economy

Trump’s push to reopen the economy comes as hope for a quick recovery fades

US economy lost a record 20.5 million jobs in April 02:24 Washington (CNN)To staffers inside the White House, it was clear by mid-April the “big bang” economic revival once predicted by President Donald Trump wasn’t in the cards. By April 23, they decided to do something about it. That day during his televised coronavirus briefing, Trump had made his much-maligned suggestion that injections ...

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Stocks are expected to trade the economy’s reopening in the week ahead

Investors will watch the economy’s reopening progress, as well as a series of economic reports in the coming week that will provide a look at the consumer during April as the economy shed 20.5 million jobs. Fed Chairman Jerome Powell speaks on a webcast held by the Peterson Institute on Wednesday at 9 a.m., and he will be watched closely for ...

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The UK economy is heading for its worst crash in 300 years

London (CNN Business)The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England. The central bank said Thursday that the British economy could shrink by 14% this year. That would be the biggest annual contraction since a decline of 15% in 1706, based on ...

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The coronavirus economy is exposing how easy it is to fall from the middle class into poverty

Louise Lara apologized for crying as she told her story. The 54-year-old single mom had just listed her home in the Florida Panhandle as “for sale by owner,” the latest sign that her middle-class life is slipping away amid the nation’s worst economic crisis since the Great Depression. Lara’s saga, like that of so many other Americans, began March 20 ...

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‘It’s the economy, stupid’ all over again

20 million US jobs just vanished. Here’s what that means 01:14 Julian Zelizer, a CNN political analyst, is a professor of history and public affairs at Princeton University and author of the forthcoming book, “Burning Down the House: Newt Gingrich, the Fall of a Speaker, and the Rise of the New Republican Party.” Follow him on Twitter: @julianzelizer. The views expressed in ...

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The much-feared ‘scarring’ of the UK economy may be happening already

Take your pick for which number was more shocking. Was it the reading of 12.9 on the PMI survey of UK business activity in April, a figure that was many degrees worse than any recorded during the 2008 financial crash? Or was it the quadrupling of the government’s borrowing requirement to an astonishing £180bn over the next three months? The ...

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Coronavirus lockdown tips UK economy into biggest slump on record

The UK’s manufacturing and services industries suffered the biggest slump on record this month, according to figures released on Thursday, as a Bank of England policymaker warned Britain’s economy was on course to suffer the deepest recession in several hundred years. Gertjan Vlieghe, a member of the BoE’s interest-rate setting committee, said the UK was heading for a squeeze on ...

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Government considering radical measures to put economy into hibernation to survive coronavirus

The Federal Government is considering a radical suite of measures to effectively put the economy into hibernation, allowing businesses to emerge after the coronavirus crisis, and resume and rehire without crippling debts. As the Government prepares to unveil its third economic rescue package “within days”, policies are being developed to help business owners see out the crisis without having to ...

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The economy v our lives? It’s a false choice – and a deeply stupid one

Calls to reopen America have disturbing intellectual roots. And the millions of deaths that could ensue would fuel a depression beyond our imagination Ancient Hebrew texts are peppered with references to and prohibitions against pre-Judaic practices associated with Moloch, a Canaanite god to whom children were sacrificed for the greater good. Now, millennia later, there are prominent voices among us who propose sacrificing the ...

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G20 leaders to inject $8 trillion into global economy to fight coronavirus

Leaders of the Group of 20 major economies, known as the G20, have pledged to inject $US5 trillion ($8.2 trillion) in fiscal spending into the global economy to ease the economic impact of coronavirus. Showing more unity than at any time since the 2008-2009 financial crisis that led to the G20’s creation, the leaders said they committed during a videoconference ...

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