More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.
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The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.
At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.
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Tuesday morning on the John Fredericks Show, host John Fredericks welcomed Steven K. Bannon to discuss the Democrat’s campaign of death and destruction and the road to victory for Trump.
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A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.
“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”
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New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.
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Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.
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The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.
This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.
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Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point.
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The number of laid-off workers seeking U.S. unemployment benefits dipped only slightly last week, and the economy shrank in the first three months of the year — evidence of the ongoing economic damage being inflicted by the viral pandemic.
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Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.
The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.
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Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.
The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.
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Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.
The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.
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Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.
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Michigan was home to 17 of the 25 counties with the highest unemployment numbers in the nation in April.
According to a database from Lansing State Journal, Cheboygan County led the nation in unemployment with a 41.2 percent unemployment rate. Second in the nation was Mackinac County at 38.1 percent.
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Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.
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It is not necessary or beneficial to sacrifice human lives to save the economy.
Nor, is it necessary or beneficial to sacrifice the economy to save lives.
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Minnesota’s unemployment rate increased to 8.1 percent in April, the first full month impacted by coronavirus restrictions.
Between March and April, the state’s unemployment rate jumped from 2.9 percent to 8.1 percent. Nationally, the unemployment rate rose from 4.4 percent in March to 14.7 percent in April.
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by Spencer P. Morrison Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power of the federal government” to handle. Many assumed this meant building temporary hospitals to care for COVID-19 patients. Others thought the government would provide local authorities with emergency medical supplies. Some imagined we would develop a vaccine. Instead, the government shut down the economy and forced Americans to “social distance” – destroying more than 36 million jobs and at least $2 trillion in economic output – while it scrambled to buy basic medical equipment from China, of all places. At the behest of academics, bankers, and “conservative” pundits like Ben Shapiro and Bill Kristol, America has offshored the bulk of its manufacturing industry to countries like China, Japan, and Mexico – countries that do not put America first. This has made America vulnerable to the biological, political, and economic contagions emanating from less developed parts of the world. The American people will not be safe until we embrace the wisdom of tariffs…
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Former Ambassador to Japan and Tennessee Republican Senate Candidate Bill Hagerty joined The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Thursday morning on the newsmakers line.
During the third hour, Hagerty discussed former Vice President Joe Biden’s involvement in the unmasking of General Michael Flynn and how he has deep ties to the Chinese Communist Party. Hagerty said his campaign is actively laying out a blueprint for bringing much-needed supply chains back to America.
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The COVID-19 pandemic has served to upend many long-held policy assumptions, but none so clearly as the theory that international trade rests purely on economic incentives, and that those economic incentives will always override a country’s more base instincts to act in its own interest because of the cost to global profits.
Responses from countries around the world to COVID-19 have significantly fractured this argument. It can no longer be said with unshakable confidence that nations will sidestep their own economic objectives, interests, and policies for the sake of a more profitable international economic integration.
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25.4 million Americans have lost their jobs since February through mid-April, the Bureau of Labor Statistics reports — 17.3 million who are unemployed, and another 8.1 million who have left the labor force completely — in response to the Chinese coronavirus pandemic as Americans sit home and wait it out.
Although the Bureau tabulates a reported unemployment rate of 14.7 percent, if you count the 8.1 million who left the labor force, too, plus the 5.8 million who were already unemployed, and the number looks more like 18.9 percent.
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The U.S. economy lost 20.5 million jobs in April, while the unemployment rate rose to 14.7%, according to Department of Labor data released Friday.
Total non-farm payroll employment fell by 20.5 million in April, according to the Bureau of Labor Statistics report, and the number of unemployed persons rose by 15.9 million to 23.1 million.
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A Republican lawmaker put forward an amendment Thursday that would suspend Gov. Tim Walz’s salary during the course of his peacetime emergency declaration.
The move is the latest escalation in a battle between Republican and Democratic lawmakers over the best course of action in addressing the coronavirus pandemic. House Minority Leader Kurt Daudt (R-Crown) announced last weekend that he would block a public works bill from being passed until Walz agreed to relinquish his emergency powers.
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President Trump repeatedly has called on companies to move their factories out of Communist China.
He imposed tariffs after determining the Chinese government was illegally subsidizing the production of those goods.
Companies responded by asking the president to lift the tariffs, parroting the Chinese Communist party line.
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The economic shutdown has turned Minnesota’s projected $1.5 billion budget surplus into a $2.4 billion deficit, state officials announced Tuesday.
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The city of Lakefield, Minnesota will no longer direct any resources to the enforcement of Gov. Tim Walz’s stay-at-home order issued in response to the coronavirus pandemic.
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Several small business owners called for reopening the economy during a Monday press conference at the Minnesota Capitol.
“We desire to honor our God, and our government and governor. We think we can do both. But we have no idea how to get a plan approved, to whom to submit it, or if anyone needs to or will consider it. The church needs to gather, we are more the church when we gather than at any other time. Please, Gov. Walz, help us by providing clear ways for plans to be approved and for us to meet,” said Rory Martin, pastor of the Liberty Baptist Church in Eden Prairie.
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President Donald Trump appears impervious to bad news. At least that’s what one might discern from the April 21 Hill/HarrisX poll, where 56 percent approve of his performance on the economy despite 26 million jobs lost and counting amid the government-directed closures in response to the Chinese coronavirus pandemic.
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Minnesota Gov. Tim Walz extended his stay-at-home order Thursday for another two weeks, but with some modifications.
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U.S. Gross Domestic Product shrank by 4.8 percent in the first quarter of the year, a result of stay-at-home orders that shuttered businesses in response to COVID-19.
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A group of small business owners announced Wednesday that they are suing the state of Minnesota over the “unconstitutional” restrictions imposed on them during the coronavirus pandemic.
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Nearly 1 million Ohioans have filed for unemployment since Gov. Mike DeWine shut the state down, and the governor has responded by calling for a “Spirit Week” to have “#SpiritWeekOhio fun” which includes wearing pajamas.
Six of the state’s most influential business organizations last week sent a letter to Gov. Mike DeWine last week urging him to reopen the economy as nearly one million Ohioans have now filed unemployment claims since the start of the coronavirus pandemic, as The Ohio Star reported Monday. The letter was signed by the Ohio Chamber of Commerce, Ohio Business Roundtable, the Ohio Manufacturers’ Association, the Ohio Council on Retail Merchants, Ohio Farm Bureau, and NFIB-Ohio.
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A storm of skyrocketing unemployment paired with plummeting tax revenue have plunged the state budget into a multi-billion dollar deficit.
State Budget Office Communications Director Kurt Weiss told The Center Square in an email that tax revenues for this fiscal year are projected to drop between $1 billion and $3 billion.
There’s another $1 billion to $4 billion projected for Michigan’s next fiscal year, Weiss said.
Over 1 million people have filed for unemployment benefits, more than a quarter of the state’s workforce.
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Six of the state’s most influential business organizations sent a letter to Gov. Mike DeWine last week urging him to reopen the economy as nearly one million Ohioans have now filed unemployment claims since the start of the coronavirus pandemic.
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State Rep. Nino Vitale (R-Urbana) says reports of his Facebook campaign page’s demise are greatly exaggerated — it was down temporarily, but the social media giant was very cooperative in restoring it.
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A group of small business owners described the devastating economic impact of Minnesota Gov. Tim Walz’s stay-at-home order in a recently released video.
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Former Ambassador to Japan and TN Republican Senate Candidate Bill Hagerty joined The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Tuesday morning on the newsmakers line.
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I am math-impaired, but I know enough to wonder if all the Wuhan virus “experts” yammering about “flattening the curve” understand the concept of the “area under the curve.”
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Minnesota’s Senate Republican Caucus said it received more than 1,600 responses in just two days from small business owners across the state on their ideas for how to safely reopen the economy.
The Republican Caucus created a new online portal Wednesday for “businesses and workers to share feedback on reopening Minnesota’s economy.”
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Friday morning on the Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined in studio by all-star panelist Crom Carmichael.
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Michigan Gov. Gretchen Whitmer announced on Thursday that she has joined a partnership with other Midwest states focused on working together to reopen the economy in the region.
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U.S. Senate candidate Bill Hagerty of Tennessee announced Tuesday that he has been named to an advisory board that will help the president reopen the nation’s economy.
President Donald Trump is expected to make a formal announcement imminently on his plans to reopen the economy, but Hagerty revealed in a Tuesday statement that the president has asked him to help.
“I have always sought to answer the call to service, and in doing so, I’ve served my state as Commissioner of Economic and Community Development and served my country as the United States Ambassador to Japan. Now, President Trump has asked me to help on the economic advisory board. Team Hagerty will continue to volunteer in Tennessee as we fight the spread of the coronavirus and deal with its effects,” Hagerty said.
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Roughly 2 million homeowners in the United States have skipped their monthly mortgage payments as the coronavirus pandemic takes a heavy economic toll on the country, according to data from the Mortgage Bankers Association.
As more Americans are losing their jobs, being furloughed, or experiencing reduced income, a growing number of home loans are being left unpaid. The latest data from the Mortgage Bankers Association shows that many borrowers are choosing to go into forbearance, an agreement with a lender that allows them to momentarily forgo payments.
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In order to combat the Chinese coronavirus and to save as many lives as possible, 42 states have issued stay at home orders, and another three have some parts of their states closed, in order to combat the Chinese coronavirus. All 50 states have schools closed. In addition, with the national emergency declared by President Donald Trump, including the overseas travel bans to China and Europe, social distancing, private sector testing and treatments being authorized on an emergency basis, the White House coronavirus task force has credited these closures in part with helping to slowing the total number of cases, which in turn has, according to the models touted by the medical community, already saved hundreds of thousands of lives.
Countries all over the world have resorted to similar national lockdowns in order to win the war on the virus. The unfortunate side effect of the closures is the U.S. and global economies have effectively been shut down except for essential services, resulting in exceptionally high levels of unemployment. In the U.S., anywhere from 17 million to 20 million jobs have already been lost, with many more to come for every week the economy remains closed.
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Returning Ohio to normal following the COVID-19 outbreak will take some time, Gov. Mike DeWine said, even as it appears Ohio’s economy hasn’t yet seen the full impact of the pandemic.
It’s “not going to happen overnight. That’s not going to happen … like flipping a switch, and everything’s going to be back to normal,” DeWine said. “I wish I could do that. I wish the reality of life was that,” he said.
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Jobless claims in Ohio through the first week of April have nearly doubled what was filed during all of 2019, WKRC reported.
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The immediate challenge of COVID-19 has been cast as an examination of how individual Americans will fare should they be exposed to the virus. The effort to arrest the spread of the virus has brought unprecedented changes in the daily routines of all Americans. The limitation of activity is apparent when one walks outside. There is a marked silence, regardless of the time of day, almost eerie, that gives one pause.
The check on movement is accompanied by images of field hospitals and graphs showing curves and spreads displayed across news sites. While many are changing their daily routines to comply with the requirements of staying at home and practicing social distancing, a broader concern is the effect on our American democratic foundation.
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Friday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast live from Music Row on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined on the newsmakers line by the original all-star panelist Crom Carmichael.
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This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.
The Chinese Communist Party virus has exposed many of our nation’s infirmities.
The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods.
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Former Ambassador to Japan and TN Senate Candidate Bill Hagerty joined The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Thursday morning on the newsmakers line.
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