Some good economic news this morning: the U.S. economy grew at an annual rate of 2.6 percent in the third quarter. This is the first increase in 2022 after six months of contraction. Continue reading “U.S. Economy Expanded 2.6% In 3rd Quarter”
528,000 Jobs Added Returning Payrolls To Pre-Pandemic Levels
Republicans must truly be sour this morning as the July jobs report far exceeded expectations with the U.S. economy adding 528,000 jobs and the unemployment rate ticked down to 3.5 percent. Continue reading “528,000 Jobs Added Returning Payrolls To Pre-Pandemic Levels”
GDP, Monkeypox + More News
Some news items you might have missed:
• Instinct Magazine: The World Health Organization recommends that men who have sex with other men (MSM) limit the number of their sexual partners as the monkeypox virus continues its spread. It’s important to note that sexual contact isn’t required to contract the virus which can also be spread from hugging, or touching clothing or bed linens. Continue reading “GDP, Monkeypox + More News”
News Round-Up: January 27, 2022
Some news items you might have missed:
• WKBW: Michael Naab, 34, and Amber Naab, 37, reportedly bragged on social media of using fake vaccination cards to attend a Buffalo Bills game. They’ve been charged with criminal possession of a forged instrument in the second degree with a possible 7 year prison sentence. Continue reading “News Round-Up: January 27, 2022”
U.S. Adds 210K Jobs, Unemployment Drops To 4.2%
The Labor Department reports U.S. employers added 210,000 jobs in November on a seasonally adjusted basis. Continue reading “U.S. Adds 210K Jobs, Unemployment Drops To 4.2%”
News Round-Up: August 9, 2021
Some news items you might have missed:
• Outsports: The queer-centric sports website tracked the achievements of the 180 out athletes at the Tokyo Summer Olympics reimagining them as a unified team. Had they been their own country, Team LGBTQ would have finished 7th, ahead of France, Germany, Italy, Canada and Brazil, taking home 11 Gold, 12 Silver, and 9 Bronze medals. Continue reading “News Round-Up: August 9, 2021”
U.S. Economy/GDP Returns To Pre-Pandemic Levels
The Commerce Department reported Thursday that the U.S. economy grew at an annualized rate of 6.4% last quarter. Thanks to business investment and consumer spending, the economy has now surpassed pre-pandemic levels. Continue reading “U.S. Economy/GDP Returns To Pre-Pandemic Levels”
U.S. Economy Rebounding Faster Than Expected
The economy of the U.S. is rebounding faster than expected as experts say all the jobs lost during the pandemic could be regained by mid-2022, according to the Congressional Budget Office (CBO).
From the New York Times:
New forecasts that incorporate the $1.9 trillion stimulus package that President Biden signed into law in March give little credence to warnings by Republican lawmakers and some economists that runaway inflation from all that spending could cripple the economy. Instead, the budget office predicted that a recent spike in prices for cars, airline tickets and other products would be temporary and begin to recede this year.
Administration officials downplayed the deficit projections and focused instead on the predictions for economic growth, saying the strong numbers validate Mr. Biden’s push to douse the economy in stimulus and reinforce their view that inflation poses little threat to the recovery.
The budget office, which is nonpartisan, predicted the economy would grow 6.7 percent for the year, after adjusting for inflation. That would be the fastest annual growth in the United States since 1984. It is significantly faster than the budget office and the Biden administration had each projected this year.
The CBO also anticipates that the unemployment rate will fall below 4 percent next year.
Many say Biden’s push for vaccine distribution helped to accelerate the economy.
Read the full article here.
Economists Predict Post-Vaccine Boom As Economy Continues To Rebound
(image via Sharon McCutcheon/Unsplash)Good news from the Commerce Department as the U.S. economy continues to rebound.
From the New York Times:
The economy picked up speed last quarter, shaking off some of the lingering effects of the pandemic as consumer spending grew, bolstered by government stimulus checks and an easing of restrictions in many parts of the country.
The Commerce Department reported Thursday that the economy expanded 1.6 percent in the first three months of 2021, compared with 1.1 percent in the final quarter last year.
On an annualized basis, the first-quarter growth rate was 6.4 percent.
Over at Axios, Nicholas Johnston reports on a research note from Goldman Sachs (titled ‘Anatomy of a Boom’) that forecasts “more than 7% growth in 2021, a sustained pace not seen in more than 30 years.”
According to the research note, economists post-vaccine hopes for an economic rebound are “changing from ‘from forecast to fact.'”
You’ll recall during the presidential campaign last year, “the former guy” constantly told his followers the economy would tank if he wasn’t reelected.
While the stock market isn’t “the economy,” check out these charts tracking the Dow Jones Industrial Average and the S&P 500 for the past four months.
Goldman Sachs Predicts 4.1% Unemployment By End Of Year
President Joe Biden (photo via campaign)Economists at Goldman Sachs have forecast the unemployment rate dropping to as low as 4.1 percent by the end of the year.
Via The Hill:
The research outlook suggests that as the virus recedes, many of the industries that have been stuck in limbo such as leisure and hospitality will spring back to life, and workers who have been on the sidelines will make their way back to the job market.
Ultimately, the bank forecasts that unemployment will drop to 3.2 percent by 2024. If that were to happen, it would surpass the 50-year record set in the Trump administration, notching a significant win for President Biden and boosting his chances for reelection.
But the research note also pointed out that generous unemployment benefits approved in the $1.9 trillion relief plan may play a role in pushing the recovery toward the end of the year.