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)
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)
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.
US Economy Could Recover Sooner Than Expected
Crediting the monetary and fiscal support provided thus far during the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in an interview Thursday the U.S. economy may recover to pre-pandemic levels sooner than expected. From The Hill:
Powell said during a Thursday virtual interview that the unprecedented amount of stimulus approved by Congress and the White House, along with the Fed’s aggressive intervention, has likely prevented the U.S. from suffering deeper long-term economic damage.
The Fed chief stressed that the U.S. economy would not fully recover until the raging coronavirus pandemic is under control. Powell, however, said that a rebound to the historically low unemployment seen before COVID-19 derailed the economy could return quicker than many expected when the pandemic hit.
More than 20 million jobs were lost during March and April thanks to coronavirus-related closures. The unemployment rate skyrocketed from 3.5 percent to a staggering 14.7 percent. By December, around 10 million of those jobs had been recovered as the unemployment rate dropped to 6.7 percent. That said, the Department of Labor is reporting initial jobless claims soared to 965,000 last week. That figure is much higher than economists’ forecasts of 800,000 claims. It’s also the largest total since August 22, when the economy began a short recovery during the summer. In related news, the U.S. economy lost 140,000 jobs in December and according to CNN “all of them were held by women.”
Fed Chair Powell says a lesson from the central bank’s experience after the 2008 financial crisis is: “Be careful not to exit too early” from providing support for economy.
— Victoria Guida (@vtg2) January 14, 2021
The US economy lost 140,000 jobs in December. All of them were held by women https://t.co/q0UmZF3lWz
— Maria Servellon (@RiaServellon) January 14, 2021