General World News

A government watchdog says the Labor Department has been releasing flawed unemployment data — and finds that most states underpaid jobless Americans

Posted on

Summary List Placement The Labor Department’s weekly tally of unemployment-insurance filings has reflected inaccurate data throughout the pandemic, and jobless Americans are being underpaid through the benefits program, the Government Accountability Office said Monday. The historic number of unemployed Americans applying for benefits has skewed weekly claims figures for months, the government watchdog said in […]

General World News

IMF urges Europe to provide more monetary and fiscal support to prevent further damage to the eurozone economy

Posted on

Summary List Placement The eurozone economy is going to need more monetary and fiscal support to avoid further damage from the coronavirus pandemic, the International Monetary Fund said on Monday. The United States has the highest individual death toll and infection rate from COVID-19, but Europe as a whole is not far behind, with over […]

General World News

Up to 87 million workers could lose access to paid leave next month if Congress doesn’t pass another coronavirus relief package

Posted on

Summary List Placement Millions of workers could lose access to paid sick and family leave if Congress does not pass another coronavirus relief package by the end of the year, Politico reported on Sunday.  Up to 87 million workers could be stripped of the benefit which lawmakers approved earlier this year, according to the National […]

General World News

Obama’s former top economist says Democrats should accept a smaller stimulus package now and try to pass a larger relief plan later

Posted on

Summary List Placement Austan Goolsbee, a former top economic advisor to former President Barack Obama, told CNN on Sunday that it was better for Democrats to accept a smaller relief package if it meant getting federal aid out the door faster. Goolsbee, now a professor of economics at the University of Chicago, said many federal […]

General World News

Here’s how the US economy could transform under Biden after his appointment of Janet Yellen as Treasury Secretary — starting with sizable stimulus

Posted on

Summary List Placement Janet Yellen’s decades of policymaking experience hint at how she will lead the Treasury Department through the US economic recovery. President-elect Joe Biden is reportedly set to nominate Yellen to run the department, making her the first woman to do so. Yellen was already the first woman to serve as a Federal […]

General World News

Let’s pay people at least $1,000 to get a COVID-19 vaccine, some top economists and a former 2020 presidential candidate say

Posted on

Summary List Placement The race for a safe and effective coronavirus vaccine appears to be bearing fruit nine months into a pandemic that has killed over 257,000 Americans, wrecked the US economy, and dealt a ferocious blow to Hispanic and Black communities suffering higher death rates and job losses.  The nation, though, may be nearing […]

General World News

America’s unemployment has been worse amid the pandemic than other countries, but Joe Biden has a plan to fix it

Posted on

Summary List Placement The pandemic caused a massive drop in employment in the US, with a loss of 22 million jobs between February and April. While additional economic support under the CARES Act has helped some Americans financially during this time of uncertainty, many of the programs supporting workers have expired, and others are set […]

General World News

John Fetterman, Pennsylvania’s lieutenant governor and a rising star in the Democratic Party, isn’t a progressive. He says he’s just being honest.

Posted on

Summary List Placement John Fetterman, the former mayor of Braddock, was elected lieutenant governor of Pennsylvania in 2018, beating out better-funded opponents. He is not a democratic socialist, although he was a big supporter of Sen. Bernie Sanders, and he doesn’t even like the label of “progressive.” John Fetterman, Pennsylvania’s Democratic lieutenant governor who lives […]

General World News

How 2020 broke the housing market: So many homes are selling that we could run out of new houses in months

Posted on

Summary List Placement Have you thought about moving amid the coronavirus pandemic? Is your Instagram feed littered with captions reading “Surprise! We bought a house!” underneath photos of couples posing with sets of keys and whimsically colored front doors? Have you seen unbearably long lines for open houses in your own neighborhood? If it seems […]

General World News

The K-shaped recovery just keeps getting more K-shaped — better for those at the top and worse at the bottom

Posted on

Summary List Placement SEE ALSO: Meet the ‘K-shaped’ recession, where professional workers are largely fine and everyone else is doing awful Join the conversation about this story » NOW WATCH: How waste is dealt with on the world’s largest cruise ship details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com

General World News

Record low mortgage rates hold steady at 2.72%

Posted on

The average U.S. mortgage rate for a 30-year fixed loan remained unchanged at 2.72% this week, Freddie Mac said in a report on Thursday – the second week in a row rates have sat at the lowest recorded level in the survey’s near 50-year history. The average fixed rate for a 15-year mortgage also remained unchanged from last week at 2.28%. […]

General World News

One in 20 people in the UK are homeless — Here’s how this fund leverages real estate investing to reduce homelessness and provide solid 7.5% yearly returns

Posted on

Summary List Placement Environment, Social and Governance investing hit the mainstream this year with a wide range of new investment products being launched. It is expected that ESG funds will outnumber conventional funds by 2025, according to PWC. Despite the rise in ESG products, the ‘Social’ element is the most complex to quantify. A BNP […]

General World News

Treasury Secretary Mnuchin is moving $455 billion of unspent stimulus money into a fund the incoming Biden administration can’t deploy without Congress

Posted on

Summary List Placement Treasury Secretary Steven Mnuchin is moving $455 billion in unspent stimulus money into a fund that the incoming Biden administration cannot deploy without Congress, Bloomberg reported on Tuesday.  That amount includes money that Mnuchin is yanking from the Federal Reserve and unused loans for companies. The funds will be deposited into the […]

General World News

A top Senate Democrat says a smaller stimulus package may be needed to get through winter months

Posted on

Summary List Placement Sen. Debbie Stabenow, the fourth-ranking Democrat in the upper chamber, urged immediate action on an economic aid package in the lame-duck session of Congress, even if it was a smaller measure to support people and businesses through the winter. The Michigan Democrat said there were discussions going on in a “bipartisan basis” […]

General World News

Inside the journeys of 4 millennials ditching New York for Florida to escape winter — and oppressive lockdowns — in favor of boating, tennis, and the beach

Posted on

Summary List Placement Alissa Farina rode out the early days of the coronavirus pandemic in her tiny Manhattan studio. But with the inevitable sub-zero temperatures of a Northeast winter made even harsher by looming COVID-19 restrictions on dining, gyms, and social activities, the 24-year-old entrepreneur decided to move south — to save her sanity. When […]

General World News

Almost half a trillion dollars — first report of its kind calculates the true global cost of wealthy and corporate tax avoidance

Posted on

Summary List Placement A report by the global advocacy group Tax Justice Network found that countries lose $427 billion in revenue per year from wealthy individuals and corporations evading taxes. About $245 billion of these losses stem from corporations shifting their profits to “tax-haven” countries where corporate taxes are very low or nonexistent, the report […]

General World News

The US economy will shrink in the 1st quarter of 2021 as winter weather spurs virus resurgence, JPMorgan says

Posted on

Summary List Placement JPMorgan expects the US economy to shrink in the first quarter of 2021 as new lockdown measures cut into economic activity. Economists led by Michael Feroli lowered their first-quarter gross domestic product forecast to -1% on Friday, making JPMorgan the first major bank to call for a contraction at the start of […]

General World News

The 25 most expensive ZIP codes in America in 2020

Posted on

Summary List Placement While people may be leaving urban hubs like San Francisco and New York in droves amid the coronavirus pandemic, real estate in ritzy enclaves just outside those cities is more expensive than ever. Mass migration to posh suburbs has pushed up median home prices in California and New York, the two states […]

General World News

Nobel-winning economist Paul Krugman says Biden won’t engage in Trump-style boasting — and his team will be unlike the ‘quacks and hacks’ in the incumbent administration

Posted on

Summary List Placement Nobel laureate Paul Krugman said President-elect Joe Biden won’t engage in Trump-style boasting and his team won’t be like the “quacks and hacks” that populate the incumbent administration. He expects US growth to boom next year, once a COVID-19 vaccine is widely distributed, but warned Biden shouldn’t become complacent about good news […]

General World News

‘It’s everything:’ Here’s how a pair of Senate races in Georgia in January could decide whether Congress enacts a $3.4 trillion stimulus plan

Posted on

Summary List Placement President-elect Joe Biden is on course to assume office on January 20, but the balance of power in Washington is still unresolved with a pair of Senate runoffs in Georgia just two weeks before Biden’s inauguration.  In one race, Democrat Jon Ossoff is challenging Republican Sen. David Perdue, while Republican Sen. Kelly […]

General World News

Mitch McConnell says Congress should redirect unspent stimulus money to prop up small businesses, backing Mnuchin in his fight against the Fed

Posted on

Summary List Placement Senate Majority Leader Mitch McConnell issued a statement on Friday afternoon supporting Treasury Secretary Steven Mnuchin’s call for Congress to repurpose unspent stimulus money — and backing the Trump administration in its extraordinary clash against the Federal Reserve. McConnell said “there is an obvious right use” for the unused funds. He argued […]

General World News

The 25 fastest-growing cities in America, ranked

Posted on

Summary List Placement Amid the coronavirus pandemic, many are ditching giant hubs like New York City and San Francisco and looking to shack up elsewhere. Rapid economic growth plays a key part in what makes up-and-coming cities attractive potential landing spots. WalletHub recently analyzed 515 US cities to identify the locales that experienced the highest levels […]

General World News

Treasury Secretary Mnuchin wants to redirect $580 billion of unspent stimulus money to prop up small businesses and extend unemployment benefits

Posted on

Summary List Placement Treasury Secretary Steven Mnuchin wants to redirect unspent stimulus money into the American economy, he said on Thursday evening. “I hope that Congress will seriously consider reallocating $580 billion of funds that have already been appropriated that wouldn’t cost taxpayers an additional penny,” he told Bloomberg. The pool of funds includes money […]

General World News

Congress must pass new stimulus now to fend off another virus-driven economic slowdown, says one Fed president

Posted on

Summary List Placement Congress needs to act soon if it aims to avoid another bout of economic turmoil, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday. Fears of a double-dip recession are escalating as the US contends with its worst wave yet of COVID-19 infections. Daily case counts continue to hit new records, […]

General World News

Gen Z’s surging economic power will permanently change the investing landscape over the next decade, Bank of America says

Posted on

Summary List Placement Generation Z’s economic power is the fastest-growing around the world, and investors should start preparing for tectonic shifts in consumer preferences, Bank of America strategists said Thursday. Gen Z’s earnings are set to hit $33 trillion by 2030 and account for more than a quarter of all global income. By 2031, the […]

General World News

Here’s why a stimulus package with $1,200 checks may not be passed until Biden takes office in January

Posted on

Summary List Placement Despite immense public health and economic challenges, Congress has not approved another coronavirus relief plan and appears unlikely to do so during the lame duck session. Both parties are clashing on spending levels and the contents of a fourth aid package. The United States, meanwhile, is being blanketed by another wave of […]

General World News

COVID-19 threatens to create a ‘lockdown generation’ in Europe: Here’s why young people could be the ones paying for yet another crisis

Posted on

Summary List Placement Fears are growing of a COVID-19 “lockdown generation” in Europe: Young people whose futures will likely be ruined by the economic calamity caused by the virus.  In April, unemployment rose four times higher among the young (15.4%) in the European Union (EU) than among the overall population (6.6%), EU data shows. Despite […]

General World News

‘Starvation wages’: Walmart and McDonald’s among firms with the most workers on food stamps and Medicaid, according to a Bernie Sanders-commissioned report

Posted on

Summary List Placement Thousands of workers at Walmart, McDonald’s, and other stores and fast food chains are on federally-funded social safety net programs to help pay for basic needs like healthcare and food, according to a report by the nonpartisan Government Accountability Office (GAO). Sen. Bernie Sanders of Vermont, who commissioned the report, described the […]

General World News

The Post Office says 300,000 New Yorkers have fled the city — for places like the Hamptons and even Honolulu

Posted on

Summary List Placement Roughly 300,000 New Yorkers left the city for greener pastures over the last eight months. The New York Post obtained data regarding mail-forwarding requests from the US Postal Service through a Freedom of Information Act request and found that hundreds of thousands of households fled New York City between March 1 and […]

General World News

‘Got a long way to go’: Fed Chair Jerome Powell says it’s too soon to say how much vaccines will lift the economy

Posted on

Summary List Placement Recent progress on developing coronavirus vaccines is “certainly good news,” but the US economy is still far from returning to pre-pandemic levels of activity, Federal Reserve Chair Jerome Powell said Tuesday. Investors positioned for a sooner-than-expected economic recovery over the past week as data from Moderna and Pfizer and BioNTech’s experimental vaccines […]

General World News

Nearly 300 companies that got up to $500 million in US government stimulus aid have filed for bankruptcy. They employed 23,000 people, a WSJ analysis found.

Posted on

Summary List Placement Nearly 300 companies that received up to $500 million in coronavirus-related government loans have filed for bankruptcy, an analysis has found. An analysis of government data and court filings by the Wall Street Journal revealed that 285 American firms that obtained Paycheck Protection Program (PPP) loans in April eventually ran out of […]

General World News

Joe Biden urged Congress to immediately pass a $3.4 trillion Democratic stimulus plan. But both parties have stopped negotiating.

Posted on

Summary List Placement President-elect Joe Biden called on Congress to pass a $3.4 trillion stimulus plan that House Democrats approved earlier this year. He warned of a “dark winter” as recorded virus infections reach new highs, prompting some states and cities to enact new restrictions to thwart the pathogen’s spread. “That requires sparing no effort […]

General World News

US retail sales rose less than expected in October as the economic recovery slowed

Posted on

Summary List Placement Americans spent less at retailers than expected in October as the economic recovery decelerated amid a worsening pandemic. US retail sales gained 0.3% last month, according to the Census Bureau. Economists surveyed by Bloomberg expected sales to increase by 0.5%. The reading also marked an decline from September’s 1.6% increase. The October […]