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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 […]

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 […]

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 […]

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 […]

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 […]

Summary List Placement Jonathan Spears is one of the top real estate agents in the country and is just 28 years old, with over $600 million in career sales. He manages a team of seven and works primarily in the high-end market in Northwest Florida. His team has more than $121 million in sales this […]

Summary List Placement UK retail sales rose for a sixth month in October, smashing expectations, as some consumers stocked up ahead of lockdowns and others started buying for Christmas, encouraged by stores holding early sales, the Office For National Statistics (ONS) said on Friday. The ONS said retail sales rose by 1.2% in October compared […]

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 […]

Summary List Placement The US economy could expand 4.6% in 2021 on the back of huge fiscal spending by President-elect Joe Biden’s administration, according to a note from Ned Davis Research. The successful distribution of a COVID-19 vaccine will serve as a tailwind throughout 2021, but investors should prepare for a weak first half of […]

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, […]

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 […]

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 […]

Summary List Placement After the US economy saw a historic bounceback over the summer, new indicators suggest its ongoing recovery is decelerating. Spiking COVID-19 cases throughout the country already set the stage for a dire winter. The US reported 163,975 new cases on Wednesday, according to The COVID Tracking Project, bringing the nation’s total to […]

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 […]

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 […]

Summary List Placement The Great Recession can’t take all the blame for millennials being financially behind. The financial crisis left the oldest millennials with wealth levels 34% below where they would be if it didn’t occur, and it possibly stagnated the generation’s wages for up to 15 years after graduation, but other factors are at […]

Summary List Placement Chapter 11 bankruptcies hit their highest level since 2010 in the third quarter as lasting damage from the coronavirus pandemic and expiration of fiscal support overwhelmed US businesses. A gauge of Chapter 11 distress among surged roughly 12 points to 81 over the quarter that ended in September, according to a report from […]

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 […]

Summary List Placement House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer called on Senate Majority Leader Mitch McConnell Tuesday to restart relief talks on another stimulus package. “For the sake of the country, we ask that you come to the table and work with us to produce an agreement that meets America’s needs […]

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 […]

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 […]

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 […]

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 […]

Summary List Placement Moderna’s vaccine announcement on Monday made the “light at the end of the tunnel” a little bit brighter as the stock market and economy look poised to gain in 2021, Wharton Professor Jeremy Siegel told Bloomberg. The renowned finance professor said he expects stocks to have a “really tough period” for the […]

Summary List Placement European governments are spending trillions to protect their economies against the coronavirus pandemic, but their debt burden is sustainable, according to European Central Bank chief economist Philip Lane.  “Yes, there will be more public debt at the end of this, but in fact that is the correct response to this type of […]

Summary List Placement The Federal Reserve will adjust a key element of its monetary-easing strategy next month to better bolster the economy through its latest virus wave, JPMorgan said Monday. The central bank has kept its policy stance intact for months after taking unprecedented steps to support the US recovery earlier in the year. The […]

Summary List Placement From 2010 to 2018, more than 1.5 million people moved from New York to four other states, according to a UBS report on the residential housing market. The trend of interstate migration from expensive, populous markets to more affordable ones has been gathering for years, Realtor.com’s senior economist, George Ratiu, told Business […]

Summary List Placement Factory activity in China grew by more than expected in October, while a separate release on Monday showed retail sales grew by the most in ten months, highlighting how the world’s second biggest economy is gradually recovering from the COVID-19 pandemic. Industrial production rose by 6.9% year-on-year in October, beating market expectations […]

Summary List Placement President Donald Trump called on Congress to pass a coronavirus relief bill on Saturday in his first stimulus remarks since losing the election to Joe Biden. “Congress must now do a Covid Relief Bill,” he wrote on Twitter. “Needs Democrats support. Make it big and focused. Get it done!” Congress must now […]

Summary List Placement The coronavirus pandemic ushered in record-low mortgage interest rates that sparked a buying frenzy and sent the US barreling toward a housing shortage. And while it could seem like everyone is buying a house in 2020, real estate purchases have proven to be more difficult for one demographic in particular: Black Americans. […]

Summary List Placement Raising the minimum wage has been a big topic of debate at the city, state, and federal level over the years, with activists and politicians setting a $15 hourly wage as a target benchmark. The value of $15, however, varies depending on an area’s cost of living.  Florida voters went to the […]

Summary List Placement The United States is experiencing a huge surge of coronavirus cases unlike any other in its nine-month battle against the pandemic. With the virus tearing through every state, the nation has shattered infection records the last four days. More than 165,000 new cases were reported on Friday. The staggering caseloads are prompting […]

Summary List Placement Historic homes are often considered treasures. But figuring out where they’re located can be a difficult task for homebuyers. New Yorker Elizabeth Finkelstein runs an Instagram account tracking “cheap old houses” for sale for 1.4 million followers. Here’s another useful tool: A study by the home-buyer website, Sundae, calculated the US cities […]

Summary List Placement Congress’ critical support for unemployed Americans expired just as US coronavirus cases surged in a second wave. The $2.2 trillion CARES Act was widely praised as buoying small businesses, households, and struggling sectors through the first months of the pandemic. The package also included critical aid for jobless Americans in direct relief […]

Summary List Placement Americans are turning pessimistic about the economy for the first time in months as coronavirus cases repeatedly hit new records. The University of Michigan’s index of consumer sentiment fell to 77 in a preliminary November reading from 81.8, marking its first decline in four months. Economists surveyed by Bloomberg expected the gauge […]

Summary List Placement The prospects for another coronavirus relief package before the end of the year diminished rapidly on Thursday, as Republicans and Democrats signaled they did not intend to budge from their long-held positions on spending levels. Both the Democratic leaders Nancy Pelosi and Chuck Schumer said they are still calling for a $2.4 […]

Summary List Placement The COVID-19 crisis has produced a highly unusual recession and recovery is likely to be uneven, according to European Central Bank president, Christine Lagarde, who on Wednesday warned against excessive optimism over the short-term impact to the economy from a vaccine.  “While the latest news on a vaccine looks encouraging, we could […]

Mastercard today announced the expansion of its City Possible™ network and capabilities, whose unique solutions now reach over 500 communities in over 50 countries worldwide. The partnership framework focuses on building more inclusive and sustainable cities by increasing access to city services, expanding urban mobility solutions, and informing an inclusive recovery through data driven insights. […]