New report explores how the U.S. knew Vladimir Putin would invade Ukraine
In a new article, The Washington Post breaks down how the U.S. knew Russia would invade Ukraine, and began to prepare the country to go to war. Washington Post national security reporter Karen DeYoung joins CBS News to discuss.news.yahoo.com
Fed Chair Jerome Powell said he does not think the U.S. is currently in a recession
Federal Reserve Chairman Jerome Powell said on Wednesday he does not believe the U.S. economy is in a recession as the central bank raised rates further to fight inflation. "This is a very strong labor market....it doesn't make sense that the economy would be in a recession with this kind of thing happening." Investors are fearing the Fed's hiking campaign may tip the economy into a recession. The gross domestic product reading for the second quarter is due on Thursday with economists expecting the economy to have barely expanded following a 1.6% contraction in the first quarter. Many on Wall Street refer to two consecutive negative quarters as a recession, but the official definition takes into account more factors than just GDP.cnbc.com
World Bank warns global economy may suffer 1970s-style stagflation
The global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the stability of dozens of countries still struggling to rebound from the pandemic, the World Bank warned.washingtonpost.com
The Issues Dividing America Ahead of the Midterms, Explained
Though the economy may be the focus of November’s congressional elections, other divisive topics -- some new, some perennial -- will also vie for attention from voters. These so-called wedge issues are being fanned mostly by Republicans, who see little downside in taking on polarizing issues that might motivate conservative voters. The Supreme Court, with six of its nine seats filled by conservative justices appointed by Republicans, seems poised to stir things up even further with upcoming deciwashingtonpost.com
As gas prices rise in the US, countries around the world are feeling pain at the pump even more
According to data from globalpetrolprices.com, 46 countries has gas prices that are $6 a gallon or more, 26 have prices that are at least $7 a gallon while nine countries have gas prices that are $8 a gallon or more.
Here are the best, worst days to travel for the 2021 holiday season
Whether you’ve already booked holiday travel plans, or you’re waiting for the last minute to make sure there aren’t restrictions, there are certain things to keep in mind about which days will be best to travel, and what resources might be more scarce than in years past.
Fed's Powell: There's no returning to pre-pandemic economy
Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy has been permanently changed by the COVID pandemic and it is important that the central bank adapt to those changes. “We're not simply going back to the economy that we had before the pandemic,” Powell said at a Fed virtual town hall for educators and students. Powell said that, while it is not yet clear if the delta variant of COVID will have further impact on the economy, the country has already seen significant changes since the pandemic began shutting the country down in March 2020.news.yahoo.com
Data To Give Gauge Of Australia’s March Quarter Gross Domestic Product
The March quarter national accounts, which will provide the latest economic growth readings, are due on June 2. In the build-up to that data, the Australian Bureau of Statistics will release a number of reports to gauge the speed of the recovery in the quarter, kicking off with construction work figures on May 26. What is known so far, retail spending will be a modest drag on growth in the quarter, after declining 0.5 percent, following a relatively large 2.4 percent increase in the December quarter. The Australian Bureau of Statistics will release on May 25 more up-to-date data with its preliminary trade figures for April and its latest weekly payroll jobs report. As per the Labour Force Statistics by the Australian Bureau of Statistics released on May 20, in April 2021, the unemployment rate saw a decrease to 5.5 percent with unemployed people decreased by 33,600 to 756,200.thewestsidegazette.com
Economy grew by 1.6 percent in first quarter, showing signs of boom to come
The U.S. recovery likely found its rhythm in the first three months of 2021, according to early forecasts of data to be released by the Bureau of Economic Analysis this morning. It appears likely all Covid-19-era losses will be recovered by the middle of this year.washingtonpost.com
UK economy ended 2020 better than previously thought
The pandemic has battered the British economy, which has suffered its deepest recession in more than 300 years. (AP Photo/Matt Dunham)LONDON – Official figures show that the British economy ended 2020 on a stronger footing than previously thought but that it suffered a bigger than anticipated fall in output in the immediate aftermath of the first coronavirus lockdown. In its latest revisions for 2020 data, the Office for National Statistics said Wednesday that the British economy contracted by 19.5% during the second quarter, the first full quarter of lockdown. Overall, the agency said, the British economy ended 2020 9.8% smaller, slightly better than the previous estimate of 9.9%. The U.K. as a whole has had Europe’s deadliest coronavirus outbreak, with over 126,000 people having died after testing positive for COVID-19.
U.S. economy is 'on the brink' of a complete recovery, says Richmond Fed's Barkin
Pedestrians walk outside the New York Stock Exchange in the U.S. The U.S. economy is recovering from the Covid-19 recession, but some economic "scarring" may take a long time to heal, said Richmond Federal Reserve Bank President Thomas Barkin. Economic scarring refers to damage left behind by crises that will suppress growth prospects over the medium or long term. "I'm hopeful we're on the brink of completing this recovery," Barkin said Monday at the Credit Suisse Asian Investment Conference that's being held virtually this year. The U.S. economy contracted by 3.5% in 2020 compared to a year ago, estimated the Bureau of Economic Analysis.cnbc.com
Pandemic prompts state to offer break on overdue traffic fines and other fees for low-income residents
Lightfoot’s plan created a six-month payment plan that reduces required down payments and gives those with ticket debt more time to pay. The plan also allowed people to request a 24-hour extension to pay their fines in full or get on a payment plan after their vehicles are locked with a Denver boot, though the plan does not ban use of the controversial device that has been the bane of many motorists’ existence.chicagotribune.com
Florida’s COVID variants soar as spring breakers arrive
“Florida is trying to build the economy back and wants to be first in the nation to say, ‘No lockdowns,’” he said. “We’re boasting about it — and helping the economy is a good thing — but there are strings attached. And a lot of them come in the name of the variant. So it’s imperative that we do the right thing to protect ourselves and our families and others around us even if the mandate is not there from businesses or the government.”sun-sentinel.com
Without stimulus, employment might not reach pre-pandemic level until 2024
Without stimulus, employment might not reach pre-pandemic level until 2024 New analysis from the Congressional Budget Office predicts the U.S. economy will return to its pre-pandemic peak in the middle of 2021, but the number of people employed won't return to previous levels until 2024. Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, joins CBSN's "Red & Blue" host Elaine Quijano to discuss what she thinks the federal government should do to aid the economy.cbsnews.com
Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic
India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. (AP Photo/Anupam Nath)NEW DELHI – India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. A country enters a technical recession if its economy contracts for two successive quarters. The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. That was followed by a $35.14 billion package to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.
Senate juggles nominees, coronavirus relief, impeachment trial
WASHINGTON – As President Joe Biden continued to implement his strategy to save lives during the coronavirus pandemic, the Senate was juggling his Cabinet nominees, his proposed $1.9 trillion relief package and preparations for an impeachment trial. House Speaker Nancy Pelosi announced on Thursday that she will send the article of impeachment to the senators who will be serving as jurors in the trial on Monday. If at least 17 Republicans convict Trump, the Senate could prevent Trump from running for office again. Sen. Rick Scott is among the Republicans who oppose both the impeachment trial and Biden’s relief package, which includes a proposal for an additional $1,400 direct payment. Today’s Biden storiesToday’s Trump stories
Pandemics won’t shut down Florida businesses again, state senator says
“I think everyone is on the same page now that we absolutely in no circumstance should go back to where we were before when we shut down our economy,” Burgess said during a webinar held by the Florida Economic Development Council. “Our economy was strong. Our economy is strong. And our economy is bouncing back. But there are so many people who lost jobs and so many businesses who shuttered and who may never open again, and who won’t open again, for sure, because of what we’ve done.”sun-sentinel.com
Another recession looms for UK economy as lockdowns bite
The Office for National Statistics said that as a result of the fall, the economy is 8.5% smaller than its pre-pandemic peak. Because of the November fall, the economy is set to contract again in the fourth quarter. “The economy took a hit from restrictions put in place to contain the pandemic during November, with pubs and hairdressers seeing the biggest impact," said Darren Morgan, director for economic statistics. The hope is that the rollout of coronavirus vaccines — the U.K. is ahead of many other countries — will see a pick-up in activity later this year. ___Follow AP coverage of the coronavirus pandemic at:https://apnews.com/hub/coronavirus-pandemichttps://apnews.com/hub/coronavirus-vaccinehttps://apnews.com/UnderstandingtheOutbreak
UK economy bounces back in summer but faces wintry chills
The London streets are nearly deserted during the first full week of a four-week coronavirus lockdown in England, but some are calling to allow businesses to reopen their doors to kickstart the city economy. The imposition of new limits on public life in the autumn means the economy will likely end the year even smaller. The Office for National Statistics said Thursday that the economy grew by 15.5% in the July to September period. Despite the third-quarter improvement, the statistics agency said the economy was still 9.7% below where it was at the end of 2019. In addition to virus developments, the British economy remains hobbled by uncertainty over the future trade relationship between the U.K. and the EU.
IMF blames resurgent coronavirus for UK growth downgrades
(AP Photo/Frank Augstein)LONDON – The International Monetary Fund has downgraded its growth forecasts for the British economy for this year and next, following an acceleration in the number of coronavirus infections over the past couple of weeks. In its annual assessment of the British economy published Thursday, the Washington D.C.-based body lowered the forecasts it made just two weeks ago. Instead of shrinking by 9.8% this year, the Fund now expects the British economy to contract by 10.4%. The other U.K. nations — Scotland, Wales and Northern Ireland — have also imposed fresh restrictions in recent weeks. After that, the British economy contracted by nearly a quarter before the restrictions started to be eased and large sections of the economy reopened.
U.S. GDP booms at 33.1% rate in Q3, better than expected
The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. "It's obviously good news that the economy bounced back in the third quarter," said Eric Winograd, senior economist at AllianceBernstein. "There's still a lot of work to do here and the pace of improvement ... is going to slow. That is part of the reason that the pace of growth is going to slow from here." The economy has been in a technical recession since February, as first-quarter growth declined at a 5% pace.cnbc.com
UK urged to conclude trade deal with EU to limit Brexit cost
In its latest survey of the the British economy, the Paris-based Organization for Economic Cooperation and Development said Wednesday that a trade deal that ensures a close relationship will minimize the costs of Brexit. The OECD warned that the economy will be further hobbled by a rise in unemployment, which has been largely held in check this year by a wage support program. A trade deal would ensure there are no tariffs and quotas on trade in goods between the two sides, but there would still be technical costs, partly associated with customs checks and non-tariff barriers on services. According to the OECD, even a smooth trade deal would see the British economy around 3.5% smaller in coming years than it would have been had it remained within the EU. British Prime Minister Boris Johnson had set a summit of EU leaders on Thursday as the deadline for a trade deal, but the talks are widely expected to continue for a few more weeks.
IMF revises its global GDP forecast higher, but warns the economy 'remains prone to setbacks'
The International Monetary Fund on Tuesday turned slightly more positive on the global economy for this year, but warned of a "long, uneven and uncertain" recovery. The global economy is now projected to contract by 4.4% in 2020 — an upward revision from an estimate of -4.9% made in June. The IMF's projection assumes that social distancing due to the coronavirus pandemic will continue into 2021, and that local transmission will fall everywhere by the end of 2022. However, it warned that the coronavirus crisis is far from over. The IMF projected "only limited progress" going forward and cut its GDP (gross domestic product) growth expectations for next year to 5.2%, from an estimate of 5.4% made in June.cnbc.com
UK economy slump not as bad as feared but still a record
LONDON – The British economy did not contract as much as originally thought during the second quarter of the year when coronavirus lockdown measures were at their most intense — though the slump remained the worst on record. The Office for National Statistics said Wednesday that the British economy contracted by 19.8% in the April to June quarter from the previous three-month period, slightly less than its previous estimate of 20.4%. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously. “It is clear that the U.K. is in the largest recession on record," the statistics agency said. Since May, when lockdown measures started to be eased, the British economy has managed to eke out three months of growth, which has helped it recoup around half of the output lost.
Global economic outlook not as bad as expected - OECD
PARIS – The global economy is not doing as bad as previously expected, especially in the United States and China, but has still stuffered an unprecedented drop due to the coronavirus pandemic, an international watchdog said Wednesday. The global economy is expected to rebound and grow by 5% next year, the organization said. The OECD upgraded its forecast for the U.S. economy, anticipating a contraction of 3.8% this year instead of a plunge of 7.3% forecast previously. The Paris-based organization, which advises developed countries on economic policy, urged governments not to raise taxes or cut spending next year “to preserve confidence and limit uncertainty." “The aim must be to avoid premature budgetary tightening at a time when economies are still fragile,” it said.
Live events industry feels economic plunge in South Florida
MIAMI – As the coronavirus pandemic began to impact South Florida and officials were forced to implement safety measures, workers and entrepreneurs in almost every sector experienced the economy’s downturn during the April-June quarter. She is the owner of Café Ala Carte and Chocolate Fountains of South Florida. She said there are 12 million other business owners like her who depend on the live events industry. “We don’t see our industry coming back until the end of the first quarter of 2021.”Fimiano does advocacy work for the South Florida Chapter of the National Association of Catering and Events and International Live Events Association. She recently helped to organize a protest for business owners in front of Sen. Marco Rubio’s office in Miami-Dade County.
What gifts NOT to buy on Father’s Day, according to one survey
For those who are stumped about what kind of gift to buy for Father’s Day, maybe one suggestion that could help is this: Start with what not to buy for the occasion. Coupon Lawn surveyed more than 1,000 fathers in the United States to see what their most unwanted gifts were for Father’s Day. The survey found that 46% of people buy clothes as Father’s Day gifts. The responses found that 30% of fathers dislike receiving these, even though 59% of people who get gifts on Father’s Day buy cards. Coupon Lawn said as part of its survey that $5.3 billion is spent on unwanted Father’s Day gifts, although that is half of the $10.5 billion the site said is spent on unwanted Mother’s Day gifts.
All the questions we are asking ourselves as return of youth sports takes shape
With more states lifting stay-at-home orders and loosening restrictions, it could lead to the return of youth sports sidelined by the COVID-19 pandemic. While organizations in just about every state are formulating plans to return, some states have already set in motion dates for a return to action. The Ohio Department of Health said youth leagues for non-contact and limited-contact sports were able to start May 26, Texas Gov. Greg Abbott said youth sports and camps could start back up May 31, with games likely starting in mid-June, while Florida Gov. For more serious and expensive travel sports, this might be about the time organizations start seasons and playing prominent tournaments, but the clock is ticking.
5 tips to start a franchise in a pandemic economy
Historically, economic downturns have been among the best times for people to start franchises. With the COVID-19 pandemic causing unemployment rates to soar quickly, starting a franchise might be on people’s minds. Diana Trondsen, a small business and franchising expert who is also a consultant with FranNet, offered five suggestions for those interested in starting their own franchise. When first considering whether to start a franchise, whether it’s a food or retail store, taking the time to analyze your life situation and then brainstorm the best ideas are essential. When researching what type of franchise to open, one needs to see how well competitors have done in that community.
Big box rules: Target’s online push readied it for pandemic
NEW YORK – Online sales at Target more than doubled as the pandemic put millions in lockdown during the first quarter, revealing further the critical role big box stores played in getting supplies to an immobilized population. The pandemic has widened an already growing rift between big box retailers that deftly followed consumers online, and those, particularly mall-based clothing chains, that have struggled. Walmart this week reported a 74% surge in U.S. online sales for the first quarter. A years-long campaign by Walmart and Target to challenge Amazon.com online was, as it turns out, a dry run for a pandemic. Its stores were directly involved in supplying goods for 80% of online sales.
Nordstrom to close Dadeland Mall store
MIAMI-DADE COUNTY, Fla. – Nordstrom announced Friday the store in Dadeland Mall in Miami-Dade County will not survive the coronavirus pandemic’s economic crisis. Nordstrom will also be closing its Cafe Bistro at 7231 N. Kendall Dr. The store closed March 17 and the company promised employees pay and benefits during the two-week period. Erik Nordstrom, the company’s chief executive officer, released a statement on Tuesday saying the pandemic accelerated the plan of investing in digital capabilities. Nordstrom first released the complete list of the stores, which also includes one in Naples, to Business Insider.
Coronavirus pandemic wipes out decade of job gains in 1 month
Without a vaccine to prevent the coronavirus disease, economists warn the downturn in the leisure and the hospitality industries is just beginning. On Friday, the feds reported the unemployment rate surged to 14.7% -- erasing a decade of job gains in one month. Some economists estimate the U.S. unemployment rate actually nears 24%. Without a vaccine, economists expect a lot of false starts. I fear that we are going to see yet another round of layoffs even as workers are called back.”More expert opinions:
30 million have sought US unemployment aid since virus hit
WASHINGTON – More than 3.8 million laid-off workers applied for unemployment benefits last week as the U.S. economy slid further into a crisis that is becoming the most devastating since the 1930s. Some outside reviews suggest that the number of job losses is likely even higher than is captured in the weekly unemployment claims. White Americans made up 55% of workers seeking jobless aid in March, African-Americans nearly 15%. This figure is much lower than the total number of people who have sought unemployment aid since the virus struck, in part because it lags behind by one week. Many laid-off workers in the United States are still struggling to obtain unemployment aid.
Need for free food during coronavirus pandemic ‘has only gotten worse,' commissioner says
HIALEAH GARDENS, Fla. – Drivers in need during the coronavirus pandemic started to arrive at about 2 a.m. on Wednesday to Hialeah Gardens High School. Within a few hours, an L-shaped line of cars curved from Hialeah Gardens Boulevard and stretched on Okeechobee Road. A Farm Share truck arrives early Wednesday morning to Hialeah Gardens from the non-profit organization's warehouse in Homestead. We opened a compassionate call center in our city, so Monday through Friday, 8 a.m. to 6 p.m., we have phone lines going, if residents need anything." Sunrise residents can call 954-746-3670 or email CompassionOfficer@sunrisefl.gov for more information.
DeSantis on Florida’s jobless: ‘We need to get people paid’
Ron DeSantis said Florida has issued 121,000 payments to people who filed for unemployment insurance benefits. DeSantis also said Florida has also issued 23,000 payments to people who are unemployed and qualified for the federal supplement checks. Florida’s benefit is $275 a week and the federal benefit is $600 a week. “We need to get people paid,” DeSantis said. DeSantis also issued an executive order to avoid forcing people who receive the unemployment insurance benefit to file bi-weekly updates on their employment status.
DeSantis to form new task force to plan re-opening businesses amid coronavirus pandemic
“We obviously have got to be thinking about what the next steps are for the State of Florida,” DeSantis said. In South Florida, that may begin with the reopening of parks and outdoor spaces, then move to restaurants, with masks and proper social distancing. The task force will also consider the reopening of public schools amid the coronavirus pandemic, which epidemiologists around the world are fighting with mitigation strategies that include social distancing and isolating both symptomatic and asymptomatic patients. “If it’s safe, we want kids to be in school,” DeSantis said. “I think most parents want that.”DeSantis said he will be announcing the members of the task force later this week.
Florida airports to get $896 million in aid during coronavirus pandemic
MIAMI – The U.S. Department of Transportation announced Tuesday the Federal Aviation Administration will award more than $896 million to 100 airports in Florida. The airport receiving the most funding in the state is Miami International Airport with nearly $207 million. Fort Lauderdale-Hollywood International Airport will receive nearly $135 million. Palm Beach International Airport will receive $36.6 million. North Perry Airport, Miami Executive Airport, Palm Beach County Park and North Palm Beach County General Aviation will each receive $69,000.
How China could use this moment to charge ahead with its geopolitical agenda
China, the world's second largest economy, is under threat as the pandemic wipes out jobs and slows productivity and growth. But even with the economic setback, that's not stopping Beijing from doubling down on its geopolitical agenda. China could be using diplomatic outreach, while skirting any responsibility for the crisis, as a way to move forward with its geopolitical plans, Economy said. I think the Trump administration will be looking to China to buy American, to fulfill the promises that it made," she said. In the meantime, the People's Republic of China has rolled out significant measures to offset the economic impact of the pandemic.cnbc.com
The economy is improving, so why are Americans feeling so down?
The economy is improving, so why are Americans feeling so down? Steady job-creation this year has failed to quell people's anxiety about their financial prospects and the broader direction of the economy. CBS News' Lauren Lyster reports.cbsnews.com
Will the economy change much during the year's second half?
Will the economy change much during the year's second half? The economy contracted nearly three percent during the first quarter of the year. CBS News business analyst Jill Schlesinger explains what to expect in the second half of the year.cbsnews.com
U.S. economy shrinks for first time in three years
U.S. economy shrinks for first time in three years The harsh weather this past winter is getting much of the blame for a slowdown in the economy, but most economists believe it sets the economy up for a strong rebound this quarter. Anthony Mason reports.cbsnews.com