Powell said the US economy is at an "inflection point" more than a year after the virus forced widespread lockdowns and business closures.
The fiscal reaction pegged to the current recovery has been larger and faster than after the last financial crisis, says BofA.
US factory output rose more than expected in November, largely buoyed by strong auto manufacturing. Manufacturing output climbed 0.8% last month, according to Federal Reserve data. Economists surveyed by Bloomberg expected a 0.4% gain. Motor vehicle and part production leaped 5.3% in November, marking the first monthly gain since July. […]
November’s jobs report showed signs of a slowing labour market as the US added 245,000 nonfarm payrolls, which lagged the consensus estimate of 460,000. The unemployment rate fell to 6.7% from 6.9% and met forecasts. Several Wall Street economists have pointed out that the unemployment rate fell for the “wrong […]
Just as the pandemic’s economic fallout disproportionately hit low-income Americans and minorities, low-earning industries face a far more difficult return to pre-pandemic strength, said James Paulsen, chief strategist at The Leuthold Group. High-earning sectors’ unemployment rate jumped to just 12% and now sits at 5.5%. Yet low-earning industries saw their […]
There are more risks to growth in 2021 than there are positive catalysts, as the world battles Covid-19, JPMorgan Chase EMEA chief executive Viswas Raghavan says. A resurgence in Covid-19, a deterioration in trade relations between the US and China and, in the immediate term, the upcoming presidential elections could […]
Economist Mohamed El-Erian says markets may falter as the Fed’s liquidity “engine” becomes less and less powerful, and as investors begin to challenge elevated valuations. “If that engine disappears, we have a long way between where asset prices are right now and where fundamentals will validate them,” he told Bloomberg […]
A lack of near-term stimulus will likely drive economic contraction in August, Ethan Harris, global economist at Bank of America, said in a Friday note. The Senate is on recess until September after making little headway on a new relief measure. The lack of renewed aid, when combined with President […]
Australia’s cruising industry posted a massive 27% jump in economic value last financial year, hitting $4.58 billion in FY15, according to a new industry report. The Cruise Lines International Association (CLIA) Australasia’s annual report, “Contribution of Cruise Tourism to the Australian Economy in 2015-16”, shows the industry continues to boom, […]