(Friday, May 8, 2020, 6 p.m. EST) The unemployment rate surged to 14.7% in April, the U.S. Bureau of Labor Statistics (BLS) said Friday, but the Standard & Poor’s 500 stock index nonetheless soared 1.6% and 3.4% for the week.
(May 5, 2020, 8 p.m. EST) – While the coronavirus pandemic has exacted a once-unimaginable toll in human life, its financial cost is cushioned by an unusual confluence of global conditions shielding Americans from a much-worse economic catastrophe.
The U.S. economy in the first quarter of 2020 shrunk by 4.8%, and the second-quarter is expected to be five times worse due to the partial shutdown of the economy.
(Tuesday, April 28, 2020, 9 p.m. EST) The first tranche of $349 billion forgivable loans to businesses provided payroll assistance to more than 1.6 million small businesses from the U.S. Government before running out money. The second tranche of $310 billion in forgivable loans which is being distributed by lenders now and funding may also run out quickly, making it wise for business owners to act quickly.
(Tuesday, April 28, 8 p.m. EST) The partial shutdown of the economy is captured in these four snapshots of fundamentals in March.
(Friday, April 24, 2020, 7 p.m. EST) If the economy won’t begin to return to normalcy until the public health crisis ends, this chart, used with permission from the Institute of Health Metrics and Evaluation (IHME), shows the beginning of the end of the Coronavirus financial crisis is expected to occur in June.
(Wednesday, April 22, 2020) The Coronavirus financial crisis is being compared to the near collapse of the global financial system in 2008 and The Great Depression from 1929 to 1939, but there is one big difference this time: The Fed. The Federal Reserve Bank is using innovative new tools to contain the financial damage of the Coronavirus epidemic.
(Friday, April 17, 2020, 6 p.m. EST) The Standard & Poor’s 500 index closed at 2,874.56, up 2.7% on the day. The barometer of America’s economic strength gained 3% for the week, after a spectacular 11.4% one-week gain a week ago, the best one-week performance since 1974.
(Tuesday, April 14, 2020, 8 p.m. EST) – By August 4, 2020, the Institute of Health Metrics and Evaluation (IHME), an independent public health research center at the University of Washington, expected 68,841 deaths from COVID-19 in the U.S.
(April 10, 2020, 8 p.m. EST) – The newly released consensus forecast of 60 economists surveyed by The Wall Street Journal is for an unprecedented -25.3% reduction of economic activity this quarter, followed by +6% growth in Q3, and +6.6% growth in Q4.