Economy

Economist Stephen Roach warns V-shaped recovery mania on Wall Street is leading investors astray.  According to Roach, the U.S. is on a collision course with a second dramatic downturn. “The odds of a relapse, not just the virus but in the economy itself — the so-called dreaded double-dip, is very real,” the former Morgan Stanley Asia

House Speaker Nancy Pelosi told CNBC on Wednesday that additional financial aid to Americans is needed to support the U.S. economy’s recovery from the coronavirus-induced recession.  “You can help people stay open, pay the rent, pay the utilities … even pay employees, but if you don’t have people coming in the doors, you’re still having

The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday.  He spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in

Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic now believe those jobs are lost forever, a new poll shows, as temporary cutbacks give way to shuttered businesses, bankruptcies and lasting payroll cuts. It’s a sharp change after initial optimism the jobs would return. In April, 78% of those in households

The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to batter the U.S. economy.  The Labor Department said Thursday initial jobless claims increased by 1.416 million for the week ending July 18. Economists polled by Dow Jones expected initial claims to rise by 1.3

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II Persistently high unemployment claims show the impact of the spreading virus on the workforce, and economists are already warning that July’s employment report could show

U.S. Treasury Secretary Steven Mnuchin prepares to testify before the House Small Business Committee at the U.S. Capitol on July 17, 2020 in Washington, DC. Kevin Dietsch | Getty Images Senate Republicans announced Wednesday evening that they have “reached a fundamental agreement” with White House negotiators on how to move forward with a coronavirus relief

Alan Blinder, former Federal Reserve vice chairman. Brendan Smialowski | Getty Images Former Federal Reserve Vice Chairman Alan Blinder said Wednesday it is imperative that Congress continues to aid ailing Americans who were laid off during the Covid-19 pandemic.  “Cutting the dollar flow in this emergency would be a catastrophic mistake,” Blinder said on CNBC’s

U.S. retail sales increased more than expected in June, but the budding economic recovery is being threatened by a resurgence in new Covid-19 infections and high unemployment. The Commerce Department said on Thursday retail sales rose 7.5% last month. That was on top of the 18.2% jump in May, which was the biggest gain since

Construction of U.S. homes jumped 17.3% in June as some states reopened, but the pace still lags last year after this spring’s massive slowdown in building activity due to the coronavirus outbreak. The Commerce Department reported Friday that new homes were started at a seasonally adjusted annual rate of 1,186,000 in June after a modest

The number of Americans who filed for unemployment benefits rose more than expected last week as the country continues to grapple with the economic impacts of the coronavirus pandemic.  Initial weekly jobless claims came in at 1.3 million for the week ending July 11, the Labor Department said Thursday. Economists polled by Dow Jones expected

An aerial view of a construction worker roofing an apartment home on May 27, 2020 in Uniondale, New York. Al Bello | Getty Images To find a V-shaped recovery from the economic wreckage of the coronavirus pandemic, look to the nation’s single-family homebuilders. Homebuilder sentiment jumped 14 points to 72 in July, according to the

A shopper walks with bags of purchases in New York. John Lamparski | SOPA Images | Getty Images Retail sales in June are expected to have gained 5.2% as the economy reopened, but sales could have trailed off towards  the end of the month as the virus outbreak worsened. According to Dow Jones, economists expect

People with colorful dresses selling and buying goods in a street market in Osogbo, Nigeria at dusk. Jorge Fernández | LightRocket via Getty Images Declining fertility rates will likely mean almost every country has shrinking populations by the end of the century, according to a new study, triggering “major shifts” in global economic power. A

Dallas Federal Reserve President Robert Kaplan said the U.S. economic growth will accelerate next year as the country rebounds from the coronavirus crisis. “In ’21, we will see an above-trend growth, and we will continue to grind down the unemployment rate,” Kaplan said on CNBC’s “Closing Bell” on Tuesday. “I still believe if we follow these

U.S. consumer prices increased by the most in nearly eight years in June as businesses reopened, but the underlying trend suggested inflation would remain muted and allow the Federal Reserve to keep injecting money into the ailing economy. The Labor Department said on Tuesday its consumer price index increased 0.6% last month, the biggest gain

A construction worker wearing a protective mask moves bricks to the back of a house as they resume construction on a home in Bloomfield Hills, Michigan, May 7, 2020. Emily Elconin | Bloomberg via Getty Images It is the perfect storm for the nation’s homebuilders. A sharp decline in the supply of existing homes for

Treasury Secretary Steve Mnuchin with national debt signage in background. Tom Williams | CQ Roll Call | Getty Images The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. The Treasury Department reported