January 14, 2021
Jobless, Selling Nudes Online and Still Struggling
“It is already an incredibly saturated market…The idea that people are just going to open up an OnlyFans account and start raking in the dough is really misguided.”
Some Uber, Lyft drivers sue over California ballot measure
The measure granted the delivery services an exemption from the law that would have required providing drivers with protections like minimum wage, overtime, health insurance and reimbursement for expenses.
Millennials double wealth to more than $10T despite pandemic, debt
Indeed, millennials are reported to have $4.3 trillion in debt from consumer loans, such as credit card debt or student loans, that may be thwarting mortgages for home buying and real-estate investment opportunities. That compares to their $10.3 trillion in assets.
California exodus intensifies as retirees, teachers, musicians seek cheaper, less-crowded pastures
California’s beachy lifestyle and creative energy in entertainment, the arts and technology still exert a strong pull — but increasingly, only the wealthy can afford these perks. …
January 13, 2021
Upbeat Xi Says Time on China’s Side as Turmoil Grips U.S.
Besides the Capitol Hill chaos last week and the worsening coronavirus outbreak in America, a forecast released by the Centre for Economics and Business Research last month projected that China would overtake the U.S. as the world’s largest economy in dollar terms in 2028, five years earlier than a year ago.
U.S. labor market losing speed as COVID-19 spirals out of control
“Stripping out the wild monthly swings of the coronavirus recession, the rise in layoff activity is historically large and surpasses the increases seen at the height of the Great Recession.”
KC Fed’s George: Vaccine delays among most substantial risks to U.S. recovery
“Much of the optimism for eventual recovery this year is tied to a successful and widespread vaccination program. One of the most substantial risks to the outlook is a significant delay or disruption…It is difficult to imagine a sustained and robust recovery until the virus no longer interferes with day to day decisionmaking.” …
January 12, 2021
The Case for American Optimism
Yet despite all the wailing, the United States is not so much declining as reinventing itself — and, as usual, doing so from the ground up. America as a whole is not a “failed state” but a place where people move from areas of limited opportunity to those with more. The pandemic has accelerated this process.
U.S. coffee shops will only return to pre-pandemic sales in 2023 — report
“The U.S. coffee shop market is enduring the worst trading environment in living memory. However, with a changing political situation, mass vaccinations and operators rapidly adapting with new trading formats, there is light at the end of the tunnel…We expect trading to begin stabilizing from summer 2021, however it will take a number of years for operators to fully readjust to the ‘new normal’”. …
January 11, 2021
Nearly 4 million Americans have been out of work for at least six months
“They’re stuck and they start to face discrimination…Employers believe they are damaged goods.”
U.S. Economy in Spotlight Amid Optimism on More Aid
“Economic slack in general and labor slack in particular will stifle any sustained pickup in price pressures. This will yield the Fed an extremely long runway before officials will need to legitimately contemplate reducing accommodation.”
mRNA Vaccines Could Vanquish Covid Today, Cancer Tomorrow
It can tell our cells to make whatever protein we want. That includes the antigens of many other diseases besides Covid-19.
54% of part-time workers think retirement is unrealistic: Saving might be tough but not impossible
People without full-time jobs do face greater challenges with respect to retirement planning. Lower income is only the most obvious one. …
January 8, 2021
U.S. labor market recovery faltering; layoffs hit record in 2020
Layoffs announced by U.S. companies surged 18.9% in December, other data on Thursday showed. Though services industry activity accelerated last month, employment fell. The reports followed on the heels of news on Wednesday that private companies shed workers in December, heightening the risk that the economy lost jobs last month for the first time since April.
Moderna CEO says vaccine likely to protect for ‘couple of years’
“The nightmare scenario that was described in the media in the spring with a vaccine only working a month or two is, I think, out of the window…The antibody decay generated by the vaccine in humans goes down very slowly…We believe there will be protection potentially for a couple of years.” …
January 7, 2021
Amazon.com to spend $2 billion in homebuilding near key U.S. offices
The company said it intends to create at least 20,000 affordable housing units in Puget Sound area of Washington State, Virginia’s Arlington and Nashville in Tennessee. A large proportion of Amazon’s investment will be through low-cost loans to preserve or build affordable housing for moderate-to-low income families, the company said.
U.S. private payrolls post first decline in eight months as COVID-19 cases skyrocket
The ADP National Employment Report on Wednesday showed job losses across all industries last month as the coronavirus outbreak kept many consumers and workers at home. …
January 6, 2021
US risks years of higher mortality from COVID-19’s economic fallout
The new data highlight the recession’s reach, with long-lasting effects, even after a vaccine is widely available and short-term aid from the federal government supports people’s incomes.
Pandemic haunts new year as virus growth outpaces vaccines
England headed back into lockdown. Mexico City’s hospitals hold more virus patients than ever. Germany reported one of its highest daily death tolls to date Tuesday. South Africa and Brazil are struggling to find space for the dead. Even pandemic success story Thailand is fighting an unexpected wave of infections.
Late sales rebound helps US automakers avoid 2020 disaster
But as the summer came, people with jobs started splurging on loaded-out cars, trucks and SUVs late in the year. That and low interest rates drove sales up and pushed the average auto sales price to a record of just over $38,000 in December, according to J.D. …
January 5, 2021
Stimulus Check Latest: Is A Third Payment In Your Future?
It’s already clear that the House and President-elect Joe Biden support putting more money into the hands of Americans…Biden referred to the latest stimulus as a “down payment” for dealing with the pandemic.
2021 Will Be the Year of Guaranteed Income Experiments
At least 11 direct-cash experiments will be in effect this year, from Pittsburgh to Compton. Another 20 mayors have said they may launch such pilots in the future, with several cities taking initial legislative steps to implement them.
The Fed Is Powerful, Except in Fighting Wealth Inequality
The power to narrow the yawning gaps in the world’s largest economy begins and ends in the walls of Congress. Unfortunately, for more than a decade, lawmakers have ceded much of that responsibility to the Fed, an institution that is particularly ill-equipped to address wealth inequality. …
January 4, 2021
Not to ruin the party, but the 2021 forecast is nightmarish
America was severely broken and fundamentally changed during 2020 and it will take a long time to fix it — a job that President-elect Biden is unprepared to handle.
Fauci sees U.S. gaining control over pandemic by next autumn
“As we get into January, the feeling is that we’re going to gain momentum to be able to catch up.”
Moving Into the Long Term
With remote learning moving into the long term, experts say the mental, emotional and academic impacts of that shift are likely to be challenging.
Ten Ways Covid-19 Has Changed the World Economy Forever
The takeover of factory and service jobs by robots will advance, while white-collar workers get to stay home more. There’ll be more inequality between and within countries. …
December 23, 2020
House Dems will try to pass $2,000 stimulus checks this week after Trump signals support
In a video address Tuesday night, Trump called the proposed stimulus checks of $600 included in the economic relief bill that Congress passed Monday “ridiculously low” and said the payments should be more than tripled — a proposal that many Democrats immediately lined up behind.
Stimulus arrives as confidence sinks: Morning Brief
“Consumers’ assessment of current conditions deteriorated sharply in December, as the resurgence of COVID-19 remains a drag on confidence…”
Jobless claims: Another 803,000 Americans filed new unemployment claims last week
Though initial unemployment claims improved more than anticipated last week, claims are still coming in at historically elevated levels.
In pandemic America’s tent cities, a grim future grows darker
The virus presents a compounding threat. Not only are these populations some of the most vulnerable to the coronavirus, but by destroying millions of jobs, the pandemic threatens a wave of evictions that experts warn could lead to a catastrophic housing displacement and even more people living on the streets. …
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