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Economy

Reuters | Equities.com |

By Shrutee SarkarBENGALURU (Reuters) - The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls, with the ongoing recession expected to be deeper than predicted only last month.World stocks fell to their lowest in over a week on Thursday, as recovery doubts have crept in, driven by a surge in coronavirus cases in many countries.That includes the United States, which appeared to have ...


AP News | Equities.com |

By Martin Crutsinger WASHINGTON (AP) — The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period, which will show what happened when the pandemic began spread across the U.S. The Commerce Department reported Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago. The 5% drop was the sharpest qu...


AP News | Equities.com |

WASHINGTON (AP) — The number of laid-off workers who applied for unemployment benefits declined slightly to 1.48 million last week, the 12th straight drop and a sign that layoffs are slowing but are still at a painfully high level.The steady decline in claims suggests that the job market has begun to slowly heal from the pandemic, which shuttered businesses and sent the unemployment rate up to 14.7% in April, its highest level since the Great Depression. The total number of people who are rece...


Reuters | Equities.com |

SHANGHAI (Reuters) - U.S. curbs on Chinese tech firms amid the intensifying Sino-U.S. battle for tech supremacy are feeding an investment boom across China’s semiconductor industry, driving prices of both publicly traded and venture-backed companies into bubble territory. Investors have pushed the share prices of the country’s 45 listed chipmakers to over 100 times the companies’ earnings, making semiconductors the priciest sector in the stock market. ...


Reuters | Equities.com |

WASHINGTON (Reuters) - Weak demand is forcing U.S. employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened, buttressing views the labor market could take years to recover from the COVID-19 pandemic. A resurgence in confirmed coronavirus cases across the country, linked to the reopening of businesses, is also dimming the outlook. Roughly 29 million people were collecting unemployment checks at the ...


AP News | Equities.com |

NEW YORK (AP) — Americans are likely to see more “for rent” signs in the coming months as many businesses devastated by the coronavirus pandemic abandon offices and storefronts and potentially end a long boom in the nation’s commercial real estate market. Hotels, restaurants and stores that closed in March have seen only a partial return of customers, and many may fail. Commercial landlords have already reported an increase in missed rent payments....


Reuters | Equities.com |

WASHINGTON (Reuters) - The coronavirus pandemic is causing wider and deeper damage to economic activity than first thought, the International Monetary Fund said on Wednesday, prompting the institution to slash its 2020 global output forecasts further. The IMF said it now expects global output to shrink by 4.9%, compared with a 3.0% contraction predicted in April, when it used data available as widespread business lockdowns were just getting into full swing. A recovery in 2021 also will be weak...


Reuters | Equities.com |

WASHINGTON (Reuters) - Conflicting talk from Trump administration officials about “decoupling” the U.S. economy from China is running into a challenging reality: Chinese imports of U.S. goods are rising, investment by American companies into China continues, and markets are wary of separating the world’s biggest economies.White House trade adviser Peter Navarro gave Asian markets a scare on Monday night by telling Fox News Channel that the U.S.-China trade deal was “over.


AP News | Equities.com |

FRANKFURT, Germany (AP) — German economic experts say output won’t completely bounce back to pre-virus levels until 2022 after a sharp plunge of 6.5% this year, describing the pandemic recession and recovery as taking the shape of a “pronounced V.” The five-member German Council of Economic Experts said Tuesday the economy would see an upswing in the second half of this year followed by more moderate growth reaching 4.9% next year. It said unemployment would continue to rise this year b...


Reuters | Equities.com |

By Lucia Mutikani WASHINGTON (Reuters) - Sales of new U.S. single-family homes increased more than expected in May and business activity contracted moderately this month, suggesting the economy was on the cusp of recovering from the recession caused by the COVID-19 crisis. But a resurgence in confirmed coronavirus cases across the country threatens the nascent signs of improvement evident in Tuesday’s economic data. Many states have reported record daily increases in COVID-19 infections,...