2020 economy shrank record 74 years as growth slowed
The 2020 U.S. economy contracted 3.5 percent with a 4 percent gain in Q4. Unemployment aid filings stayed high at 847,000 last week while the stock market rose 16 percent on vaccine hopes and federal relief prospects. Economists warn recovery hinges on vaccine distribution and continued aid programs.
MENTIONED IN THIS ARTICLE
Washington
U.S
United States
Daco
Dace
International Monetary Fund
Federal Reserve
Fed
Mark Zandi
Moody’s Analytics
Jobless claims stay high as virus keeps layoffs coming
U S jobless claims fell to 847000 last week but remain well above pre pandemic levels. The four week moving average rose to 868000 as Ohio reported a spike in initial claims and Medina County saw a 17 5 percent rise. Nearly 4 8 million Americans received unemployment benefits the week of Jan 16 as GDP growth estimates for 2020 are revised and vaccine rollout shapes outlook.
MENTIONED IN THIS ARTICLE
Medina County
Washington
Labor Department
United States
Ohio
Human Services Agency
Dems push ahead on 1.9T rescue plan without GOP support
Democrats in Congress and the White House reject splitting the 1.9 trillion COVID relief package into chunks and push forward with a bipartisan or solo path. They argue high unemployment and a stagnant economy require rapid action to fund vaccines, reopen schools and aid households and businesses. Senate and House leaders plan a budget reconciliation route to pass the package by March, while White House officials caution against piecemeal action.
MENTIONED IN THIS ARTICLE
Washington
Congress
White House
Joe Biden
Biden
U.S
Oval Office
House
Senate
Chuck Schumer
Nancy Pelosi
Schumer
Treasury
Janet Yellen
Senate Republicans
Rob Portman
Cincinnati
George W. Bush
Susan Collins
Maine
Collins
Obama
Jen Psaki
Gene Sperling
National Economic Council
Trump
John Barrasso
Wyoming
U.S. Capitol
IMF predicts vaccines lift global growth to 5.5 percent in 2021
The IMF projects a 5.5 percent global expansion in 2021 after a 3.5 percent drop in 2020. It cites vaccine rollouts and US and Japan stimulus as key boosts while warning of policy needs amid virus mutations. US growth seen at 5.1 percent, China 8.1 percent, India 11.5 percent. Global trade expected to rise 8.1 percent.
MENTIONED IN THIS ARTICLE
Washington
International Monetary Fund
Sion
IMF
United States
Japan
Gita Gopinath
U.S
China
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Martin Cruisinger
The
Associated Press
Nana
Donald Trump
Gregory Daco
Oxford Economics
Dems
GOP
Paul Wiseman
India
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