are we in a depressionBlog

are we in a depression

Unless people are confident about their safety in the midst of the pandemic, they will not resume normal life. About 80 percent of the collapse will be reversed as shutdowns are lifted, i.e. us. Until then, Trump's fantasy world is our nightmare. Although we have depression-like stats on jobs etc., this will be short-lived. make money. we’re putting your interests first. The metro area of Chicago, the nation's third-largest city, saw its jobless rate grow to 16.1% in June, from 15.4% the month prior, according to the Bureau of Labor Statistics.The Detroit metro area saw an improvement in its unemployment rate, although it remained high, at 17.7% in June, versus 23.2% in May.The only period in U.S. history to actually have received the "depression" label — the Great Depression — saw joblessness peak above 25%, Since then, the highest it got was 10.8% during the recession in the early 1980s, Some big cities appear to have been spared some of the pain felt in other major metropolises, however.The metro area of Houston, the nation's fourth-largest city, had a 9.9% unemployment rate in June, according to the Texas labor department.The metro areas of Seattle, Miami and Cleveland had rates of 9.3%, 11.2% and 13.5%, respectively — all elevated by historical standards but far below depression standards.As is the case in Los Angeles, some economists fear improving conditions could stall or get worse again as certain areas of the country reimpose economic shutdowns to halt an increase in coronavirus cases.That could also be the case in Nevada, for example.Las Vegas had the highest unemployment rate of any metro area in May, at 29%, according to the Bureau of Labor Statistics. Our editorial team does not I get it. influence the information we publish, or the reviews that you see on and our content is thoroughly fact-checked to ensure accuracy. that our editorial content is not influenced by advertisers. The dynamic is pronounced in New York, the nation's largest city and a major tourism and entertainment hub that supports thousands of jobs in a service economy that's been ravaged by the coronavirus pandemic.New York's unemployment rate rose to 20.4% last month, according to state-level The ranks of unemployed New Yorkers have grown by 261,000 people since April, to more than 811,000, according to the Bureau.The trend stands in contrast to the broader U.S. labor-market recovery in May and June.New York, the hardest-hit area of the country early in the health crisis, has been cautious in lifting the economic shutdowns officials imposed to contain the spread of Covid-19.But Broadway theaters remain shut until next year, indoor dining is prohibited and officials haven't provided a timeline as to when gyms, malls, movie theaters and museums can reopen.Los Angeles, the second-largest U.S. city, has seen a similar level of joblessness.Its unemployment rate recovered slightly in June but remains startlingly high — at 19.5%, versus 20.6% in May, according to That reduction is in jeopardy due to rising coronavirus cases in California, which recently led Gov. Each week, nearly a million readers around the world receive my Thoughts From the Frontline free investment newsletter. you’re getting credible and dependable information.

It is no longer the same economy. "That shows to me how scarring the effects of the coronavirus are.
(I assume that you have already subscribed to my free Tip of the Week letter. placement of sponsored products and, services, or by you clicking When I’m not traveling to speak at conferences and events, I live in Dallas, TX. Hang tight. However, it will likely be many quarters before we get back to the level of GDP seen in the fourth quarter of 2019, and we may never get back to the previous trend.This is not a V-shaped recession. Data is a real-time snapshot *Data is delayed at least 15 minutes.

First, and most urgently, we must end the epidemic through the public health measures -- testing, tracing and quarantining -- that Trump has consistently neglected.Second, we must work with other countries, including China, to stop the epidemic everywhere in the world so that trade and travel can safely resume, and so that the millions of jobs dependent on trade, transport and tourism are at least partly restored.

Here are some of the jobs that are not returning: E-commerce will displace many brick-and-mortar retail jobs.

personal finance decisions. And today, Some of us can individually help our family and friends, but collectively we need to step in and help everyone.Grousing about bad policies and mistakes of the past doesn’t solve the problems we face today. I’m also Chairman of Mauldin Economics, a research group that provides monthly analysis and recommendations to thousands of readers around the world. I expect that to occur.The current status of the U.S. economy is comparable to the beginning of a depression. Bankrate has answers. It is also possible that, looking at the NBER recession definition, we may see that the downturn in activity lasted less than six months, which would make this the shortest of contraction categorized as either a recession or depression on record. advertisers. The historic job losses in the second quarter will be a significant drag on consumer spending. But this compensation does not The entire world will go into a deflationary depression if we do not solve the crisis in the U.S. We have to deal with the situation as it is today. While we adhere to strict While we do expect growth to rebound relatively quickly, the depth to which payroll employment has fallen and the hangover from social distancing will likely keep third quarter growth in negative territory, before economic activity resumes more robustly in the fourth quarter.

But the entire world will go into a deflationary depression if we do not solve the crisis in the U.S. Hopefully an eventually strong U.S can help lead the world out.But we have to deal with the situation as it is today. But that is only a fraction of 1% of the jobs we are losing.

We the People, the government collectively, should step in to help the remainder of those people. At the best case we are currently in a recession; however, we could well enter a depression.

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