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Tag Archives: Recession
Current Economic Situation: GDP, Income, and Inflation
I’m struck (again) by the fact that how you view the world is affected by your news sources. Last week, the Commerce Department released its advance estimate of second quarter 2021 gross domestic product (GDP). Whether you think the economy is experiencing “some of its strongest ever quarters of economic growth” or “could soon be on the verge of economic disaster” depends where you read the story. The numbers and press release from the Commerce Department are probably somewhere in between those two narratives. All the press agree… Read More →
Current Economic Situation, 12/17/2020, Holiday Retail Edition
Clearly, many Americans and Texans continue to struggle in the current health and economic environment. Texas (following national trends) COVID cases, hospitalizations, and deaths are up substantially from early fall (NY Times and TX DSHS). As I write this post, I’m home quarantining with my 10-year-old son, who was potentially exposed to COVID-19 at school (so far, we are still healthy). I certainly appreciate the fact that I have a job that allows me to work from home. Many people must work from specific physical locations and interact… Read More →
Current Economic Situation, 11/27/2020, Holiday Edition
Black Friday marks the official beginning of the holiday shopping season. This year, shopping has started early, in part to support struggling businesses and in part due to concerns about shipping. Respondents in a VISA holiday business study said they planned to shop a mix of online and in-person retail, and intended to support small businesses. Sixty percent of U.S. consumer respondents said they planned to do at least half of their holiday shoppers at local retailers. Sixty percent of respondents also plan to purchase at least half… Read More →
Current Economic Situation, COVID-19, 9/25/2020
Among the masks, social distancing, and uncertainty that have become part of the “new normal” attributed to COVID-19, mixed economic signs also seem to be the norm. The Bureau of Labor Statistics reports employment claims that have fallen substantially from Spring 2020 levels. Unemployment has dropped to 8.6 percent as of September 24, from 10.2 percent as of August 20, just over half the May high of 17.1 percent. On the other hand, that is still almost double the 2009 unemployment rate and more than double the rate… Read More →
Current Economic Situation, COVID-19, 8/21/2020
Five months into the U.S. COVID-19 pandemic and rapid-onset recession, schools across much of Texas and the U.S. are opening to both on-campus and online education with social distancing and heightened cleaning procedures. As Americans began to resume more normal activity patterns in June and July, coronavirus cases surged, forcing a retreat to homes and numerous cancellations of fairs and other statewide and local celebrations. My kids’ school moved the start date up and then pushed it back. They started school this week with temperature checks and masks…. Read More →
Current Economic Situation, COVID-19, 5/19/2020
Clearly, this is a difficult time, and many people are truly struggling with health and economic concerns. This morning I read an article calling the current situation “the worst downturn in generations — one with no bottom in sight.” I’ve lost my radar for hyperbole amid the recent news of doom and disaster, but I don’t think the author intended hyperbole. Most of the article wasn’t really news: the idea that economic downturns disproportionately affect young and relatively less skilled workers is established in the economic literature. The… Read More →
Current Economic Situation, COVID-19, 4/23/2020
The big news this week is that states are easing COVID restrictions, which is both good for the economy, at least in the short term, and risky. Several states, including Texas, have begun the process of reopening the state’s economy. In Texas, that will be a slow process, with nonessential retail outlets initially being open for curbside pick-up only. No wandering around boutiques or dining in restaurants just yet. Other states, including Georgia, are taking a more aggressive approach. There is still widespread debate about whether we are… Read More →
Current Economic Situation, COVID-19, 4/16/2020
This hasn’t been a good news week on most fronts. Keep reading for some bright spots at the end of this article. The U.S. Department of Labor released a glimmer of good news this morning, announcing Americans filed 5.2 million new unemployment claims the week ending April 11. That is down by 1.37 million from an adjusted 6.6 million the previous week. Still, more than 15 million Americans have filed for unemployment in the past few weeks. March unemployment should be released tomorrow, April 17. The IMF announced… Read More →
Current Economic Situation, COVID-19, 4/2/2020
Texas businesses are no strangers to natural disasters. Small business owners have weathered hurricanes, tornadoes, floods, wildfires, and more. These disasters are short events, although they may be followed by lengthy recovery periods. The COVID-19 pandemic is different in many ways. This event is longer and unknown. Whereas a hurricane hits and moves on within a few days (albeit with massive physical destruction), pandemics can last weeks or months. Pandemics are also widespread rather than contained to a relatively defined geography. Furthermore, pandemics negatively shock both supply and… Read More →
Personal and Family Financial Resources after a Disaster
The sites below include information about overcoming financial set-backs and management after a disaster. One of the nice things about each of the resources listed below is that information is provided in short, topic-specific chunks so it is easy to find and quickly read or watch the info you are most interested in. Many resources are provided in both English and Spanish. My favorite resources for individuals and families: Navigating Tough Financial Times is a recent post from AgriLife Extension relevant to the COVID-19 situations. Managing Money in… Read More →