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Coronavirus recession

COVID-19

Post COVID-19, the Fed and the Feds will have to tread carefully

by Sabri Ben-Achour
Aug 3, 2020
The nature of the economic crisis resulting from the pandemic means we know little about how to deal with its aftermath.
Federal Reserve Chair Jerome Powell, left, and Treasury Secretary Steven Mnuchin greet each other after testifying before a House committee in June. For now, the Fed is more focused on keeping people employed than inflation.
Tasos Katopodis/Getty Images
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COVID-19

Lack of aid to states could hit Black and women workers hard

by Meghan McCarty Carino
Jul 30, 2020
Historically marginalized workers are overrepresented among public employees, and many could be laid off.
A public transit worker cleans subway trains in New York City. State and local government budgets have been battered, and jobs are at risk.
Angela Weiss/AFP via Getty Images
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COVID-19

As tax income shrivels, state budgets face a pandemic reckoning

by Justin Ho
Jul 29, 2020
Many states don't have the luxury of borrowing to get through the crisis. Without more federal aid, they have few options
A cleaning crew disinfects a New York City subway car. Much of the money states received from the federal government has gone toward preventing the spread of the coronavirus.
Stephanie Keith/Getty Images
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COVID-19

Fed sees dim economic outlook as virus squeezes economy

by Associated Press
Jul 29, 2020
The Fed said while the economy has rebounded from the low in March and April, the pandemic will have lasting effects.
Federal Reserve Chair Jerome Powell testifies before the House Financial Services Committee on Capitol Hill on June 30, 2020 in Washington, D.C.
Tasos Katopodis/Getty Images
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COVID-19

Brooks Brothers files for bankruptcy

by Justin Ho
Jul 8, 2020
The 200-year-old company has been hit hard by the pandemic. But suit sales have been on the decline for years.
A Brooks Brothers store in downtown Los Angeles in 2010. Formal menswear was struggling before the pandemic.
Robyn Beck/AFP via Getty Images
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COVID-19

45 states just started a new fiscal year. None are celebrating.

by Erika Beras
Jul 8, 2020
Tax revenue is down, expenditures are up and the future's uncertain.
Public health workers in Denver check in with people waiting to be tested for COVID-19 in March. The fight against the pandemic has contributed to state budget shortfalls.
Michael Ciaglo/Getty Images
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COVID-19

After a 3-month borrowing spree, corporations put the brakes on more debt

by Justin Ho
Jul 6, 2020
Some borrow less because they're optimistic, some because they're pessimistic and some because they're cautious.
A face mask hangs on a fence outside the New York Stock Exchange. Corporate borrowing has slowed as companies reconsider the economic future.
Johannes Eisele/AFP via Getty Images
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COVID-19

When $600-a-week pandemic unemployment checks run out, what then?

by Mitchell Hartman
Jun 30, 2020
If Congress doesn't act, Federal Pandemic Unemployment Compensation is set to expire on July 31.
A Florida resident receives an unemployment insurance application in April. Many recipients could be shocked if the temporary extra benefit terminates at the end of July.
Joe Raedle/Getty Images
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COVID-19

The IMF predicts the global economy will shrink by 5% this year

by Justin Ho
Jun 24, 2020
That means fewer jobs and more debt. And the U.S. may be in for even worse.
A man passes graffiti about the coronavirus in Beirut, Lebanon. The IMF is predicting a world-wide downturn of 5% as people spend less money while stuck at home due to COVID-19.
Patrick Baz/AFP via Getty Images
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COVID-19

Why is unemployment still so high?

by Mitchell Hartman
Jun 19, 2020
Weekly jobless claims have leveled off at well above 1 million, as new layoffs offset people called back to work.
A closed job placement office in New York. Unemployment remains at record highs despite parts of the economy reopening.
Stephanie Keith/Getty Images
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