Jump to content

Welcome to FutureTimeline.forum
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!
Photo

Global Recession News and Discussions

trade war economy USA China EU UK Trump Mexico Canada recession

  • Please log in to reply
1192 replies to this topic

#1181
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

Small Businesses Are Dying by the Thousands — And No One Is Tracking the Carnage

Big companies are going bankrupt at a record pace, but that’s only part of the carnage. By some accounts, small businesses are disappearing by the thousands amid the Covid-19 pandemic, and the drag on the economy from these failures could be huge.
This wave of silent failures goes uncounted in part because real-time data on small business is notoriously scarce, and because owners of small firms often have no debt, and thus no need for bankruptcy court.
“Probably all you need to do is call the utilities and tell them to turn them off and close your door,” said William Dunkelberg, who runs a monthly survey as chief economist for the National Federation of Independent Business. Nevertheless, closures “are going to be well above normal because we’re in a disastrous economic situation,” Dunkelberg said.
Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.

mHnYmcV.jpg
A boarded up building in downtown Louisville. Photographer: Andrew Cenci/Bloomberg


And remember my friend, future events such as these will affect you in the future.


#1182
wjfox

wjfox

    Administrator

  • Administrators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 12,727 posts
  • LocationLondon

The Office for National Statistics reports that Britain's GDP fell by 20.4% in the second quarter of 2020 – the biggest quarterly decline since records began in 1955, and the worst economic figure of any G7 nation.

 

https://www.bbc.co.u...siness-53753189

 

 

_113907126_v3-growth_quarters-2020-aug-1



#1183
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

Jobless Claims Unexpectedly Jump to Over 1.1 Million


And remember my friend, future events such as these will affect you in the future.


#1184
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

Worker-owned co-ops are coming for the digital gig economy

A domestic cleaning worker in New York City faces a choice. She might decide to register on a platform like Handy or Taskrabbit, where she can accept jobs on a case-by-case basis. Having the flexibility to create her own schedule might compel her, but she might soon realize that 15% to 20% of the pay for each job disappears from her paycheck to go to the company, and that as an independent contractor, she is not entitled to benefits.

Alternatively, she could apply to become a member-owner of one of the three small, cooperative cleaning companies in the city that operate through Up & Go, a platform that launched last year to help the coops manage their workflows. As on Handy or Taskrabbit, she could accept jobs that work with her schedule as they appear, but because she would be a full-time worker and partial owner of whichever coop she joins, she would have a say in setting her own pay rate for the work, and would get benefits. Also, because it’s the workers themselves that own both the company and the platform, their take-home pay would be 95%, and the leftover 5% would feed right back into helping grow and support the platform.


And remember my friend, future events such as these will affect you in the future.


#1185
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

Evictions are expected to skyrocket as pandemic protections come to an end

  • The federal ban on evictions expired last month.
  • Many states that paused their own proceedings have now allowed them to resume. Since July 15, eviction moratoriums have lapsed in Michigan, Maryland, Maine and Indiana. 
  • The result: A record number of people could find themselves without a home during the pandemic.

And remember my friend, future events such as these will affect you in the future.


#1186
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

U.S. economy plunged an annualized 31.7% in second-quarter

The U.S. economy shrank at an alarming annual rate of 31.7% during the April-June quarter as it struggled under the weight of the viral pandemic, the government estimated Thursday. It was the sharpest quarterly drop on record.
The Commerce Department downgraded its earlier estimate of the U.S. gross domestic product last quarter, finding that the devastation was slightly less than the 32.9% annualized contraction it had estimated at the end of July. The previous worst quarterly drop since record-keeping began in 1947 was a 10% annualized loss in 1958.
Last quarter, businesses shuttered and millions of workers lost jobs as the world’s largest economy went into lockdown mode in what succeeded only fitfully in limiting the spread of reported viral infections. The U.S. economy fell an annualized 5% in the first three months of the year as the coronavirus began to make its presence felt in February and March.
 
A bounce-back in hiring as many businesses reopened suggested that the economy began to recover in June with third quarter growth estimated to be around 20% annualized. But economists say a full recovery remains far off given that the virus has yet to be contained and the government’s financial support has faded.


And remember my friend, future events such as these will affect you in the future.


#1187
tierbook

tierbook

    Member

  • Members
  • PipPipPipPipPipPipPip
  • 1,304 posts
  • LocationCharleston sc

So 9.1% QoQ compared to the previous estimate of 9.5%?



#1188
funkervogt

funkervogt

    Member

  • Members
  • PipPipPipPipPipPipPip
  • 1,081 posts

India's economy contracted 24% in the last quarter. 

 

 

India’s economy contracted by 23.9% in the April-June quarter, its worst performance in at least 24 years, the government announced Monday, as the coronavirus pandemic ravaged what was once the world’s fastest growing major economy.

 
The contraction followed tepid 3.1% growth in the previous quarter, which was the worst performance in at least eight years, the National Statistical Office said.
 
India has been publishing quarterly gross domestic product figures since 1996.
 
The pandemic has caused economies around the world to contract, but India’s growth had slowed even before the pandemic struck. Many economists believe Prime Minister Narendra Modi’s demonetization of currency in 2016 and a hasty rollout of a goods and services tax inflicted blows to manufacturing.

 

https://apnews.com/b...8fb88562895137b



#1189
funkervogt

funkervogt

    Member

  • Members
  • PipPipPipPipPipPipPip
  • 1,081 posts

 

Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent — the worst fall on record and slightly worse than most economists had predicted.

https://www.abc.net....ne-qtr/12619950



#1190
Maximus

Maximus

    Spaceman

  • Members
  • PipPipPipPipPipPipPipPip
  • 1,895 posts
  • LocationCanada

Trump ends Covid budget stimulus relief talks

 

US President Donald Trump has said he is ending negotiations over a Covid-19 relief bill, and will only resume talks after the election.

 
He said he would pass a bill if re-elected next month. US stock markets fell after his announcement.
 
Budget talks between Democratic Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin began in July.
 
Democratic presidential nominee Joe Biden said Mr Trump had "turned his back" on the American people.
 
"Make no mistake: if you are out of work, if your business is closed, if your child's school is shut down, if you are seeing layoffs in your community, Donald Trump decided today that none of that - none of it - matters to him," Mr Biden said in a statement on Tuesday.
 
The Republican president - who is himself currently being treated for Covid-19 - countered: "Crazy Nancy Pelosi and the Radical Left Democrats were just playing 'games' with the desperately needed Workers Stimulus Payments.
 
"They just wanted to take care of Democrat failed, high crime, Cities and States. They were never in it to help the workers, and they never will be!"

You know that V-shaped recovery we were supposedly seeing? Looks like it's gonna be more of an M. I don't see any upside to this. Trump is holding the economy hostage until he is elected president; if he isn't elected president, then no stimulus gets passed until January 2021 at the earliest, and that's assuming Trump doesn't play any funny games with the election if he loses. Case numbers are surging almost everywhere again, tens of millions are unemployed, small business are failing, and even big businesses like Disney have announced thousands of job cuts. The airline industry announced tens of thousands of job cuts if stimulus failed. Trump may have just cast the US and global economy into the void.



#1191
caltrek

caltrek

    Member

  • Members
  • PipPipPipPipPipPipPipPipPipPipPip
  • 11,683 posts

A similar perspective on the implications the Covid budget stimulus impasse is offered in this article:

 

 

Time is Running Out for an Economic Rescue

 

https://theweek.com/...economic-rescue

 

Introduction:

(The Week) The American economy has slowly stalled out over the last several months, as the economic boost from the CARES Act rescue package has been spent down. Now that progress may be falling into reverse. New claims for unemployment insurance have been steady at around 850,000 per week since late August — which is about 200,000 more than the very worst point of the Great Recession.

 

If Congress doesn't pass another round of economic rescues, then this will be one of the worst winters in American history. Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin were reportedly close to an agreement last week on a $1.6 trillion deal that would tide the United States over until the new year. Congress should pass that, or something like it, as soon as possible.

 

Obviously there is some degree of uncertainty about what is going on with the economy, given unreliable early data. But as economist J.W. Mason argues, this is the rough situation: There was a huge collapse in economic output from March through May thanks to the pandemic and near-total cessation of in-person activities, but the CARES Act rescue was so enormous and generous that it actually left most people better off. Personal income and savings increased markedly, and poverty decreased.

 

Alas, most of the CARES Act measures expired at the end of July, and since then the economy has been rapidly losing steam. The monthly jobs reports have seen successive decline in job creation for each subsequent month after June — from 4.8 million new jobs that month, to 1.8 million in July, 1.4 million in August, and just 661,000 in September. We have only recovered about half the jobs lost as a result of the pandemic, but job creation has almost completely stalled out.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#1192
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 22,303 posts
  • LocationNew Orleans, LA

Cruise ships dismantled for scrap metal as pandemic sinks industry

Cruise ships are being dismantled and sold as scrap metal due to the coronavirus pandemic all but destroying the global cruise industry.Earlier this month, aerial footage shot by drones showed workers stripping walls, windows, floors and railings from several vessels docked in Aliaga, a town 45 kilometres north of Izmir on Turkey's west coast.
 
Three more ships are set to join five already being dismantled.
 
Chairman of a ship recycling industrialists' association, Kamil Onal, said before the pandemic Turkey's ship-breaking yards typically handled cargo and container ships.


And remember my friend, future events such as these will affect you in the future.


#1193
Futurist

Futurist

    Aspiring cross-dresser

  • Members
  • PipPipPipPipPipPipPipPipPipPip
  • 6,138 posts
  • LocationSouthern California, United States of America, Planet Earth

 

Small Businesses Are Dying by the Thousands — And No One Is Tracking the Carnage

Big companies are going bankrupt at a record pace, but that’s only part of the carnage. By some accounts, small businesses are disappearing by the thousands amid the Covid-19 pandemic, and the drag on the economy from these failures could be huge.
This wave of silent failures goes uncounted in part because real-time data on small business is notoriously scarce, and because owners of small firms often have no debt, and thus no need for bankruptcy court.
“Probably all you need to do is call the utilities and tell them to turn them off and close your door,” said William Dunkelberg, who runs a monthly survey as chief economist for the National Federation of Independent Business. Nevertheless, closures “are going to be well above normal because we’re in a disastrous economic situation,” Dunkelberg said.
Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.

mHnYmcV.jpg
A boarded up building in downtown Louisville. Photographer: Andrew Cenci/Bloomberg

What did these small businesses primarily specialize in?







Also tagged with one or more of these keywords: trade war, economy, USA, China, EU, UK, Trump, Mexico, Canada, recession

0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users