A passersby wearing a protective face mask walks at an izakaya pub alley, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan January 25, 2022. REUTERS/Issei KatoRegister now for FREE unlimited access to Reuters.comRegisterTOKYO, Jan 26 (Reuters) - Two years after Japan locked down its borders to block the coronavirus, some 150,000 foreign students still aren't able to enter the…
Continue ReadingUnlike Trump, Biden doesn’t use stocks to judge the economy, White House says
"We always focus on the trends in the economy, not any one day and not any single indicator, and the President's economic team is actively monitoring developments," a White House official told CNN on Monday. "And unlike his predecessor, President Biden does not look at the stock market as a means by which to judge the economy."The comments come as…
Continue ReadingAmericans Across Party Lines Are Feeling the Effects of Inflation: Survey | Economy
Nearly 8 in 10 Americans expect inflation to increase over the next six months, according to a Gallup poll released Wednesday, suggesting that an issue predominantly emphasized by Republicans that has loomed large over the Biden administration is perhaps crossing party lines.Although Americans typically predict rising inflation, it’s unusual to this degree, Gallup says. The current expectation is the highest…
Continue ReadingMcKinsey: fundamental transformation of global economy needed for net zero | Green economy
Reaching net zero climate emissions by 2050 will require a “fundamental transformation of the global economy”, according to a report by McKinsey, one of the world’s most influential consulting firms.It estimates that $9.2tn will need to be invested every year for decades to limit the global temperature rise to 1.5C and end the climate emergency. The sum is a 60%…
Continue ReadingWas Larry Summers Right All Along?
Illustration: Philip Burke This article was featured in One Great Story, New York’s reading recommendation newsletter. Sign up here to get it nightly. There’s a story that progressives like to tell about Larry Summers. The doyen of Establishment economics is dining out with a populist politician. The two have made it through the meal with minimal awkwardness — their ideological…
Continue ReadingChina’s Economic Downturn Gives Rise to a Winter of Discontent
China’s economic future isn’t looking all that bright and is starting to have political implications for President Xi Jinping. The Chinese Academy of Social Sciences expects annual growth to slow to 5.3% in 2022 from 8% in 2021. Real-estate giant Evergrande, declared in default last month by ratings agencies, unleashed a wave of defaults in the country’s property sector, which…
Continue ReadingSleepy Truckers Get Forgotten in Supply Crisis Choking Economy
(Bloomberg) -- President Joe Biden’s sweeping infrastructure law was supposed to ease problems for the trucking industry and relieve supply chain woes, but the law overlooked a vital necessity for truckers: Parking.Most Read from BloombergOvercrowded truck stops force drivers to often spend hours scavenging for parking wherever they can find it, even in illegal and unsafe spots. The problem has…
Continue ReadingOpinion | Economic Trends Aren’t What They Used to Be
Back in 2010 a group of conservative academics, economists and money managers signed an open letter warning that the efforts of the Federal Reserve to support the economy would be dangerously inflationary. But the inflation never came. So four years later Bloomberg reached out to as many of the signatories as they could, to ask what happened.Not one was willing…
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Biden takes aim at GOP for ‘talking down’ economic recovery
President BidenJoe BidenCarville advises Democrats to 'quit being a whiny party' Wendy Sherman takes leading role as Biden's 'hard-nosed' Russia negotiator Sullivan: 'It's too soon to tell' if Texas synagogue hostage situation part of broader extremist threat MORE on Friday sharpened his attacks against Republicans on the economy, accusing them of “talking down” the economic recovery as he lauded the…
Continue ReadingThe Effect of Stimulus and Increased Unemployment Payments on the Economy in 2022
LPETTET / Getty Images/iStockphotoThis year, most Americans will receive little or no extra help from the government for the first time since 2019. As the country confronts its first year without stimulus since the start of the pandemic, it’s unclear if people as individuals or the economy as a whole are ready to remove the training wheels just yet.See: $1M…
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