Opinion: Fed warns stock market of a second recession if the coronavirus pandemic isn’t brought under control (MarketWatch)

MarketWatch: Opinion: Fed warns stock market of a second recession if the coronavirus pandemic isn’t brought under control. “It’s up to the public health and fiscal policy officials, as well as the private sector, to get us through this with a minimal loss of lives and damage to our livelihoods. That means wear a mask, keep your distance, test everyone you can, trace contacts, and isolate anyone who has the disease or who may have it. And it means Congress needs to provide more support for individuals, families, small businesses, and state and local governments.”

Coronavirus: UK economy hit worse than first thought (BBC)

BBC: Coronavirus: UK economy hit worse than first thought. “The UK economy shrank more than first thought between January and March, contracting 2.2% in the joint largest fall since 1979, official figures show. The Office for National Statistics (ONS) revised down its previous estimate of a 2% contraction, with all the main economic sectors dropping.”

Route Fifty: Don’t Bet on a Quick Recovery

Route Fifty: Don’t Bet on a Quick Recovery. “Mary Daly is the president of the Federal Reserve Bank of San Francisco. (She does not sit on the Fed panel that sets the country’s interest rates, but will next year.) As a labor economist and a policy maker, she has been vocal about using the tools of government to address financial inequality, and about the ‘diversity crisis’ in economics. We discussed this unusual recession, the limits of monetary policy, and representation at the Fed. This interview has been lightly edited for clarity and length.”

Phys .org: Global economic stability could be difficult to recover in the wake of the COVID-19, finds study

Phys .org: Global economic stability could be difficult to recover in the wake of the COVID-19, finds study. “Analysis from the University of Surrey suggests that the economies of countries such as America, the United Kingdom and Germany should prepare for a long slow recovery with prolonged periods of instability.”

Hindustan Times: US economic recovery looks to be weakening in some states with Covid outbreaks

Hindustan Times: US economic recovery looks to be weakening in some states with Covid outbreaks. “The US economic recovery is showing incipient signs of weakening in some states where coronavirus cases are mounting. The ebbing is evident in such high-frequency data as OpenTable restaurant reservations and follows a big bounce in activity as businesses reopened from lockdowns meant to check the spread of Covid-19.”

Data discoveries: could social media become a tool to study economic recovery? (Geographical)

Geographical: Data discoveries: could social media become a tool to study economic recovery?. “In flagrant disregard of government advice, many American citizens took to the streets in April to claim that draconian lockdown measures impinged on their civil liberties, and more prominently, their businesses. To combat the financial peril of small businesses, the UK government will have to borrow an unprecedented 38 per cent of the year’s GDP if social distancing measures are in place until the end of 2020, according to the Resolution Foundation. As uncertainty rages, it’s vital to understand how economies recover from crises.”

Scotsman: Scots economy shrinks by 19% as COVID lockdown bites

Scotsman: Scots economy shrinks by 19% as COVID lockdown bites. “The official GDP statistics which indicated a 2.5% contraction between January and March are worse than the 2% contraction recorded across the UK as a whole, But the figures only take in the first week of full lockdown at the end of March and the true scale of the recession will be made clear when the figures for the second quarter emerge.”

Census Bureau: Interactive Dashboards, Maps, Indicators Provide Demographic and Economic Data During COVID-19

Census Bureau: Interactive Dashboards, Maps, Indicators Provide Demographic and Economic Data During COVID-19. “The U.S. Census Bureau has launched a new tool — dubbed the Census COVID-19 Hub — designed to help guide the nation as it begins recovery efforts from the sweeping COVID-19 pandemic by providing economic and demographic data.”

Coronavirus recovery: why local markets are key to reviving our locked down town centres (Phys .org)

Phys .org: Coronavirus recovery: why local markets are key to reviving our locked down town centres. “During the early weeks of coronavirus in the UK, there was an obsessive focus on supermarkets and how they were handling the pandemic. It was as if traditional retail markets and small shops didn’t exist. Many markets and traders, however, continued to provide essential goods and services during the lockdown, sometimes responding quicker and in more creative ways than larger stores. On June 15, indoor as well as outdoor markets can reopen, but it is unclear how the sector will pull through this difficult time. Research by the markets sector has found that during lockdown only around a third of markets remained even partially open and just 50% of traders expected to be able to access any of the government support for businesses.”

BuzzFeed News: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August.

BuzzFeed News: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August.. “More than 40 million people lost their jobs in the last few months, in the fastest and deepest economic slowdown ever recorded. More than half of all households with low incomes in the United States have experienced a loss of earnings, as have a quarter of all adults. The numbers are grim — but as bad as things look today, they’re on track to get much, much worse. The US economy right now is like a jumbo jet that’s in a steady glide after both its engines flamed out. In about six weeks, it will likely crash into the side of a mountain.”

CNN: Why GOP can’t reopen the economy without Democratic buy-in

CNN: Why GOP can’t reopen the economy without Democratic buy-in. “From President Donald Trump through Republican governors and state legislatures, the GOP is coalescing around a position of reopening the economy as quickly as possible despite concerns about seeding a wider spread of the coronavirus. But the party’s efforts face a paradoxical hurdle: The economy can’t regain much momentum without the participation of big Democratic-leaning metropolitan areas, where both local officials and average residents remain more skeptical about quickly unwinding social distancing measures.”

RFD TV: Iowa State University releases new tool to track ag economy amid coronavirus pandemic

RFD TV: Iowa State University releases new tool to track ag economy amid coronavirus pandemic. “Iowa State University has created a new webpage to track the impact of COVID-19 on the economy, agriculture and business across local, regional and global economies. The hub includes relevant publications and press releases as well as comprehensive graphs, tables, maps and other visual data to explain the impact. The impact on individual sectors like corn, soybeans, ethanol, pork and beef are explored as well. There are also tools that specifically look at Iowa’s estimated corn, soybean and ethanol losses.”

Harvard Gazette: Real-time data to address real-time problems

Harvard Gazette: Real-time data to address real-time problems. “Called the Opportunity Insights Economic Tracker, the tool was created as a public resource to help policymakers assess the effects of the downturn in different regions of the U.S. with the most up-to-date information possible. With a more complete and current picture of the nation’s economic standing, policymakers should then be able to make evidence-based decisions as they move to reopen the nation. The tool provides lawmakers real-time analysis of data such as consumer spending and job postings, which normally takes them several weeks to get.”

CNBC: Sweden had no lockdown but its economy is expected to suffer just as badly as its European neighbors

CNBC: Sweden had no lockdown but its economy is expected to suffer just as badly as its European neighbors. “Sweden has attracted global attention for not imposing a full lockdown, as seen in most of Europe, to contain the coronavirus pandemic. Nonetheless, data released from the country’s central bank and a leading Swedish think tank show that the economy will be just as badly hit as its European neighbors, if not worse.”