Coronavirus: How the pandemic has changed the world economy (BBC)

BBC: Coronavirus: How the pandemic has changed the world economy. “The coronavirus pandemic has reached almost every country in the world. Its spread has left national economies and businesses counting the costs, as governments struggle with new lockdown measures to tackle the spread of the virus. Despite the development of new vaccines, many are still wondering what recovery could look like. Here is a selection of charts and maps to help you understand the economic impact of the virus so far.”

ZDNet: Open-source use goes up while the economy goes down

ZDNet: Open-source use goes up while the economy goes down. “This is pretty simple really. Open source works, and it’s cheap. And when the Main Street economy is going rotten, smart businesses turn to open source. Tidelift, a major commercial support, and maintenance company for community-led open-source, found the proof for this idea in its third-annual Managed Open Source Survey.”

University of Hawaii: New UHERO tool tracks pulse of Hawaiʻi’s economy

University of Hawaii: New UHERO tool tracks pulse of Hawaiʻi’s economy. “The University of Hawaiʻi Economic Research Organization (UHERO) in UH Mānoa’s College of Social Sciences has launched a new tool that captures the state’s evolving economic landscape during COVID-19. The UHERO Economic Pulse index considers 18 factors, such as the number of deplaning passengers in Hawaiʻi, percentage of businesses open relative to January 2020, continuing claims of unemployment insurance benefits and average level of job postings relative to January 4–31, 2020.”

CNBC: U.S. economy faces $15 trillion hit as a result of school closures, OECD says

CNBC: U.S. economy faces $15 trillion hit as a result of school closures, OECD says. “The Organization for Economic Cooperation and Development has warned the interruption to children’s schooling in the wake of the coronavirus pandemic could mean global economic growth is 1.5% lower on average for the rest of the century. The intergovernmental economic organization said this projected loss of gross domestic product, which measures economic growth, would be equivalent to a total economic loss of $15.3 trillion in the U.S.”

AP: US trade deficit surges in July to highest in 12 years

AP: US trade deficit surges in July to highest in 12 years. “The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the June deficit of $53.5 billion. It was the largest monthly deficit since July 2008 during the 2007-2009 recession.”

Vox: Thursday’s historically bad economic growth numbers, explained

Vox: Thursday’s historically bad economic growth numbers, explained. “The US economy shrank at the fastest rate on record in the second quarter of 2020, according to data released Thursday morning by the Bureau of Economic Analys Labor Statistics. Quarterly GDP statistics are normally calculated in terms of a seasonally adjusted annualized rate, and when you do that, here’s what it looks like — a sharp drop from positive growth in 2019 to a more than 30 percent contraction in the most recent quarter.”

Politico: U.S. suffered worst quarterly contraction on record as virus ravages economy

Politico: U.S. suffered worst quarterly contraction on record as virus ravages economy. “The U.S. economy crashed in historic fashion this year — shrinking at a nearly 33 percent annualized pace in the second quarter — as the coronavirus pandemic ravaged businesses and sent joblessness soaring. The question now for President Donald Trump, trailing in the polls and facing a daunting reelection effort, is just how much conditions can snap back in the months leading up to Election Day.”

Coronavirus: US economy sees sharpest contraction in decades (BBC)

BBC: Coronavirus: US economy sees sharpest contraction in decades. “The US economy shrank by a 32.9% annual rate in the April-to-June quarter as the country grappled with cut backs in spending during the pandemic. It was the deepest decline since the government began keeping records in 1947 and three times more severe than the prior record of 10% set in 1958.”

CNBC: Jobless claims total 1.5 million, worse than expected as economic pain persists

CNBC: Jobless claims total 1.5 million, worse than expected as economic pain persists. “Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy. First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. The government report’s total was 58,000 lower than the previous week’s 1.566 million, which was revised up by 24,000.”

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.”

Phys .org: New website shows impact of European virus confinement

Phys .org: New website shows impact of European virus confinement. “Environmental and economic impacts of the coronavirus in Europe can now be seen using satellite data provided by the European Space Agency, it announced Friday. The ESA and the European Commission launched an internet-based programme that compares pollution levels during the health crisis with a baseline scenario, measures chlorophyll concentrations or illustrates economic parameters such as harvests.”