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.”

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.”

CNBC: Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk

CNBC: Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk. “Federal Reserve Chairman Jerome Powell warned Tuesday about ‘significant uncertainty’ regarding the pace of the U.S. economic recovery and said small businesses and lower-income and minority Americans are particularly at risk.”

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.”

New York Times: Pakistan’s Deficit and Poverty Rate to Soar Due to Coronavirus

New York Times: Pakistan’s Deficit and Poverty Rate to Soar Due to Coronavirus. “Pakistan’s fiscal deficit will be significantly worse than projected this fiscal year, with the fallout from the novel coronavirus pandemic pushing millions into unemployment and poverty, according to government estimates reviewed by Reuters.”

Vox: The economy is in free fall. So why isn’t the stock market?

Vox: The economy is in free fall. So why isn’t the stock market?. “Earlier in the coronavirus crisis, Wall Street had a meltdown. Stocks plunged amid fears of the disease’s spread and its potential impact on the global economy, sometimes to the point that trading was halted altogether to rein in the chaos. But in recent weeks, the market has been doing okay. It’s not at the record highs it was in mid-February, but it’s not bad — the S&P 500 is hovering around where it was last fall. And given the state of the world — a deadly global pandemic with no end in sight, 30 million Americans recently out of jobs, an economy that’s fallen off of a cliff — a relatively rosy stock market is particularly perplexing.”

IRI: RI Launches IRI CPG Inflation Tracker to Track Price Changes Amid COVID-19 and Beyond

IRI: IRI Launches IRI CPG Inflation Tracker to Track Price Changes Amid COVID-19 and Beyond. “IRI®, a global leader in innovative solutions and services for consumer, retail and media companies, today announced the launch of the IRI CPG Inflation Tracker™ on its free, online COVID-19 Data Dashboard. The new tool provides a standard metric for tracking weekly price-per-unit changes for consumer packaged goods compared to the year-ago period across departments, including fixed and random weight products, grocery aisles and retail formats. This resource allows CPG manufacturers and retailers to assess in real time the way pricing is evolving due to the supply chain and economic impacts of the pandemic and quickly adapt their strategies.”