Associated Press: Fed survey finds economy growing modestly despite COVID

Associated Press: Fed survey finds economy growing modestly despite COVID. “The Federal Reserve said Wednesday that the economy was growing at a modest pace at the end of 2021 but was still being held back by ongoing supply-chain disruptions and labor shortages. In its latest survey of business conditions around the country, the Fed said its 12 regional banks found that the economy was continuing to grow. But many regions reported a sudden pullback in spending on leisure travel, hotels and restaurants because of the rapid spread of the omicron variant of the coronavirus.”

Politico: Covid’s deadly trade-offs, by the numbers: How each state has fared in the pandemic

Politico: Covid’s deadly trade-offs, by the numbers: How each state has fared in the pandemic. “POLITICO’s State Pandemic Scorecard pulls together what we know so far about how states fared during the pandemic, and how the choices each made impacted its residents, businesses and schools. The scorecard groups available data for policy outcomes into four categories — health, economy, social well-being and education — and generates scores in each area between zero and 100.”

Washington Post: Prices climbed 6.8% in November compared with last year, largest rise in nearly four decades, as inflation spreads through economy

Washington Post: Prices climbed 6.8% in November compared with last year, largest rise in nearly four decades, as inflation spreads through economy. “Prices rose 6.8 percent in November to a nearly 40-year high, compared with a year ago, as inflation continues to squeeze households and businesses nationwide and complicates the political environment for Congress and the White House. Consumer price index data released Friday by the Bureau of Labor Statistics showed that prices rose 0.8 percent in November compared with October, with inflation spreading further throughout the economy, including to areas that had not been as affected by the coronavirus pandemic.”

Marketplace: One of the world’s largest economic databases turns 30

Marketplace: One of the world’s largest economic databases turns 30. “It’s been 30 years since the start of the Federal Reserve Economic Data, or FRED, an online database within the Federal Reserve Bank of St. Louis. The site contains more than 800,000 data series from over 100 different sources, making it something of a one-stop shop for people trying to understand the economy.”

New York Times: As Virus Cases Rise in Europe, an Economic Toll Returns

New York Times: As Virus Cases Rise in Europe, an Economic Toll Returns. “Europe’s already fragile economic recovery is at risk of being undermined by a fourth wave of coronavirus infections now dousing the continent, as governments impose increasingly stringent health restrictions that could reduce foot traffic in shopping centers, discourage travel and thin crowds in restaurants, bars and ski resorts.”

UNC: $2M grant to UNC-Chapel Hill program will rebuild, fortify local economies across North Carolina and beyond

UNC: $2M grant to UNC-Chapel Hill program will rebuild, fortify local economies across North Carolina and beyond. “– Today, the University of North Carolina at Chapel Hill announced new programming that will transform economically distressed communities hit hard by the COVID-19 pandemic. Focusing on powerful partnerships, the programs will help build resilient local economies with more job opportunities and business growth in North Carolina and across the country.”

One-stop source for inflation: Introducing a new database (Vox EU)

Vox EU: One-stop source for inflation: Introducing a new database. “Understanding the dynamics of inflation requires a comprehensive database that covers a large number of countries over a long period. This column introduces a new global database of inflation that has a significantly larger coverage than other databases as it includes multiple measures of inflation for up to 196 countries over 1970-2021. The database can be used in a variety of contexts.”

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.”