Will the third time be the charm for Gov. Gavin Newsom and his somewhat erratic efforts to battle the COVID-19 pandemic while preventing irreparable damage to the state’s once-vibrant economy? Newsom won widespread praise for his earliest efforts at preventing spread of the sometimes fatal coronavirus six months ago, ordering...
US Consumer Spending Rose a Moderate 1.9% in July
WASHINGTON — U.S. consumers increased their spending by 1.9% last month, a dose of support for an economy struggling to emerge from the grip of a pandemic that has held back a recovery and kept roughly 27 million people jobless. The July gain marked the third straight monthly increase in...
US Retail Sales Rise for 3rd Month but Slowdown Expected
WASHINGTON — Americans increased their spending at retail stores and restaurants in July for a third straight month, but some evidence suggests that sales are weakening with the expiration of government rescue aid that had previously put more money in people's pockets. Friday's report from the Commerce Department showed that retail...
Can the US Make Money Out of Thin Air Like AOC Says?
French philosopher Voltaire famously quipped: “If God did not exist, it would be necessary to invent him.” Something similar can be said of modern monetary theory, also known as MMT, because it may be the economy’s only hope to get through the pandemic. Coined by Australian economist Bill Mitchell and...
Virus Surge Makes US Weak Link in Global Economic Recovery
FRANKFURT, Germany — People in China are back to buying German luxury cars. Europe's assembly lines are accelerating. Now the global economy is waiting for the United States to get its coronavirus outbreak under control and boost the recovery, but there's little sign of that. The United States’ fumbling response to the...
Walters: California Economy Faces Tough Slog
It now seems like ancient history, but only a few months ago, California’s economy was roaring. “By any standard measure, by nearly every recognizable metric, the state of California is not just thriving but, in many instances, leading the country, inventing the future, and inspiring the nation,” Gov. Gavin Newsom...
Fed Sees Dim Economic Outlook as Virus Squeezes Economy
WASHINGTON — The Federal Reserve expressed concern Wednesday that the persistent viral outbreak will act as a drag on the economy and hiring in the coming months and said it plans to keep its benchmark short-term interest rate pegged near zero to help provide support. In a statement at the end of...
Fed Survey Says Economy Has Picked up but Outlook Cloudy
WASHINGTON — The Federal Reserve says economic activity has picked up in most regions of the country but still remains well below pre-pandemic levels with the country facing high levels of uncertainty. The Fed reported Wednesday that its latest survey of economic conditions around the country found improvements in consumer...
Stocks Close Out Best Quarter Since 1998 with More Gains
Wall Street capped its best quarter since 1998 Tuesday with more gains, a fitting end to a stunning three months for investors as the market screamed back toward its record heights after a torrid plunge. The S&P 500 climbed 1.5%, bringing its gain for the quarter to nearly 20%. That...
Heard About America’s Coin Shortage? Here’s How You Can Cash In.
If you have a stash of loose coins in a jar sitting on a shelf somewhere, your country needs you. That's because there's a shortage of coins circulating in the U.S. economy these days, brought on by widespread pandemic lockdowns. With stores closed, cash transactions plummeted. Coins that would have...