What to watch for as jobless claims double to 6.6 million
The economic ramifications of the COVID-19 pandemic are huge, diverse and far reaching. To help you and your business respond to what’s happening now and plan for what’s next, Diane Swonk, Grant Thornton’s Chief Economist, will analyze the latest economic news every Tuesday and Thursday.
The number of jobless claims doubled to 6.6 million in one week as the coronavirus outbreak closed down restaurants and many other businesses. Labor Economist Diane Swonk explains that this is still not the peak as would-be filers were unable to get through on swamped telephone lines and state websites. Listen for what to look for in the weeks ahead.
Macroeconomist Diane Swonk explains that the economy will not come roaring back suddenly. She expects to see a transition from shelter-in-place to "normal," pointing to China as an example.
Unemployment spikes, Congress and the Fed respond
Trained as a labor economist, Diane Swonk explains how the number of new jobless claims surged above three million in just one week. She also talks about the government actions, from Congress to the Federal Reserve, aimed at mitigating the sudden economic pain from the coronavirus to help us get to the other side.
COVID-19 and the Fed
No one is looking at the cherry blossoms on the Tidal Basin or outside the Federal Reserve this Spring since COVID-19 has taken center stage. The Fed is spotlighting urgent measures to keep credit flowing to businesses and consumers as quarantines shut down much of the usual commerce. Diane Swonk, one of the Federal Reserve’s advisors, explains why this access to credit is crucial.
Read the full report: Federal Reserve Throws Kitchen Sink at COVID-19
The COVID-19 Crisis
The current recession started on March 1, the first time it’s been possible to pinpoint one so accurately. Diane Swonk warns that the expanding health crisis is mutating into an economic crisis with millions of jobs likely to be lost. She calls for fiscal stimulus from Washington and holds out the hope that low interest rates will help the housing market to drive us out of recession, once the coronavirus recedes. Listen for more.
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