The Daily The Pandemic Economy in 7 Numbers
Nov 19, 2020
Ben Casselman, an economics and business reporter for The New York Times, delves into the pandemic's economic fallout with seven crucial statistics. He highlights a booming housing market and the rebound of the auto industry, contrasting these with sluggish recovery in the service sector. The discussion sheds light on the widening wealth gap and the disproportionate impact on marginalized communities, particularly women of color. Casselman also warns of an impending financial crisis as essential government aid phases out, leaving many Americans vulnerable.
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Job Losses Exceed Great Recession
- The U.S. has lost 10 million jobs since February 2020, regaining about half of the 22 million lost in March and April.
- This job deficit surpasses the total job losses during the Great Recession.
Consumer Spending Drives Goods Sector
- Increased consumer spending on goods has driven job growth in manufacturing, distribution, and sales.
- People are buying more goods due to reduced spending on services like travel and dining.
Housing Market Boom
- Home prices have increased by almost 6% due to low interest rates and increased demand.
- This benefits homeowners but excludes lower-wage workers, who are mostly renters.