Tag: jul 14 2020

Ban on Americans Sinks Europe’s Tourist Industry. U.S. visitors are now banned from Europe due to America’s out-of-control COVID pandemic. The ban is likely to cost Europe’s tourist industry more than $15 billion this year, according to the World Tourism Organization (WTO). Visitors from the U.S. make up about 29 percent of Europe’s tourist trade...

What we have been forecasting since the COVID War began in February, that housing prices would decline in densely populated, once high flying urban cities and commercial real estate will rapidly decline as business go bankrupt, shrink and more people work from home, is now becoming reality. As the “Greatest Depression” deepens, so too, will...

Decimated Clothing Industry Casts Workers into Poverty. Developing countries across Asia will see their economies grow a collective 0.1 percent this year, the slowest rate in 60 years, according to the Asian Development Bank. A key reason is the decimation of the clothing industry. From Bangladesh to Myanmar, millions of workers – most of them...

New car sales were down 40 percent in the U.S. and 46 percent in Europe during this year’s second quarter, compared to a year earlier. General Motors reported a 34-percent decline in U.S. sales; Toyota’s sales were off by a third, and Fiat Chrysler’s by 39 percent. In Europe, new car sales plummeted 78 percent...

The British trade-show and exhibition industry has warned that unless the government allows events to schedule firm dates, the economy will lose 30,000 jobs and as much as £8 billion this year. About 70 percent of shows scheduled earlier this year were rescheduled into the fall but the Boris Johnson administration has not yet said...

The British government has committed an additional £38 billion in stimulus spending to help the nation emerge from its economic shutdown and begin a return to a normally functioning economy. The measure includes: payments to businesses for keeping furloughed workers on the payroll and also for hiring young people; tax cuts in the hospitality sector...

China Won’t Power Global Economic Recovery. The strength of China’s economy helped pull the world out of the Great Recession. We forecast that the nation, over $40 trillion in debt, will not muster the power to drive a worldwide recovery from its current crisis. China’s stimulus spending has been modest, leaving manufacturers more dependent on...

More than 110 companies have declared bankruptcy this year and blamed the COVID pandemic and/or economic shutdown at least in part for their demise. The roster of the dead and damaged includes organizations more diverse and less notable than headliners such as Hertz, J.C. Penney, and Chesapeake Energy. Lucky Brand Jeans, with more than 200...

The future is clear. The “Greatest Depression” has begun. Go back to March when the global lockdown began. Remember the Main Street refrain, “It will come back”? Remember the Wall Street forecast, “A V-shape recovery”? The facts are in the numbers. Shut down economies that were already going down will not “come back” or have...

Rising COVID caseloads around the country are slowing any national economic recovery, widespread data shows. Restaurants’ business increased as lockdown orders were lifted but have since leveled off or dropped back; in some cases, states have reimposed shutdown orders. According to Capital Resources, foot traffic, after recovering somewhat, stalled in June and is declining in...