Category: TRENDS ON THE U.S. ECONOMIC FRONT

U.S. retailers are on track to permanently close 25,000 stores this year, led by high-profile bankruptcies of J.C. Penney and Pier One, among others, according to Coresight Research, a global analysis firm. The figure would set a record and more than doubles last year’s 9,832 closings. So far this year, major chains have closed or...

The U.S. budget deficit this fiscal year will top $3 trillion as the federal government pours cash into the economy to save businesses and individuals from financial collapse. In fact, it may even hit $4 trillion with more bailouts and money pumping schemes brewing in the near horizon in attempts to keep equities and the...

Once upon a time, not too long ago, the U.S. dollar remained strong and was regarded a safe-haven currency because, in part, America was perceived as having the world’s strongest economy. However, now with the Federal Reserve and Washington pumping in countless trillions of digital dollars printed on nothing and back by nothing, the dollar...

FRANCE ADDS €100 BILLION TO BAILOUT PLAN. French president François Macron, often criticized as the “president of the rich,” has announced the addition of €100 million to his country’s economic rescue plan, in part to aid the expected one million French workers who will be jobless by 2021 and deal with the country’s worst recession...

BUSINESS TRAVEL FACES LONG RECOVERY. Business travel, a key revenue source for airlines and hotels, could take three years or more to achieve a stable recovery, industry analysts now say, far longer than originally predicted. Airlines might not recover for seven years, said Michael Derchin, an analyst at Imperial Capital. Before the pandemic, business travelers...

The Eurozone’s retail sales soared 17.8 percent in May from April as consumers began to emerge from stringent lockdowns. Clothing, electronics, and furniture were high on shopping lists, especially in France and Germany, where consumer spending rose to about 93 percent of pre-pandemic levels. In previous economic reversals, business spending led recoveries. But European analysts...

The U.S. Labor Department’s Consumer Price Index rose 0.6 percent in June after falling sharply during the previous three months. Prices were pushed up by demand for a range of goods as stores reopened and consumers restocked basic items, replaced worn-out goods, and indulged in discretionary spending that had been postponed. Gasoline prices rose 12.3...

After an initial rush of pent-up consumer spending last month as the state’s lockdown order eased, California businesses are losing the hope the initial surge brought. Capacity restrictions and distancing requirements often do not allow enough trade to cover costs. Stringent requirements around cleaning protocols and strict, often conflicting, rules imposed by various state and...

After posting a record 18-percent month-to-month jump in May, U.S. retail sales added another 7.5 percent gain in June. The size of June’s increase surprised analysts, who had expected a 5-percent bump. Low interest rates have enticed buyers with secure jobs and higher incomes to purchase homes, cars, and other big-ticket items during the economic...

Internet radio broadcaster Sirius XM Holdings will buy Stitcher, a leading podcast depot, for $265 million in cash. Sirius has said it could add as much as $65 million to the price if Stitcher reaches certain financial targets in 2020 and 2021. Other media companies, including Spotify Technology and iHeartMedia, are strengthening their presence in...