The U.S People’s Income Jumped High to 0.6%

2/9/2021

779,000

The American people who are seeking unemployment benefits have dropped to 779,000 in the week ended Jan. 16, down from 18.2 million in the previous week. This shows that still, people are losing their jobs due to the COVID-19 pandemic. The current weekly jobless claims have stayed as higher that is 812,000 compared with any before recession since 1967. According to the WSJ, the jobless claims have remained high from the pre-pandemic peak which is 695,000. The employers have added 50,000 jobs in the before month which is a 140,000 decrease in the month of December and marked the first decline in payrolls since the pandemic started.

78%

According to the survey from the Federal Reserve’s 12 regional banks, many small companies said that continuous help from the government is the main part of their survival. Nearly 10,000 respondents from firms reported that they have faced loss from the pandemic that is 78% decline in income and laid off their employees to deal with the reduction in revenue. Half of the businesses told that the income has seemed to drop nearly 25% for the previous year. Nearly 90% of companies have said that businesses still not recovered to the pre-pandemic levels were almost a year completed after the crisis began.

13,000

American Airlines Group Inc. said it will notify 13,000 employees –a 25% of its total workforce that they could be laid off as pandemic struggles continue. The Covid-19 situation doesn’t help us in improving and things can be better if our industry receives a third stimulus package from the U.S government, it stated. According to the International Air Transport Association, the vaccination campaigns in the initial stage the domestic airline passengers are at less than 40% of 2019 levels and foreign travel is only about 15%. The U.S travels have dropped from 1.7% to $17.30 post the close of regular trading in New York. The shares have been collapsed up to 35% for the past 12 months which is the second-biggest decline in a Standard & Poor’s index of nine U.S airlines.

3.7%

The U.S economy will grow faster than expected in 2021, the economist’s forecasts. According to new economic projections, they have said that it takes many years to get an accurate output also the number of workers to get back to its pre-pandemic peak. The CBO has reported that GDP is expected to increase up to 3.7% in the final quarter of the year 2021 compared with the year-earlier and to expand 2.4% in the year 2022. Growth is likely to average about 2.6% a year through 2025. Nearly $900 billion is enacted as a relief fund in December that adds 1.5% to the GDP level this year and next, according to the Congressional Budget Office.

59.2

The U.S manufacturing has continued to recuperate in the month of January which is a great turn for the U.S economy as services companies stayed constant to struggle with the novel coronavirus pandemic. The manufacturing index fell to 58.7% in January from 60.7% the previous month and marked the highest reading since August 2018. The manufacturing survey index from IHS Markit has increased from a reading of 57.1 in December to 59.2 in January –this marked the highest reading since the series began in 2007, as output and new orders rose. The ISM’s survey showed that globally, manufacturing industries showed growth in January and it’s the eighth straight month of gain after contracting in March, April, and May.

0.6%

In the U.S, people’s income jumped high for the first time compared to the past 3 months but their spending has been decreased for the next month. According to the Commerce Department, they have said that the incomes the families received from investment returns, wages and government aid programs have jumped high up to 0.6% from the first month when the pandemic has started. Due to the pandemic shutdowns, the people in the U.S had a very low rate to spend their money. So, consumer spending has dropped to 0.2% in the previous month, the WSJ reported.

2

A man named Idaho has broken a Guinness World Record by playing with balls. On a balance board, Idaho is juggling three balls for exactly 2 hours 39 minutes and 56 seconds. It crossed the before record which is 1 hour and 2 minutes. David Rush who has broken Guinness World Records more than 150 to promote STEM education has said that keeping the balance on the board is the most complicated challenge as it moves the man front and back as it is placed on a cylinder. The cylinder obviously moves as it is not there perpendicular to the board, according to the UPI.