U.S Economic Growth Rose to 5.95% from 4.87%

3/23/2021

770,000

The number of Americans seeking new claims for state initial claims rose to 770,000 in the week ending March 13, the U.S. Labor Department reported. The figure was an increase of 45,000 from the previous week’s revised level. Meanwhile, continuing claims, which track the aggregate total of Americans applied for unemployment benefits, fell for the 9th week to 4.12 million in the week ended March 6. Furthermore, 51 states reported 7,615,386 workers applied for Pandemic Unemployment Assistance (PUA), a program for the self-employed and gig workers, the report shows. For the week ending February 27, California (17,793), Ohio (7,686) and Massachusetts (2,200) states saw the largest increases in initial claims, while New York (11,906), Illinois (10,628) and Mississippi (10,549) states posted the largest decreases.

$1.9T

American workers got new Covid-19 unemployment benefits as President Joe Biden signs stimulus package known as the American Rescue Plan Act of 2021. Nearly $1.9 trillion pandemic-relief package approved by Biden. The packages include jobless aid, vaccine distribution funds, state and local government relief and other provisions. The plan is enlarged for two pandemic-related programs availed by 12 million people and $300 payments to all laid-off employees. According to WSJ, nearly 20 million people tapped unemployment benefits in mid-February from 2 million to $10 billion. Some economists said that this package helps workers and the economy, while others say payments help to boost many lower-income families, who have lost jobs in the pandemic.

5.95%

As Americans enhanced their spending on in-person services after the pandemic hit the U.S economy recovery has climbed to the top level. The Wall Street Journal reported that, the economic growth of this year rose to 5.95% from 4.87%. The average economic growth predicted for the first quarter to an annualized rate of 4.9%, from 2.8% in February’s survey. Constance Hunter, chief economist at KPMG said, the $1.9 trillion relief package could result in faster growth than we anticipate. A new poll found that the consumer price would increase 2.48% by December and probable that employers will add an average of 514,000 jobs a month over the next four quarters.

3%

U.S retail sales have been dropped than expected due to winter storms. The Commerce Department reported that the retail sales decreased by 3% in February compared with the previous month. January sales advanced a revised 7.6%, up from the earlier estimate of a 5.3% increase. The industrial production diminishes seasonally adjusted 2.2% in February compared with January said by the Federal Reserve. Sales at food and other beverages store remain constant while sales at the gas stations were pushed up by 3.6% as gas prices increased in 2021. According to the Commerce Department despite the decline, retail sales were raised 6% over the last three months compared with the same period a year earlier.

$130.2T

U.S Federal Reserve reported that, the net worth of American households achieved an all time high in the third quarter of 2020 despite the coronavirus pandemic. The household net worth rushed by $6.9 trillion or 5.6% to $130.2 trillion in the fourth quarter. This was rising by 5.6% from the third quarter and year after year net worth of Americans pushed up 10%. The price of equities improved by $4.9 trillion, while the value of real estate held by households raised around $915 billion. Moreover, the net savings of U.S. citizens reached a record high $2.85 trillion at the end of 2020. According to a recent report, the total debt in the household sector that includes mortgages increased 4% in 2020 to $16.64 trillion, compared with 3.2% growth in 2019. On the other hand, business debt raised 9.1% last year to $17.7 trillion and the federal government’s debt rose 24% to $23.621 trillion.

55,000

New York City’s education department is considered to reopen high schools for in-person learning from March 22 for the first time since November. About 55,000 high-school students returned to school buildings. Only 488 high schools partially reopened on Monday. The number of students returning was just under 20% of the city’s 282,000 high-school students and the majority of students about 70 % choose entirely from home for now because they opt to sign up for all-remote classes. The entire school system has shut down in mid-November as the Covid-19 infection rate rose 3%. Elementary schools reopened in December and middle schools opened in February, the WSJ reported.

67

Meanwhile, we have a new Guinness World Record. A man in the US named David Rush said that he set the new world record by catching the caramel corn with his mouth — beating the previous record of 53. His neighbor Jonathan Hannon assisted by throwing the caramel corn into his mouth with both hands while Rush caught 67 pieces in 1 minute. David has broken more than 150 Guinness records for juggling, balancing, and many more with a mission to promote STEM, according to the UPI.