ECONOMY

Economy

How The Pandemic Has Changed The Way Americans Spend Money

4:11pm June 17, 2020

by Scott Horsley

The pandemic has changed the way Americans spend money, and wealthy families started spending less. Their cautious spending on in-person services may put the brakes on economic recovery.

A worker paints over a Louis Vuitton storefront, boarded up after the coronavirus outbreak, on March 30 in San Francisco.

The Rich Have Stopped Spending And That Has Tanked The Economy

9:24am June 17, 2020

by Scott Horsley

While retail sales bounced back in May after a deep drop in March and April, the wealthiest Americans are not spending as freely as they did before the pandemic. And that could limit the recovery.

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President Barack Obama signs the American Recovery and Reinvestment Act, Tuesday, Feb. 17, 2009, in Denver.

Absent From Stimulus Packages: Overhauling Energy, Climate Programs

6:59am June 17, 2020

by Jeff Brady

Climate change and reducing greenhouse gas emissions are not part of the $3 trillion in U.S. relief packages passed so far — despite a long history of funding energy programs after economic crises.

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News Brief: GOP Police Reform Bill, India And China Clash, Wealthy Spending Slows

5:01am June 17, 2020

Senate Republicans will release a police reform bill. India and China clash on the Himalayan Border. And, a decline in wealthy households' spending could affect the country's economic recovery.

Social distancing instructions are posted at California's Westfield Santa Anita shopping mall on June 12, as local businesses enter Phase 3 reopening.

Retail Sales Bounce Up 17.7% After Record Drop As States Reopen

5:10pm June 16, 2020

by Alina Selyukh

Spending is still nowhere near last year's. But as more states and cities allowed restaurants and shopping centers to reopen, May saw a big swing from a historic collapse in March and April.

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President Trump nominated Jerome Powell as Federal Reserve chairman, but the president has often criticized Powell over Fed policy.

Economy

Jerome Powell Has The Most Humiliating Job In America

4:37pm June 16, 2020

by Pallavi Gogoi

No Federal Reserve chair has ever been ridiculed publicly as much as Powell has. And that's despite the central bank's unprecedented efforts to save the American economy.

Marie Biscarra, co-owner of ISSO fashion boutique in San Francisco, writes a sign declaring her business open for curbside delivery on May 18. Retail sales jumped a record 17.7% last month.

Stocks Soar After Strong Retail Sales And Reported Trump Infrastructure Plan

4:05pm June 16, 2020

by Avie Schneider

The Dow Jones Industrial Average gains 526 points after reports that retail sales rebounded strongly in May and that the Trump administration is preparing an infrastructure plan to boost the economy.

Lainy Morse shows students Wesley Schmidt and Celeste Abraldes a bearded dragon in a photo taken when school was open.

A Teacher Ponders Risk Of Returning To Work While Being Paid Less Than Unemployment

7:01am June 16, 2020

by Scott Horsley

Lainy Morse, a preschool teacher, dreads going back to a classroom filled with kids who don't understand hand-washing or social distancing. And she'd make less than she does on unemployment.

The New York Stock Exchange on Wall Street in New York City.

What Is The Stock Market Trying To Tell Us?

6:30am June 16, 2020

by Greg Rosalsky

Despite turmoil in the real economy, the stock market spent months surging. That is, until recently. We speak with a Nobel laureate about what might be happening.

Prices for baking flour and eggs have fallen, suggesting an easing in the baking craze that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic.

The Great Pandemic Bake-Off May Be Over

5:00am June 16, 2020

by Scott Horsley

The price of baking flour has fallen along with the price of eggs, suggesting an easing in the baking craze that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic.

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