Is the economy at a crossroads? A lot of Wall Street economy watchers think so.
How could that be? After all, the U.S. likely grew at a record 30%-plus annual pace in the third quarter, recovering much of the historic damage caused by the coronavirus pandemic in the spring.
The third quarter ended a week and a half ago, however, and it won’t tell us much about how the final three months of the year are shaping up.
Even so, the most recent data still suggests the economy is growing at a steady if somewhat slower clip right now. Consumer confidence just hit a pandemic peak, the savings rate is very high, manufacturers are boosting production, and more people are going back to work than losing their jobs.
The pessimists acknowledge the economy has held up better than assumed after the end of most federal aid for families, businesses and the unemployed in August.
Yet they are increasingly worried the economy will suffer another lapse, pointing to a fresh round of corporate layoffs and an uptick in coronavirus cases just as the fall flu season gets underway. A slew of companies led by Disney
and others have said they will cut thousands of jobs without any more aid.
Consumer spending, the lifeblood of the economy, would be in danger of faltering again if unemployment rises or people are prevented by the virus from going back to work, they say. And if consumer spending goes, so does the economy.
“In many ways the consumer is the U.S. economy,” noted chief economist Scott Anderson of Bank of the West. Household outlays account for almost 70% of gross domestic product, the official scorecard of the U.S. economy.
Anxiety over a so-called double-dip recession is why so many economists have urged the federal government to pass another multi-trillion dollar package of financial aid. Democrats and Republicans in Congress have been deadlocked for more than two months over what to do next.
” It’s simple: Less fiscal stimulus means more economic pain,” contended Gregory Daco, chief U.S. economist at Oxford Economics.
Federal Reserve Chairman Jerome Powell has been unusually outspoken in urging Congress and the White House to act, breaking with longstanding tradition of central bank leaders staying out of the political fray. That’s a clear sign of how fragile Powell thinks the economy is.
“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said last week in a speech to the nation’s economists.
The upcoming holiday-abbreviated week, though, is unlikely to render visible any developing fissures in the U.S. economy, if there are any.
The headline attraction, U.S. retail sales data for September, could show as much as a 1% increase – bigger than in the prior two months. Surging auto sales have been a driving force, but the reopening of more restaurants and other small service-oriented businesses could add to the momentum.
Further big gains in retail sales, however, are less likely in the months ahead now that much of the pentup demand stemming from the pandemic lockdown has mostly run its course. Ditto for consumer spending more broadly.
As a result, most economist predict the rate of U.S growth will slow sharply in the fourth quarter and signal the need for more government stimulus.
The two parties in Congress are still talking, but the odds of deal that once seemed so high just a few months ago are fading rapidly as the 2020 presidential election draws near.
If the two parties pull a rabbit out of a hat and strike a late-hour compromise, it would go a long way to ease the anxiety about the economy. Just don’t count on it.
NEW: Economic Comeback Under President Trump Breaks 70-Year Record – Whitehouse.gov
News broke this morning that real GDP grew at an annualized rate of 33.1% in the third quarter of 2020—beating expectations and setting an all-time record.
This jump in GDP is nearly double the previous record set 70 years ago.
Thanks to President Trump’s policies, the American economy is weathering the global pandemic better than any other major Western country, including those of Europe. As the Council of Economic Advisers wrote this morning:
While the pandemic hit every major economy around the world, the United States experienced the least severe economic contraction of any major Western economy in the first half of 2020, with the Euro Area economy’s contraction being 1.5 times as severe as the contraction of the U.S. economy.
Since April, America has gained over 11.4 million jobs, recovering more than half of those lost because of lockdowns. Retail sales are already above pre-pandemic levels, many construction and manufacturing jobs have returned, business activity is at a 20-month high, and new jobless claims fell to their lowest level this week since the beginning of the pandemic.
This “V-shaped” recovery is beating economist predictions and outpacing the slow recovery under former President Obama. After the 2008-09 recession, it took the Obama Administration 4 times as long to regain the same share of lost economic output.
Two big reasons explain President Trump’s success. The first is that his pro-growth, pro-worker agenda made our economic fundamentals stronger. Before Coronavirus swept the globe, American incomes hit a record high in 2019 while poverty rates hit a record low. Median incomes saw their biggest one-year jump ever.
Second, President Trump took targeted action to help American workers and families after the Coronavirus hit. His Administration negotiated the CARES Act, implemented the Paycheck Protection Program to save jobs, extended supplemental unemployment benefits, paused student loan payments, and halted evictions.
Today, the left wants to emulate Europe, issue endless lockdowns, and use the pandemic as an excuse to grow government control of the economy and society. President Trump wants to keep working with the private sector, protect the most vulnerable among us, and safely reopen our economy and schools.
Today’s GDP report makes it clear: The data supports President Trump’s strategy.
The Great American Comeback is well underway—a testament to both President Trump’s policies and the strength and resilience of America’s workers and families.
US economy sees record third-quarter rebound – The Globe and Mail
US economy grew at 33% rate in Q3 but recovery is incomplete – Yahoo Canada Finance
First Patient Cases with PURE EP System Conducted at Deborah Heart and Lung CenterWestport, CT, Oct. 29, 2020 (GLOBE NEWSWIRE) — BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the “Company”), a medical technology company developing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals, today announced that the Company installed its PURE EP™ System and started conducting patient cases at Deborah Heart and Lung Center in Browns Mills, New Jersey.PURE EP™ System evaluation and clinical data collection is being conducted under the leadership of Raffaele Corbisiero, M.D.“We are pleased to commence our clinical operations at Deborah Heart and Lung Center. As an innovative and rapidly growing company, we are excited to have physicians at Deborah not only utilize our technology, but also contribute to its advancement. Given COVID-19’s detrimental effects on cardiovascular health, this relationship cannot come at a more important time,” commented Kenneth L. Londoner, Chairman, and CEO of BioSig Technologies, Inc. “Intracardiac signals are the foundation of everything we do in EP, but we can’t treat what we don’t see. I am impressed by our early experience with PURE EP™ showing more of the cardiac signals we want to see,” commented Raffaele Corbisiero, M.D., Deborah Heart and Lung Center.BioSig is currently conducting patient cases under the clinical trial titled “Novel Cardiac Signal Processing System for Electrophysiology Procedures (PURE EP 2.0 Study)” at Texas Cardiac Arrhythmia Research Foundation (TCARF) in Austin, Texas and Mayo Clinic Florida Campus in Jacksonville, Florida. The Company recently added Massachusets General Hospital and the Hospital of the University of Pennsylvania to its clinical sites. About BioSig Technologies BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals (www.biosig.com).The Company’s first product, PURE EP ™ System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory.Forward-looking Statements This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward- looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the geographic, social and economic impact of COVID-19 on our ability to conduct our business and raise capital in the future when needed, (ii) our inability to manufacture our products and product candidates on a commercial scale on our own, or in collaboration with third parties; (iii) difficulties in obtaining financing on commercially reasonable terms; (iv) changes in the size and nature of our competition; (v) loss of one or more key executives or scientists; and (vi) difficulties in securing regulatory approval to market our products and product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. CONTACT: Andrew Ballou BioSig Technologies, Inc. Vice President, Investor Relations 54 Wilton Road, 2nd floor Westport, CT 06880 email@example.com 203-409-5444, x133
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