Welcome to the “K-shaped” recovery.
The U.S. stock market has recovered most of its sharp losses since the COVID-19 pandemic hit the U.S. economy in February, housing prices are reaching brand new highs, as well as “jobs are fully back for the highest wage earners,” The Washington Post reports, citing an analysis of Labor Department data by Opportunity Insights. “although fewer than half the jobs lost This specific spring have returned for those producing less than $20 an hour,” the federal supplemental unemployment checks keeping the jobless afloat have run out with no deal on the horizon, smaller businesses are shutting down nationwide, as well as lower-income renters are facing a wave of evictions.
“This specific has been a very clear K-shaped recovery,” economist Peter Atwater at the College of William & Mary tells the Post. “The biggest as well as wealthiest have been on a clear path toward recovery. Meanwhile, for most smaller businesses as well as those worst off, things have only become worse. The contrast is actually piercing: One group feels better than ever while the some other borders on hopelessness.”
Employment for those producing $14 an hour or less is actually still 20 percent below pre-pandemic levels, Opportunity Insights found, as well as Labor Department data shows in which Black workers have recovered only about 20 percent of the jobs they lost during COVID-19, versus 40 percent for white men as well as 45 percent for white women. Households with children have also been disproportionately hit by the recession, the Federal Reserve Bank of brand new York found, especially single parents, 23.2 percent of whom lost their jobs during the pandemic.
President Trump has focused on the “tremendous” rebound on Wall Street. “We’re from the middle of a pandemic as well as yet we’re going to be hitting records,” he told Fox Business on Thursday. The stock market recovery is actually driven mostly by Big Tech firms like Apple, Amazon, Microsoft, as well as Facebook, whose huge market values “carry the most weight from the S&P 500,” The Associated Press notes. “The corner bars, the family restaurants, the hair salons, as well as some other smaller businesses across the U.S. in which are teetering or closing for not bad aren’t listed on the stock market.”
In fact, former Trump economic adviser Gary Cohn tweeted, “the stock market continues to reflect big businesses increasing their market share during #COVID19. If a smaller business closes, a larger business fills the void. We need to contemplate what This specific means for Main Street USA going forward. is actually This specific actually the future we want?” Peter Weber
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Source : Hurricane-force storm in Iowa flattens 10 million acres of crops