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The recent rise in U.S. Treasury bond yields is a proper market response to the country’s expected rapid growth and expectations for stronger inflation, St. Louis Federal Reserve president James Bullard said on Thursday.
“With growth prospects improving and inflation expectations rising, the concordant rise in the 10-year Treasury yield is appropriate,” Bullard said in remarks prepared for delivery to an economic forecasting seminar organized by Georgia State University.
The Reality of American Manufacturing and Pandemic Resilience
Contrary to conventional wisdom, there is little evidence of systemic weaknesses in the United States’ “industrial capabilities” (i.e., the ability to produce the goods that the country needs in times of war or other national emergency) the metric that, along with access to similar capabilities abroad, the Department of Defense considers critical for national security.
In fact, the U.S. manufacturing sector remains among the most productive in the world and is a global leader (see Table 1).
The sector’s health is perhaps most evident in its relative ability to attract investment. In 2018, for example, foreign direct investment (FDI) inflows into the U.S. manufacturing sector alone (almost $167 billion) were larger than
Over 33 Percent of Low-Paid Workers Lost Jobs During Pandemic
Banners reading no job no rent are displayed on a building in Washington, D.C., on August 9, 2020.
Eric Baradat / AFP via Getty Images
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Economic crises shine a spotlight on a societyâs inequities and hierarchies, as well as its commitment to support those who are most vulnerable in such grievous moments. The calamity created by Covid-19 is no exception. The economic fallout from that pandemic has tested the nationâs social safety net as never before.
Between February and May 2020, the number of unemployed workers soared more than threefold â from 6.2 million to 20.5 million. The jobless rate spiked in a similar fashion from 3.8% to 13.0%. In late March, weekly unemployment claims reached 6.9 million, obliterating the previous record of 695,000, set in October 1982. Within three months, the pandemic-produced slump proved far worse than the three-year Great Recession of 2007-2009.
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