Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
"Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work." -- Stephen King, author
The digital Chinese yuan has been in development since 2014 shortly after the rise of Bitcoin and testing began in four cities across China last year. China is one of more than 60 countries to explore digital currencies, which could allow for money to be moved faster. On the contrary, digital currencies could allow for privacy concerns with governments utilizing tools to easily monitor financial flows. [The New York Times]
J&J expects to deliver 20 million doses throughout the United States in March and 100 million by summer. Health experts say that having a one-dose vaccine available will help accelerate vaccinations. J&J is seeking emergency use authorization for its vaccine in Europe, as it hopes to produce 1 billion doses by the end of 2021. [Associated Press]
The 10 percent increase in income was the second largest on record, eclipsed only by April of 2020. Since February 2020, a month before the pandemic shut down the economy, household income has increased 13 percent. The increase in household income is attributed to pandemic aid, including the latest $600 payment to most Americans. Economists expect the trend to continue because this increase does not include the $1.9 trillion Biden package recently passed by the House of Representatives. [The Wall Street Journal]
Elderly care residents were among the first to receive their vaccines, suggesting that the vaccine’s first dose adequately protected residents. Deaths in long-term care facilities represent a third of the more than 500,000 COVID-19 deaths in the United States. [The Wall Street Journal]
With Americans saving, many are spending while bored. Boredom can increase risk-taking and impulse purchases. Many are investing in do-it-yourself jobs for home improvement. Gardening has been a popular hobby. Sales of video games, books and appliances have also soared. [The New York Times]
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