Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
"There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible." -- Henry Ford, Founder of Ford Motor Company.
Teams in the MAC face a significant financial burden by trying to maintain costly COVID-19 testing protocols, while losing the revenue generated by large payouts received from teams in the Power Five conferences – the ACC, Big Ten, Big 12, PAC-12 and SEC. These conferences limited play to their own conference and canceled the majority of their non-conference games against MAC teams. [Associated Press]
All 33 areas have an unemployment rate higher than 15% and several of the largest cities in the United States appear on the list. [USA Today]
Why is there a disconnect between the stock market and the current economy? Stock prices are driven by future expectations for businesses, which means investors may discount measures of the current economy such as unemployment, GDP and consumer spending. [Deseret News]
The $600 supplemental unemployment payment, eviction moratoriums and Paycheck Protection Programs have expired, and Congress is at an impasse on how to assist 30 million unemployed Americans. Meanwhile families are struggling to prevent evictions, fighting hunger and are unable to climb out of mounting debt and have few options. [The New York Times]
The Labor Department reported that the unemployment rate fell to 10.2 percent in July, as employers added 1.8 million workers to payrolls – but that is well below the 4.8 million added in June. [The New York Times]
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