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The obstacles to invention were overcome.
An economist from Columbia University in New York City has said the response of researchers and inventors to COVID-19 crisis is similar to the approach taken during the Second World War. He co-wrote a paper that explored the parallels between the two world-altering calamities. Sampat also co-wrote a paper for the US-based National Bureau of…
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Former Treasury Secretary Larry Summers says the United States will enter a recession.
Former US Treasury Secretary Larry Summers said that the US economy is more likely than not to enter a recession. “Historical experience suggests…the kind of inflation we have rarely returns to normal levels – target levels of around 2%- without some kind of recession,” he added. This comes amid concerns about rising inflation and how…
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There are new ways to measure economic growth.
The Organisation for Economic Co-operation and Development (OECD) is looking to revise the global Gross Domestic Product (GDP) formula to measure sustainability and well-being. However, some aspects of digital-economy valuation, along with putting a value on the environment, are unlikely to make it into a revised GDP formula, according to former OECD statistician Peter van…
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The UK is in a recession while Europe is going to do the same.
The US economy grew at a slower-than-expected 2.3% in the third quarter of 2022, according to GDPNow, the Federal Reserve’s real gross domestic product (GDP) forecasting service. The Atlanta Fed’s estimate for real GDP growth in the third quarter of 2022 is 2.3%, suggesting that while the economy is growing much more slowly than it…
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A recession isn’t a slam dunk in the US, says Goldman Sachs.
The Federal Reserve Bank of Atlanta (Atlanta Fed) has predicted that the US economy will grow at 2% for the third quarter of 2022. This is less than the 2.4% growth recorded last year. However, the Atlanta Fed’s survey of economists predicted that the US will experience a recession within the next year, while only…
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The grand prize is expected to hit a record.
According to a professor of economics and accounting, the number is the lotteries market. “It’s the number that almost no one ever takes,” Victor Matheson said. He added that the advertised annuity price was not much bigger than the cash value even in a low interest rate environment. The current $1.9 billion jackpot is less…
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Tomorrow’s big jobs report has global implications.
US Federal Reserve (Fed) said it’ll keep raising rates until the “job is done”, as inflation is too high and it must come down. “Inflation is too high, it must come down, and we’ll keep at it until the job is done,” it added. Further, US employment growth eased slightly in September but remained robust,…
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What will be in the monthly jobs report on Friday?
The US economy added 251,000 new jobs last month while the unemployment rose to 3.4%, according to data released by the government on Friday. The job growth was the fastest in six months, with the unemployment rate remaining below 4% for the second straight month. The labour force participation rate stood at 70.1%, highest since…