Markets have been showing indications of another slowdown. Some of the largest banks, including Wells Fargo, JP Morgan, and Citigroup, have nearly doubled the amount of money set aside for corporate loans. This totals up to $33 billion. It has been revealed that the good news of second quarter gains was in reality due to banks collecting fees by helping companies stockpile their cash, not in helping companies in deals.
Kenneth Wong, a leader in business, the military, and the community sits down with AANN to share key insights on how he achieved success.
The Labor Market is what had everyone’s attention this week. US Unemployment beat expectations of 12.3% this month to settle at 11.1%. The number of unemployed people fell by 3.2 million to 17.8 million as they returned to the labor market.
The American economy continues to face muddy waters and unsure futures. Coronavirus new cases have started to grow again with 40,000 new cases on Thursday alone. States like Texas have begun to pull back their reopening plans after seeing an 80% increase in total cases.
The resurgence of coronavirus is beginning to have adverse effects on the economy. Various industries have become more fearful of what the future holds as they struggle to stay afloat.
In some sectors, the economy begins to make erratic progress. Most surprisingly, the progress is being made in the industries hardest hit by the virus.
