U.S. home sales spike 24.7% in July, another record
U.S. home sales rose an unprecedented 24.7% in July, extending a rebound in June after the coronavirus pandemic all but froze the housing market this spring.
Economy
Japan’s economy suffers sharpest contraction since 2008 financial crisis
Japan’s economy has suffered its strongest contraction, shrinking an annualized 27.8% in April-June amid the COVID-19 pandemic, Reuters reported Monday. This was steeper than the worse decline suffered in the 2008 financial crisis.
Israel’s virus-battered economy sees sharpest contraction in 45 years
Surpassing the most dire economic forecasts on the effects of the coronavirus pandemic, Israel’s gross domestic product plunged by 28.9 percent in the second quarter of 2020, as compared to the first quarter, in the worst economic downturn in over 40 years, according to an official estimate Sunday.
UK plummets into recession after GDP falls 20.4 percent
U.K. economy has officially plummeted into recession after official figures announced Wednesday showed a stunning 20.4% drop in the second quarter of the year – the biggest drop since quarterly records began in 1955.
Belarus Opposition Leader Flees To Lithuania Amid Crackdown
The primary political opponent of the longtime president of Belarus has reportedly fled the nation amid a massive police crackdown on protests. Lithuania says it provides shelter to Sviatlana Tsikhanouskaya, who earlier brought her young children outside the country. Tuesday’s announcement came after Belarusian President Alexander Lukashenko was declared the winner in Sunday’s presidential poll despite mounting opposition against his rule.
End of July jobless rate remained high, although lower than forecast
Although the number of employment claims at the end of July was over 1 million for the 20th straight week, it was also the lowest number of new claims since the US was struck by COVID-19 in March, the Washington Examiner reports. The end of July saw 1.2 million claims when economists had forecast there would be 1.42 million.
Britain Increasing Border Security As Migrants Cross Channel In Risky Boats; Europe Concerned
Britain’s government pledged Friday to strengthen border security, as a daily record number of people crossed the English Channel to the U.K. in small boats. The measures that reportedly could involve the Royal Navy, come amid broader concerns in Europe about a rising number of migrants re-emerging following lengthy coronavirus lockdowns.
Belarus President “Wins” Bloodstained Ballot
Election officials in Belarus say the county’s longtime President Alexander Lukashenko has won his sixth consecutive term, taking over 80 percent of the vote. Monday’s announcement followed a night of riots in which dozens of people were injured, and possibly one person was killed amid mounting anger over his perceived autocratic style.
Economy added 1.8M jobs in July, adding to record gains in wake of pandemic destruction
The economy gained 1.8 million jobs in July, lowering the unemployment rate to 10.2%, the Labor Department reported on Friday, as robust jobs growth has apparently slowed.
Trump signs law assigning $3 billion a year for conservation
Following overwhelming bipartisan Congressional support for the measure, on Tuesday President Donald Trump signed the Great American Outdoors Act that will assign $3 billion a year to conservation, outdoor recreation, and maintenance of national parks and other public lands, USA News reports.
Europe’s Economies Plunging Into Coronavirus Recession
The European Union’s statistics agency has reported the most significant economic falls within the 27-nation bloc since it began recording the figures 25 years ago.
Eurozone suffers 40.3% annualized contraction, greatest drop on record
The Eurozone suffered its greatest contraction on record, exceeding the U.S. economy’s record plunge.
Estimate: U.S. GDP fell almost 33 percent in 2nd quarter
U.S. Gross Domestic Product dropped an estimated 32.9 percent in the second quarter of 2020, according to a report from the Bureau of Economic Analysis released Thursday, a result of stay-at-home orders that shuttered businesses in response to COVID-19.
U.S. is expected to report a record-breaking economic plunge
Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year.
Revival in Iran as thousands of Muslims turn to Christ
Thousands of Iranian Muslims have left Islam and have put their faith in Jesus Christ since the COVID-19 pandemic hit Iran in March, CBN News reports.
US Shuts China’s Houston Consulate; Pompeo Cites Intellectual Property Theft
The U.S. ordered the Chinese Consulate in Houston, Texas, shut down because of the persistent problem of Bejing’s theft of U.S. intellectual property, Secretary of State Mike Pompeo said Wednesday.
Israel: New surge in COVID-19 cases may cause return to lockdown
Israeli officials are anticipating the likelihood of renewing a nationwide lockdown as the country had 1,575 new cases of COVID-19 Monday, the Times of Israel reports. With a population of fewer than nine million residents, Israel has now had over 43,000 cases, including over 23,000 currently active cases and 375 coronavirus related deaths.
Federal Reserve Admits There Is A Coin Shortage
The Federal Reserve announced on June 11th that COVID-19 had caused a disruption in the normal flow and distribution of circulation of US coinage. The following week, Jerome Powell, the head of the Federal Reserve, spoke before the US House Committee of Financial Services. He informed the members that the partial shutdown had created a stoppage of the flow of coins in our economy. Consequently, some retailers are asking customers to use exact change. Mr. Powell also shared that he believes the condition will be only temporary because the economy is opening back up.
Unemployment Falls as US Adds 4.8M New Jobs
The U.S. economy added 4.8 million jobs in June as it struggles to recover from the business closures forced by the coronavirus pandemic, the government reported Thursday, even as it said another 1.4 million laid-off workers filed for unemployment benefits last week.
France Governments Resigns Over Coronavirus Economic Concerns
France was to name a new prime minister later Friday after Edouard Philippe and his cabinet resigned amid mounting concerns about the economic impact of the coronavirus pandemic on the nation.