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Diane swonk

Diane swonk

Diane C. Swonk is an American Economic Advisor and Chief Economist at Grant Thornton LLP.

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US Fed unlikely to offer new guidance on rates this week
Business

US Fed unlikely to offer new guidance on rates this week

Washington, Sep 16 While US Federal Reserve has adopted a new policy strategy on inflation, the central bank ...

US forces withdrawing from Afghanistan despite continued violence
International

US forces withdrawing from Afghanistan despite continued violence

The only element of the Afghan peace plan going according to schedule is the withdrawal of American forces as the Taliban have continued their attack on soldiers and civilians and are not serious for intra-Afghan dialogues, Economist reported.

US unemployment claims climbed by 1.88 mn last week
International

US unemployment claims climbed by 1.88 mn last week

The number of US unemployment claims totalled 1.88 million last week as the COVID-19 pandemic continues to sweep the ...

India's GDP could soar by 20 per cent post lockdown, predicts Goldman Sachs
International

India's GDP could soar by 20 per cent post lockdown, predicts Goldman Sachs

India's Gross Domestic Product (GDP) could soar by 20 per cent in the third quarter of 2020, according to predictions by Goldman Sachs which have been stated by The Economist in a detailed story on Economic Lockdowns and their implications.

US jobless claims hit 33 million amid COVID-19 fallout
Business

US jobless claims hit 33 million amid COVID-19 fallout

New data showed that more than 33 million Americans have filed for jobless claims as COVID-19 continues to ravage economy, indicating the scope of damage to the labour market, while suggesting the historic wave of layoffs seems to be receding.In the week ending May 2, the number of Americans filing for unemployment benefits decreased by 677,000 from the prior week to 3,169,000, the fifth weekly decline in a row, the US Bureau of Labor Statistics (BLS) reported on Thursday, Xinhua news agency reported.Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Indiana, recently told Xinhua that the jobless claims data points to "a deceleration of the huge losses from early April." "The slowing losses indicate the bulk of job losses may be behind us," Hicks said.As the US economy witnesses its biggest slump since the global financial crisis, with massive job losses within weeks, the potential economic recovery following reopening could be welcoming news for many.According to a recent projection from the Wharton School of the University of Pennsylvania, partially reopening would increase GDP on June 30 by 1 per cent year-on-year, to a 10.7 per cent contraction.

Job prospects for China's fresh graduates bleak as Red Dragon limps back to normalcy
International

Job prospects for China's fresh graduates bleak as Red Dragon limps back to normalcy

As China limps back to normalcy after COVID-19 outbreak, job prospects in the country seem to be truly bleak especially for the nine million students or so who are due to graduate in June.The Chinese leadership has been fearing that the graduates will enter the workforce as prospective employers mull lay-offs or hiring freezes.Last year, just over half of the entrants to China's urban workforce were university graduates.The magazine cited a survey of one million compes by Peking University's Guanghua School of Management and Zhaopin, a job-search site, which found that there were 30 per cent fewer openings in the first quarter compared with last year.Those for fresh graduates in finance fell by more than 50 per cent this spring, according to Boss Zhipin, another recruitment website --even as the number of final-year students searching for a job rose by half.

US economy sees biggest slump since 2008 financial crisis
International

US economy sees biggest slump since 2008 financial crisis

On Wednesday, the Commerce Department said that the US GDP in the first quarter contracted at an annual rate of 4.8 per cent amid the pandemic, the biggest decline in over a decade, Xinhua news agency reported.The decline in first-quarter real GDP was, in part, due to the response to the spread of COVID-19, as governments issued "stay-at-home" orders in March, according to the "advance" estimate released by the department's bureau of economic analysis.Noting that the lockdown of the economy, which occurred in most states, did not really start to take effect until mid-March or early April, Bryson said "we look for real GDP to contract at an unprecedented annualized rate in excess of 20 percent in Q2".The sharp contraction in the first quarter follows a 2.1-per cent increase in real GDP in the fourth quarter of 2019, according to earlier data from the bureau.

In COVID-19 lockdown, US reports surge in domestic violence
International

In COVID-19 lockdown, US reports surge in domestic violence

At a time when violent crimes, including murder, rape and assault, have plummeted owing some form of lockdown across the world to slow the spread of COVID-19, official figures cited by The Economist have shown a sharp rise in domestic violence--a crime committed in private, inside people's homes.

Stimulus, repo rate cut needed; as low demand stagnates growth
National

Stimulus, repo rate cut needed; as low demand stagnates growth

A combination of stimulus measures along with fiscal discipline is prescribed to reinvigorate India's economy which is ailing with low demand, receding production and stagnant wages.

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