Domestic Manufacturing
The coronavirus pandemic has debilitated the US economy in many different aspects. From the stock market to the unemployment rate, no one can deny that this virus has hit every sector of the American economy.
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Economy
Regal Cinemas Remain Closed: What is the Future of the Movie Theater Industry?
Recently, Regal Cinemas, the second-largest theater chain in the country, chose to close all their theaters in the US indefinitely due to rising COVID-19 cases. This closure will affect 45,000 jobs, with 40,000 of them in the US. Movie theaters run off of foot traffic, and with the rise in online streaming services, they are already struggling.
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Broadway Shutdown Impacts More Than Just the Theater Industry
On Friday, October 9th, the Broadway League announced that the Broadway theater industry would remain shut down until May 31, 2021. This would bring the shutdown length to 14 months since the start of the pandemic.
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Newsom Signs Executive Order to Ban Sales of Gas-Powered Vehicles in California
By 2035, California will ban the sales of gas-powered cars statewide. This executive order was signed by Californian Governor Gavin Newsom on Wednesday, September 23rd as an effort to curb the ongoing climate crisis.
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Why the Stock Market is Sliding
It is fitting that in a year as uncharacteristic as 2020, the stock market has experienced unprecedented volatility. When Wall Street opened its doors on January 2nd, no broker could have predicted that the Dow Jones would plummet 10,000 points over the course of three months, a historic meltdown that culminated in a 37% drop from the all-time high of 29,569.58 achieved in February. Such a nosedive was largely because of the Dow’s performance on March 12th, a day that investors refer to as “Black Thursday” due to the market falling 2,300 points.
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Income Inequality on the Rise
Despite unemployment being at historic lows and job growth being through the roof all prior to the coronavirus pandemic, wage growth had not seen such improvements during that same stretch of economic greatness.
Read MoreCanada Job Report Shows Strong Gains
Canada’s job reports in August indicated one of the largest employment gains from the last decade, unlike many other economies, reports the Wall Street Journal.
Read MoreHigh Debt Levels are Weighing Down the Economy
Due to the economic instability in the United States, consumer debt has reached its absolute peak, reports Reuters.
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