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Pandemic unemployment in the Tri-State was worse than the Great Recession. But here s the good news We re almost back to where we were Getty Images Posted at 5:00 AM, Jun 03, 2021 and last updated 2021-06-03 05:00:57-04 CINCINNATI â Sarah Hess is a flow arts performer at the Ohio Renaissance Festival. Like thousands in the Tri-State area, she filed for unemployment last year. WCPO first talked to Hess in February, when her Ohio unemployment benefits stopped coming after a false report of fraud. No, there s no fraud, she said. All the shows are canceled. After Courtney Francisco s story and work with the state unemployment office, Hess case was cleared up and the checks continued. ....
JodiJacobson/Getty Images Affordable home sales only grew by 7% in the same period. The disparity is a byproduct of America s K-shaped recovery as wealth inequality deepens. Luxury home sales are soaring. They increased by 41.6% in the first three months of 2021 over the first three of 2020, according to a recent Redfin report that defined luxury homes as those selling for an average of $975,000. It s a sharp contrast from sales for what Redfin deems affordable homes (those selling for an average of $184,400), which only increased by 7% in the same time frame. It s emblematic of the wealth divide that has deepened in America since the pandemic began, with the wealthy doing just fine and lower-income earners struggling to the point of falling into poverty. This K-shaped recovery is manifest in the housing market. ....
The Indian economy’s recovery is likely to be ‘K-shaped’ instead of a ‘V,’ as rising inequality is poised to hit consumption and growth prospects, according to the country’s former central bank Governor Duvvuri Subbarao. “An important consequence of the pandemic has been the sharpening of inequalities,” he said in an interview Friday. “Growing inequalities are not just a moral issue. They can erode consumption and hurt our long-term growth prospects.” India’s gross domestic product is forecast to grow by as much as 12.5% in the current fiscal year ending March, which will make the economy the world’s fastest growing major one. ....
N.Y. to Provide Vaccines to Colleges; U.K. Reopens: Virus Update Bloomberg 1 hr ago The weekly death toll from Covid-19 in the U.S. rose for the first time since February and infections climbed for a fourth straight week, even as vaccinations surge. New York City said it has administered more than 5 million doses. A study in Brazil showed that Sinovac Biotech Ltd.’s vaccine is slightly more than 50% effective, raising new concerns over the efficacy of the China’s suite of Covid-19 shots, which are being used in a range of countries as well as domestically. India granted emergency use authorization to Russia’s Sputnik V vaccine, making it the third shot approved for use. The decision came as the country battles a new wave of coronavirus, with a record number of new Covid-19 cases on Monday pushing its overall tally past 13.5 million infections. ....