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Economics Correspondent A new report from the Central Bank indicates that lending by banks has begun to recover this year, particularly in the mortgage market. However, it warns that unexpected bad debts may stifle the supply of credit when Government supports are phased out. The report, which is published as part of the bank s Economic Letter series, finds that demand for credit fell last year with the onset of the pandemic. It also finds the standards banks followed on lending were broadly unchanged’ during the pandemic. It also finds that consumer lending remains subdued and is unlikely to recover until spending patterns return to normal. ....
this post authored by Daniel J. Wilson Consumer spending and business operations across the United States have been highly dependent on local conditions related to the COVID-19 pandemic. Current economic forecasts therefore must incorporate projections for where the pandemic is headed. A new econometric model provides county-level and national forecasts of COVID-19 infections. Estimates from the model indicate that population immunity acquired from prior infections is the primary driver of recent declines in new cases. This factor should continue to exert strong downward pressure on new cases in the weeks ahead. It has been a little over one year since the COVID-19 pandemic took hold of the U.S. economy, forcing business shutdowns, school closings, and mass transitions to teleworking. Economic activity remains closely linked to the course of the pandemic. As Fed Chair Jerome Powell stated recently, “the COVID-19 pandemic continues to weigh heavily on economic activity ....
Parental Participation In A Pandemic Labor Market this post authored by Olivia Lofton, Nicolas Petrosky-Nadeau, and Lily Seitelman Gender gaps in labor market outcomes during the pandemic largely reflect differences in parents’ experiences. Labor force participation fell much less for fathers compared with other men and all women at the onset of the pandemic; the recovery has been more pronounced for men and women without children. Meanwhile, labor force participation among mothers declined with the start of the school year. Evidence suggests flexibility in setting work schedules can offset some of the adverse impact on mothers’ employment, while the ability to work from home does not. ....
Ireland's public spending mitigated against 'worst effects' of Covid-19 belfasttelegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from belfasttelegraph.co.uk Daily Mail and Mail on Sunday newspapers.
Lessons From History, Policy For Today this post authored by Mary C. Daly Today’s economic challenges are different from the past, and it’s important to learn from history to achieve a better economic future for everyone. As the economy recovers from the effects of COVID-19, the Fed’s new policy framework retains vigilance against inflation while committing to not pull back the reins on the economy in response to a strong labor market. The following is adapted from a virtual webinar by the president and CEO of the Federal Reserve Bank of San Francisco to the Economic Club of New York on March 2. ....