US growth, job gains slowing, Fed reports

first_imgBased on data through August 24, the Fed’s beige book showed a mixed picture and lingering uncertainty as the coronavirus continues to impact the world’s largest economy, where more than 185,000 people have died from the disease.While the report showed economic growth continued in much of the country, “Gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic.”Home and vehicle sales were strong but “many districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels,” the Fed said.”Employment increased overall among districts, with gains in manufacturing cited most often. However, some districts also reported slowing job growth and increased hiring volatility,” the survey said. Economic growth and job gains continued in most of the United States but the pace has slowed in many areas while spending remains far below pre-pandemic levels, the Federal Reserve said Wednesday.The Fed’s beige book survey of economic conditions highlighted “rising instances of furloughed workers being laid off permanently as demand remained soft,” especially in the hard-hit services industries.As monetary policymakers prepare for their next meeting later this month, the report shows the economy has not seen the sharp bounceback some had predicted, and which President Donald Trump has been betting on as the November presidential elections approach. In the New York region, growth “has stalled … even as the spread of the virus has remained subdued and more businesses have gradually reopened.”In Chicago, “Employment and manufacturing increased strongly,” but a full recovery is not expected until late next year.The report came after United Airlines announced it was laying off 16,000 workers next month on top of thousands of voluntary departures, the latest sign of the ill health of the travel industry, which executives say will not recover for months.Exploding government debtBut companies also reported that they “continued to experience difficulty finding necessary labor, a matter compounded by day care availability, as well as uncertainty over the coming school year and jobless benefits,” the Fed said.Congress in late March approved the US$2.2 trillion CARES Act to provide emergency aid to businesses and workers who lost their jobs due to the COVID-19 shutdowns, and Fed contacts in several districts described the bill’s impact as positive while hoping for additional aid.In the Philadelphia area “uncertainty is extremely high, as contacts worried about the end of stimulus measures, pending layoffs and an inevitable rise of evictions, foreclosures, and bankruptcies.”Even as many businesses, including the hard-hit airline industry, are calling for more government aid, the ballooning federal debt and deficits hang over the economic outlook.In a separate report Wednesday, the nonpartisan Congressional Budget Office (CBO) said the mountain of US government debt, swelled by rising deficit spending to deal with the coronavirus pandemic, will surpass the size of the national economy next year.The deficit will increase to 107 percent of GDP by 2023, “the highest in the nation’s history,” surpassing the previous peak in 1946 after World War II, according to the CBO, which said its updated forecasts project that by 2030, the debt would equal 109 percent of GDP.The budget deficit this year is expected to triple to $3.3 trillion, or 16 percent of GDP — the largest since 1945.center_img Topics :last_img read more

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USC ready to kick off MPSF tournament

first_imgFollowing an impressive regular season capped by wins in 15 of its last 16 games, the No. 1 USC men’s volleyball team is poised to make a run in this weekend’s Mountain Pacific Sports Federation tournament.King of Troy · Senior opposite Murphy Troy, who was named MPSF Player of the Year on Thursday, has played a significant role in USC’s 21-win regular season. The Trojans begin postseason play Saturday against crosstown rival UCLA at Galen Center. – Tim Tran | Daily Trojan First in line for the Trojans (21-2, 20-2) is No. 8 UCLA, which USC easily disposed of in straight sets during last week’s MPSF regular season match.“We’re peaking at the right time,” said USC coach Bill Ferguson. “The guys playing as well as they did last week with nothing on the line shows that we’re in a good place.”During the regular season, USC won 13 of its 23 matches in straight sets. It has faced — and conquered — a full battery of tests — dropping large leads, making large comebacks and steadily dominating en route to victory. USC’s only losses came in two five-set thrillers.The Trojans have also been statistically dominant, leading the league in hitting percentage (.355), opponent’s hitting percentage (.249), kills (14.06 per game), assists (13.18 per game) and digs (9.93 per game).USC won its first MPSF regular season title in 2000. The Trojans have also won their last four matches against UCLA and seven of the last eight.Senior opposite Murphy Troy has been named MPSF player of the week three times, and junior outside hitter Tony Ciarelli earned the honor twice, as well.On the other hand, UCLA (16-14, 9-13) has been inconsistent thus far. Although it has beaten the likes of No. 3 UC Irvine, it has also dropped matches to the likes of unranked UC San Diego.During the last USC-UCLA meeting, Bruins coach Al Scates pulled starting middle blocker Weston Dunlap and starting opposite Kyle Caldwell after an inconsistent match from the two.“Al’s trying to find a lineup that’ll work,” Ferguson said. “I anticipate that he’ll have a set lineup and give the guys a longer leash.”Last year, the Trojans dropped the first round match of the MPSF tournament to Cal State Northridge. The Trojans’ experience, skill and all-around cohesion has them primed to avoid a repeat upset this time, however.“The guys have really bought into the ‘one day, one practice a time’ type of work ethic,” Ferguson said. “There’s no anxiety now. It’s all about us. If we give a good effort and play our game, we’ll be fine.”First serve is at 7 p.m. at Galen Center on Saturday.last_img read more

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Holoway silent force for Ole Miss

first_imgWhile Marshall Henderson is the player on Ole Miss who steals the spotlight, in reality, the biggest reason the Rebels are in the dance is the play of senior forward Murphy Holloway.In his second season since transferring back to Ole Miss from South Carolina, Holloway has served as a steady rock of production for his team, especially when star guard Henderson goes cold.A Second Team All-SEC selection after leading the conference in rebounding (9.6 per game) and field goal percentage (.557 percent on the season) while ranking seventh in scoring (14.6 per game), Holloway stands at an imposing 6-foot-7 and 240-pound challenge for Wisconsin in Thursday’s Second Round game.It was Holloway who led his team to victory in the SEC Tournament championship against Florida. With his team shooting cold from the field, Holloway kept his team in the game by scoring 12 of his squad’s 26 first-half points, using a variety of post moves from the catch to one-on-one dribbles from 10 feet out.Finishing with a game-high 23 points and 10 rebounds, Holloway’s competiveness embodies the persona that his Ole Miss team took on during its tournament run, one that solidified a tournament berth that might not have come if the team had lost. It wasn’t just desperation that fueled the post player’s performance but a thirst to prove himself.“We had a chip on our shoulder from Missouri, they beat us really good one time,” Holloway said. “Florida beat us really good one time, and so we wanted to have a chip on our shoulder of ‘us against the world’ and thinking we’re not good enough.”Strange, considering Holloway is more than good enough. He’s the model of an efficient offensive player and a true back-to-the-basket scorer.“I think it took me to my junior year just to know what works, when to do it, when to make certain moves,” Holloway said in an interview with The Badger Herald.“He reminds me a lot of the guys at Michigan State,” Wisconsin associate head coach Greg Gard said. “He doesn’t shoot the three …but just relentless on the glass.”Those “guys” Gard is referring to are the Big Ten’s most talented group of true post players in Adreian Payne, Branden Dawson and Derrick Nix, who combined to record 38 points and 41 rebounds in their two games and harassed the Badgers on both ends during their two meetings meetings with the Spartans.Holloway hadn’t gotten the chance to watch film on Wisconsin at the time of the interview, but he had high compliments for the Badgers’ posts from what he had seen on TV.“All of them got a swag to them,” Holloway said. “They’re really good guys, they’ll play basketball at the next level whether it’s overseas or the NBA. It’ll be like going against guys like [Florida’s Erik] Murphy and [Patric] Young, NBA level guys.”With the Badgers’ struggles against players like Holloway throughout the season, Wisconsin is going to make sure it takes away as many touches for the Rebel’s player as possible.“You try to eliminate the amount of times he can touch the ball or limit it as much as possible and that’s not always easy to do because he moves pretty well,” Gard said. “They do a good job of finding him, and he also gets on the glass so well. He can step off eight, 10 feet and attack, he’s got some moves he goes to there.“He’s long enough and athletic enough and nimble enough that he can make plays off you whether it’s straight line attacks or countering with the spin.”Gard also sees that Wisconsin’s experience playing against talented big men like Indiana’s Cody Zeller and others as a great reference point when describing to the players the similarities of Holloway’s skill set to that of other Big Ten posts.“I think this is where the games we’ve played in the league will help us because we can give some reference back to the type of the player they are,” Gard said. “We’ll prepare and try to follow our rules the best we can.”Facing elite players isn’t anything new for this Badgers’ group, and fifth-year senior forward Jared Berggren is eager for a chance to test his skills against another skilled adversary.“It’s our time to step up and lead,” Berggren said of the Wisconsin starting frontcourt. “I think I can provide a little more for the team.”last_img read more

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