Economy

UK retail spending soars as economy reopens

British shoppers splashed out on new clothes in April after shops reopened following months of lockdown closures, adding to signs of a robust economic recovery, official data showed on Friday.

Sales volumes in April jumped 9.2% month on month – twice the average forecast in a Reuters poll of economists and the biggest rise since June – after rising 5.1% in March. Clothing sales soared by almost 70%.

“Fashion retailers (were) the ultimate beneficiaries of beer gardens reopening and the ‘rule of six’ night out returning,” said Aled Jones, head of retail at Lloyds Bank.

Bank of England policymakers are

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As economy fully reopens, downtown merchants struggle to achieve full staffing

GREAT BARRINGTON — As the commercial hub of southern Berkshire County, downtown Great Barrington enjoys a special status that can be a blessing or a curse. Right now, downtown merchants are facing down the curse of the pandemic: trying to find workers as COVID-related restrictions ease and the busy summer season approaches.

Earlier this week, Gov. Charlie Baker announced that, as of May 29, which is the Saturday of Memorial Day weekend and sooner than expected, almost all COVID-19 restrictions will come to an end. That weekend will also be the first for the expanded version of Great Barrington’s

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Two new downtown projects set to boost Omaha economy

OMAHA, Neb. (WOWT) – The face of downtown Omaha is changing again. Thursday was a big day for the city as two new projects are set to welcome tourists. One opened Thursday; the other just broke ground.

A new hotel on the corner of 13th and Farnam streets is officially welcoming guests. The Farnam, a 120-room hotel and restaurant, is inside the landmark and a few blocks away from a new project that broke ground earlier Thursday.

City leaders say the opening of the hotel will be a big economic boost for Omaha, especially in the coming weeks.

“We’re

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Drought Imperils Economy in California’s Farm Country

DUNNIGAN, Calif.—Sitting in a pickup truck on his almond farm 100 miles north of San Francisco, Tom Butler pointed to a withered grove he has been planning to bulldoze in order to save his little remaining water for younger trees.

“It’s not a decision any farmer wants to make,” the 42-year-old said last week. “We’re in survival mode.”

California is gripped in severe drought just four years after emerging from the last one, forcing many farmers to scramble to find enough water. The U.S. Bureau of Reclamation has cut the water allocations for many to zero this year. Last

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South China Morning PostIcing of China-EU investment deal seen as politically symbolic, but risks existAlmost all EU countries have separate bilateral investment treaties with China, and experts say suspending the Comprehensive Agreement on …1 hour ago

South China Morning PostIcing of China-EU investment deal seen as politically symbolic, but risks
existAlmost all EU countries have separate bilateral investment treaties with
China, and experts say suspending the Comprehensive Agreement on …1 hour ago… Read More

Israel’s political stalemate impacts economy more than Hamas rockets – Moody’s

Israel’s latest conflict with Hamas, “one of the worst flareups of violence in recent years,” will have “limited economic implications” for Israel’s economy, though the extended political instability that is gripping the nation is a “credit negative,” ratings agency Moody’s Investor Service said in a report.

“Given the long-standing resilience of the Israeli economy to geopolitical developments, we expect the heightened conflict to have only a modest impact on the country’s economic recovery from the pandemic and on the government’s near-term fiscal metrics,” the May 19 report said.

“However, the violence risks further complicating efforts to assemble a stable majority

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Biden orders climate change risk strategy to economy

US President Joe Biden delivers remarks and participates in the virtual Leaders Summit on Climate Session 5: The Economic Opportunities of Climate Action from the White House in Washington, DC, on April 23, 2021.

Jim Watson | AFP | Getty Images

President Joe Biden is directing the federal government to develop a strategy to curb the risk of climate change on public and private financial assets in the U.S, the White House announced on Thursday.

The executive order, titled Climate Related Financial Risk, directs National Climate Advisor Gina McCarthy and Director of the National Economic Council Brian Deese to develop

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Every Discussion of the Economy Keeps Coming Back to the Same Keynes Quote

When the economy gets hot, and inflation pressure starts to build, naturally the talk always turns to rate hikes as a tool to tamp things down.

However, in Chapter 22 of his book “The General Theory of Employment, Interest, and Money,” John Maynard Keynes offered a different prescription:

Thus the remedy for the boom is not a higher rate of interest but a lower rate of interest![5] For that may enable the so-called boom to last. The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump;

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The Breakout Cities on the Forefront of America’s Economic Recovery

Even before Covid-19, these rising stars—such as Greenville, Des Moines, Iowa, and Provo, Utah—had been quietly building out vibrant economies in the shadow of bigger metropolises. During the pandemic, they have drawn workers and businesses with large and affordable homes, ample access to outdoor space and less congestion.

They also have a mix of high-tech jobs and old-line industries, including manufacturing and finance, that turned out to be more resistant to the downturn. They came through the year with fewer job losses and service cuts, and made quicker recoveries.

“They offer a lot of things you can’t really get in

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Homeless camps have hurt businesses, economy, Downtown Austin Alliance says

AUSTIN (KXAN) — One group said the increase in people living on the streets downtown has hurt many businesses. That comes during more than a year of challenges tied to the pandemic.

“There’s certainly some challenges, obviously, as the city grows and gets bigger,” said Ellis Winstanley, co-owner and president of El Arroyo.

Serving Austin for nine years, Winstanley has witnessed its growth. One of those challenges: homelessness.

“I’ve had a moment of that personally, but I’ve heard about it more from people working downtown,” said Winstanley, of safety concerns.

Other

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