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Meanwhile, the unemployment rate dipped to 6.2% last month as the winter wave of coronavirus infections eased.
Powell warned it will take time to put millions of jobless Americans back to work, while also downplaying inflation threats.
BOWLING GREEN, Ky. (OVR) — The COVID-19 pandemic is continuing to cripple the economy in the Ohio Valley and President Joe Biden and Congressional Democrats are pursuing his plan for economic recovery. Biden’s economic priorities include raising the minimum wage to $15 an hour, forgiving student loan debt, and undoing some Trump-era tax cuts. But Biden’s… Read More
BOWLING GREEN, Ky. (OVR) — An analysis of natural gas production in the Ohio Valley finds that the biggest gas producing counties in the region suffered economically over the past decade compared to the rest of the country, although natural gas production was high. The report released Wednesday by the Ohio River Valley Institute, a nonprofit… Read More
The senators are asking to work with President Biden on a coronavirus relief package that they believe could be approved “quickly by Congress with bipartisan support.”
The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a surge in coronavirus infections weighed on in-person businesses like restaurants.
(Ohio Valley ReSource)– He asked her if she was cold. A wind whips around the park in western Kentucky a couple days before Christmas. He puts his arm around her as they move closer together on the bench. Blake Livesay, 27, met Laura Brooke, 31, online earlier in 2020, and they’ve been inseparable since. She… Read More
From direct payments for American households to mass transit, the congressional relief package contains money for individuals and institutions affected by the coronavirus pandemic. But there’s more.
(Ohio Valley ReSource) — Stay-at-home mom Sarci Eldridge has a big heart. So when Kentucky entered its second round of restaurant restrictions due to the coronavirus pandemic, her first thought was for her favorite server, Jessica Carey. “Me and my mom were talking, and we were just like, you know, we should just get Jessica… Read More
(Ohio Valley ReSource) — A new federal report shows that West Virginia and Kentucky saw the country’s sharpest declines in personal income last quarter as some forms of federal support during the pandemic expired. The U.S. Bureau of Economic Analysis says personal income decreased in every state in the third quarter of 2020, which includes… Read More
China is predicted to account for more than a third of global economic growth next year, while the U.S. and European countries will lag behind, according to the OECD.
WHITESBURG, Ky. (OVR) — With hundreds of thousands across the Ohio Valley struggling to make ends meet, a suite of coronavirus aid packages, including rent and utility relief funding, eviction moratoriums, and expanded unemployment benefits, is set to expire at the end of December. The consequences could be far-reaching. Poverty rates have soared as some federal programs,… Read More
Pent-up demand from households that have been cooped up over the last eight months could drive a spending boom in the spring, providing a big boost to the economy.
BOWLING GREEN, Ky. (OVR) — The Appalachian Regional Commission is investing another $43.3 million in communities affected by the downturn of the coal industry. The latest POWER grants from the ARC will support 51 projects in coal-dependent communities, including over $15 million for 20 projects in the Ohio Valley. The investments are going towards projects that will support broadband expansion,… Read More
Fewer jobs were added to the economy last month even as the unemployment rate fell to 8.4%. Job growth has slowed since June in a sign of what could be a long and painful recovery from the recession.
COLUMBUS, Ohio (Statehouse News Bureau) — State agencies were forced to make cuts at the end of Ohio’s fiscal year in June to deal with coronavirus impacts. And in most cases, those have carried over into this current year’s budget. Now a liberal leaning think tank says continuing at that level will slow the economic recovery even further. The study… Read More
COLUMBUS, Ohio (Statehouse News Bureau) — Ohio’s businesses say they’re optimistic about the future of the economy, but the coronavirus pandemic continues to have them worried. The Ohio Chamber of Commerce’s Research Foundation second quarter survey of over 400 business leaders shows three quarters plan to add jobs, but the same number said the economic climate is… Read More
With lights out in many offices and millions of people plugging in at home, residential power bills are soaring, even as overall electricity consumption slumps during the recession.
Initial unemployment claims had been above 1 million for 20 straight weeks. The total receiving unemployment also dipped, to 28.3 million, as of July 25.
COLUMBUS, Ohio (Statehouse News Bureau) — The state’s tax revenue report for July was the first one showing gains in three months. But Ohio’s chief budget officer says she expects the economic effects of the pandemic to last for far longer than the pandemic does – perhaps years. July’s income tax collections were boosted by… Read More
Job postings for entry-level positions popular with new college grads fell by 73%, compared with before COVID-19 hit. And for the class of 2020 who have landed jobs it’s often been a strange journey.
A trillion dollars worth of American farmland will change hands in the coming years. Wealthy investors are likely to buy more of it with the power to shape rural communities and the environment.
MORGANTOWN, W.Va. (OVR) — A coalition of progressive policy and environmental groups has released a “blueprint” that provides a framework for how Ohio Valley communities could reap the benefits of federal action to address climate change and the COVID-19 pandemic. The plan, titled “Reimagine Appalachia” envisions a future economy for the traditionally extraction-based economies of Kentucky,… Read More
Millions of Americans who lost jobs during the pandemic are in danger of having their incomes cut for a second time. The sudden halt in payments would be felt in households and throughout the economy.
The economy is tanking, with massive layoffs and bankruptcies. But the richest sliver of the country continues to do quite well. The latest evidence: Goldman Sachs said it’s raking in money on trades.