News That Matters

Tag: recession

GDP sees record rebound after recession – but growth is slowing

GDP sees record rebound after recession – but growth is slowing

Business
The UK economy grew by a record 15.5% in the third quarter but remains 8.2% smaller than before the pandemic, official figures show.Data from the Office for National Statistics (ONS) showed gross domestic product (GDP) bounced back strongly in the July-September period after the pandemic-driven recession in the first half of the year. Live COVID-19 updates from the UK and around the world But the pace of growth has started to slow after a boost from the Eat Out to Help Out scheme and summer staycations faded - and hopes for a so-called "V-shaped recovery" have been dashed after the announcement of a new lockdown.GDP is widely expected to go into reverse again in the final quarter of 2020 - though there are hopes that after that a new vaccine could see the economy return to pre-COVID le...
Virus crisis drives largest UK recession on record

Virus crisis drives largest UK recession on record

Business
The UK has been tipped into the "largest recession on record", according to official figures charting the impact of the coronavirus crisis on the economy.The Office for National Statistics (ONS) reported that the enforced hibernation of activity through the COVID-19 lockdown meant gross domestic product (GDP) slumped by 20.4% in the second quarter of the year following a dip of 2.2% during the first three months of 2020. It determined that, by the end of June, the economy was a sixth below February's pre-crisis level - as a monthly recovery for growth, which began in May, gathered further momentum during June. April proved the biggest drag as it was the first full month of curbs on non-essential businesses and services but was followed by month-on-month growth of 2.4% in May and 8.7% durin...
Here are some money moves you should make now that we’re officially in a recession

Here are some money moves you should make now that we’re officially in a recession

Finance
Johannes Eisele | Getty ImagesThe country is in a recession and it's certainly unclear how long this downturn could last.Chances are that you or someone you know has taken a financial hit because of the sudden downturn.Now, the National Bureau of Economic Research has determined that the U.S. entered into a recession in February. That put an end to a historic expansion that lasted for almost 11 years.More from FA Playbook:Advisors who applied for PPP loans share storiesSome financial advisors may not actually be 'advisors'Op-Ed: Advisor must help clients 'get back to basics'And while the stock market has broadly recovered from its March lows, some experts see trouble on the horizon. More than half — 51% — of global CFOs surveyed by CNBC expect the Dow Jones Industrial Average to
Here are key ways the coronavirus crisis differs from the Great Recession

Here are key ways the coronavirus crisis differs from the Great Recession

Finance
For the second time in 12 years, the U.S. economy and financial markets are facing an unexpected crisis of uncertain proportions.While the 2008 financial crisis and the current coronavirus pandemic are very different in character, both have produced extraordinary volatility in financial markets.Both downturns have also presented major challenges for financial advisors as they try to calm anxious clients and keep them from abandoning their financial plans.How do the two situations compare and how are investors reacting to the uncertainty this time around? There are some notable differences, financial advisors said.1. Banks' role then and nowA woman enters Bear Stearns headquarters in New York, March 14, 2008.Daniel Acker | Bloomberg | Getty ImagesThe first is the role of the banking sy...
Germany in recession as economy takes biggest hit since crash

Germany in recession as economy takes biggest hit since crash

Business
Germany is officially in recession after its economy shrank by 2.2% in the first quarter of the year as the global coronavirus shutdown began to bite.The latest official data gives an insight into the damage caused by the COVID-19 pandemic to Europe's biggest economy, with worse expected to come. Chancellor warns of a 'significant recession' The fall over the three months to March was the second-biggest quarter...