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Tag: economist

‘Significant long-term scarring’ in services will limit pent-up consumer demand and suppress inflation, economist Stephen Roach predicts

Finance
Economist Stephen Roach said Monday he believes Wall Street is overestimating a consumer comeback.According to the Yale University senior fellow, demand will snap back like a rubber band later this year as the V-shaped recovery loses momentum."With vaccines rushing out together with a lot of stimulus, you can just sense this instant gratification of a long-deferred pent-up demand," Roach told CNBC's "Trading Nation." "But as I look at the numbers, you know, most of that surge has probably already occurred."He's building part of his case on the consumer durables share of GDP data."We're back to levels of consumer durables that we haven't been at in about 13, 14 years," said Roach. "We've done the pent-up demand to a large extent, and it looks like it's borrowing from growth that m...
New Year Honours 2021: ‘Green’ economist recognised

New Year Honours 2021: ‘Green’ economist recognised

Science
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Economist finds out about Nobel win when neighbour knocks on the door

Economist finds out about Nobel win when neighbour knocks on the door

Technology
Receiving an unexpected knock on the front door in the early hours of the morning does not usually bring good news - but it is how one man found out he had won a Nobel Prize. Economist Paul Milgrom won the prize for economics alongside his colleague Robert Wilson for their work benefitting sellers, buyers and taxpayers around the world. But the prize's organisers had been unable to reach Mr Milgrom, so Mr Wilson took it upon himself to let his colleague know about their win."You know, I was asleep and my phone is set not to take calls from unknown numbers," Mr Milgrom said. "So, they never got through to me."But there came to be a knock at my door and my co-winner, Bob Wilson, who also lives across the street, came over and was knocking at my door and saying, 'Paul, wake up! You've wo...

Latest layoffs do not signal a collapsing labor market, top economist Michael Darda suggests

Finance
Layoffs in several of the nation's biggest industries are making headlines this week.The list includes Disney eliminating 28,000 employees connected to the coronavirus theme park shutdowns, United Airlines and American Airlines collectively planning to put 32,000 workers on furlough, and insurer Allstate cutting almost 4,000 jobs.But MKM Partners' Michael Darda suggests it's not the time to get discouraged."Keep in mind those numbers sound terrible, but they're not enormous in the context of the size of the total U.S. labor market," the firm's chief economist and macro strategist told CNBC's "Trading Nation" on Thursday.Darda expects that the September employment report, which is scheduled to be released Friday at 8:30 a.m. ET, will give Wall Street assurance that the econom...

A surge in evictions could turn into financial crisis, economist warns

Finance
The U.S. economy will face great risk if lawmakers do not step up and stave off a looming, far-reaching eviction crisis, an economist with mortgage aggregator LendingTree told CNBC on Friday.With eviction moratoriums lifting across the country, landlords could eventually default on mortgages and the coronavirus pandemic could worsen in the country if tens of millions of renters are put out of their homes in the midst of a tough economy, said Tendayi Kapfidze, chief economist at LendingTree."This really could be catastrophic, and it extends beyond just the rental industry," he said in an interview on "The Exchange." "It could actually affect the single-family housing market and the economy as a whole."Nearly 2-in-5 tenants across the country, particularly low-wage workers, are in dange...