Congress, KFI, Auto Collision Specialists Studios discussed on Mornings With Gail - 1310 KFKA
Well. Commerce Department will issue the latest reports on the economy of this morning right around six thirty to be exact, and sadly it's expected to be a pretty ugly sight six, twenty, five down thirteen, ten, Kfi a thirteen ten KFI. K.. Dot Com northern Colorado's voice mornings with Gail, the Auto Collision Specialists Studios. That, first reading on second quarter Gross Domestic Product is estimated to show a plunge at an annual rate of thirty four point one percent is expected to be the biggest drop ever recorded. Now, in case you're wondering the first quarter showed a five percent decline. Now, the economy facing somewhat of a dim outlook has a resurgent coronavirus intensifies doubts about any sustained recovery for the rest of the year although you have any number of talking heads economists that might disagree with that assessment huge plunge in consumer as people stayed home and avoid. Avoid shopping traveling or gathering crowds as the virus raged as expected to show a plunging April to June quarter depressed activity in such areas as business investment, home construction, and government spending. Also likely contributed to the worst quarterly contraction dating all the way back to one, thousand, nine, hundred, forty, seven. Now, most analysts expect the economy to manage a sharp bounceback and the current july-september quarter, perhaps as much as seventeen percent or higher this on an annual basis, but with the rate of confirmed corona virus cases now rising in A. A many many states, more businesses being forced to pull back on reopenings and well, the Republican Senate proposing to scale back the government's aid to the unemployed. The economy could well worsen in the months ahead. Analysts warned that the outlook could darkened still further if Congress fails to enact enough financial aid to replace that expiring six hundred, dollar a week, federal boost unemployment benefits, or provide sufficient help for businesses and state and local governments. Now, as we talked about it, some length Senate Republicans released that one trillion dollar plus proposal on Monday. Monday now compare and contrast to that three, trillion dollar messier. The houses past that leaves a pretty Jain normal gap for Democrats and Republicans to bridge as some elements of Congress's earlier emergency relief programs run out, and it seems as though. Well, there's no deterrent on on the hill and this as well. August recess is right around the corner. Now, on the topic of unemployment, the Labor Department is expected to say the number of claims for unemployment benefits rose for the second week in a row to one point four, five, million. From, one point, four, one, six, million, the prior week since the coronavirus lockdowns began in mid March, some fifty two, point, six, nine, million people have filed for jobless claims. An additional one, point, four, five, million would lift that total to fifty, four, point, one, four, million, or thirty, three point, eight percent of the workforce. Reports, Scotch, a pretty cautionary tale of the economy with weekly applications for unemployment benefits. Still topping one million and consumer confidence. No surprise here falling rather sharply with big declines in Michigan Florida Texas and California, all of which have suffered a resurgent in confirmed virus cases. Economists regard increased government aid as essentially stopgap action to keep the recession from deepening further. The most critical need they agree is to control the virus though most likely a vaccine won't be widely available until next year at the earliest again, Commerce Department will issue. that. Latest report on the economy just minutes from now, and we'll take a deep dive into those numbers on just about an hour from now, when we're joined by Keith Wineman presidential. Management. Just to give us a little bit of insight and analysis, but coming up socialism's empty promises have seemingly captivated a generation of young people across the country. We'll explore that resurgence of this dark destructive.