Economics in the News – March 9-15
Economics impacts our lives every day. Below are some of the top storylines from this past week in economic news.
- The Dow Jones Industrial Average (DJIA) ended its 11-year bull market on Wednesday when the New York Stock Exchange closed down 20.3% from its most recent high reached on Feb. 12. The recent decline followed the World Health Organization’s declaration that the coronavirus is a , pandemic after it reached 112 countries and regions around the world. The DJIA closed at 23,553.22 on Wednesday. (The Wall Street Journal ($)).
- Rarely do sports come to a halt, but the coronavirus has brought the $160 billion dollar sports industry to a stop with the top sports leagues and associations suspending or cancelling their seasons. The New York Times ($) details the possible financial impact that many leagues and teams are facing.
- New Rochelle, a suburb of New York City, has been one of the worst hit locations for the coronavirus in the United States. A one-mile area has been marked as a containment zone, but the entire community has been impacted. 60 Minutes reports on how the virus has affected the local economy with restaurants, schools and stores all shutting down.
- The United States is far from the only country in the world to be impacted by the coronavirus. CNBC details how the global economy has suffered due to the pandemic.
- The Washington Post ($) reports that inflation is gaining momentum. February’s core consumer price index, increased 2.4% over the prior 12 months, the most since September 2008. The core consumer price index excludes volatile energy and food prices.
- Italian Premier Giuseppe Conte issued a nationwide lockdown to help in slowing the spread of the coronavirus in Italy. The Associated Press details how the ban restricts Italians to travel besides work, health-related reasons and other cases of necessity.