U.S. Economic Growth Moderated to 4% in Final Quarter of 2020
“The U.S. economy downshifted in the final three months of 2020 after record third-quarter growth, as the pandemic battered the labor market and limited Americans’ ability and willingness to spend. Gross domestic product expanded at a 4% annualized rate in the fourth quarter, according to a preliminary estimate released by the Commerce Department on Thursday. The median forecast in a Bloomberg survey of economists called for 4.2%.”
Almost 20% of U.K. Workforce Furloughed as Third Lockdown Got Under Way
“Almost one in five of the U.K. workforce was on furlough leave as a third national lockdown to combat the spread of the coronavirus got under way, according to figures published Thursday. The report will raise concerns that removing government lifelines for jobs could wreak havoc on the economy following the worst slump in three centuries last year. Pulling the plug would threaten to decimate consumer spending, the engine of growth.”
Artificial Intelligence Is India’s Solution to Fix Data Gaps
“India is turning from man to machines to improve the quality and speed of its economic data, which has been criticized as inadequate, delayed or even confusing due to sharp and unexpected revisions. The Ministry of Statistics is ramping up use of artificial intelligence for collecting, analyzing and reporting data to better monitor the economy. The measures include a $60 million program with World Bank help using an information portal that collates real-time data.”
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