Economics in the News – Feb. 24-March 1
Economics impacts our lives every day. Below are some of the top storylines from this past week in economic news.
- Amid fears of the market correction stemming from the coronavirus outbreak, The Associated Press answers key questions regarding why a corrections are sometimes necessary. How often do they happen? How long does it normally take for the market to recover?
- The stock market was at record levels before fears of the coronavirus wiped away $3.6 trillion in market value from the stock market last week. The Wall Street Journal’s ($) analysis reflects on the stock market’s worst week since the 2008 financial crisis and how investors are reacting.
- While the coronavirus is spreading throughout the world, China has experienced a slowdown in new cases. NPR reports that the country is gradually re-opening after shutting down businesses and factories earlier in the month. However, authorities are still taking precautionary measures to limit the spread of the virus.
- TIME Magazine 2019 Businessperson of the Year, Bob Iger resigned abruptly last week as the CEO of Walt Disney Co. The Wall Street Journal ($) details how Iger’s impact at Disney and how the brand became an entertainment conglomerate. In his time, Iger helped Disney acquire the likes of Pixar, Marvel Studios and certain Twentieth Century Fox properties while also leading Disney’s initiative into the streaming world with the unveiling of Disney+.
- Hurricane Dorian ravaged the Bahamas six months ago and caused an estimated $3.4 billion in damages across the islands. 60 Minutes explores how the Bahamas has turned to solar energy to re-build their electrical grid.
- Incomes rose in the first month of the New Year, increasing at a rate of 0.6% from December to January. It was the largest increase in 11 months. The increases in the minimum wage was the largest reason for the advancement, as 21 states increased the minimum wage to begin the year, according to The Wall Street Journal ($).
