Economy

Shop Small gets smaller in Illinois, with 11,200 fewer shop owners (thc0655)

After Black Friday comes Small Business Saturday, when Americans are encouraged to support their local retailers. But there will be over 11,200 fewer Illinoisans running retail stores on Nov. 28, thanks to COVID-19 and state-mandated lockdowns.

And when it is time to take a shopping break to eat and drink, there will be nearly 17,600 fewer Illinois bar and restaurant owners to serve you.

Unemployment benefits drop below poverty line in 13 states

Unemployment insurance benefits for Americans in 13 states dipped below the poverty line after the extra $600-a-week in federal aid expired at the end of July, according to a new report from the Government Accountability Office.

The $2.2 trillion CARES Act that Congress passed in March boosted jobless aid by $600 a week for laid-off workers.

CDC to release revised guidance reducing COVID-19 quarantine time from 14 days to 7-10

The Centers for Disease Control and Prevention is expected to release revised guidance on quarantine time for those who may have been exposed to the novel coronavirus from 14 days to 7 days, for those who have received a negative test, and 10 days for those who have not been tested, Fox News has learned.

Bitcoin peaks at record high close to $20,000

It took the virtual currency nearly three years to top its previous record, when it peaked about $137 lower.

Bitcoin has risen in value by more than 170% since the start of the year. Analysts suggest some investors have treated it as a “safe haven asset” at a time of uncertainty caused by the coronavirus pandemic, but others warn that it remains volatile.

Fed Economists Warn of Debt Overhang Problem From Covid Crisis

The Covid-19 crisis could be worse than the Great Recession for companies that had high levels of indebtedness at the start of the outbreak, according to economists at the Federal Reserve Bank of New York.

Firms in industries most affected by the pandemic such as tourism, travel and hospitality could grow as much as 10% more slowly than in ordinary times if the current crisis plays out in a similar way to the economic decline of 2007 to 2009, Kristian Blickle and João Santos wrote in a blog post on Tuesday.

S&P 500, Nasdaq clinch record closes on renewed hopes for fiscal aid package

U.S. stocks ended higher Tuesday, beginning the month on a positive note amid hopes Congress could make progress towards a new coronavirus aid package.

Equities are aiming to build on a historic November rally that was ignited partly by optimism over progress toward a COVID-19 vaccine to quell the pandemic that caused a recession this year.

Energy

U.S. Briefly Became Net Petroleum Importer This Year

The United States briefly returned to being a net importer of crude oil and petroleum products in May and June this year, as U.S. crude oil and refinery output slumped at the start of the pandemic, the Energy Information Administration (EIA) said on Tuesday.

The decline in U.S. crude oil production and the lower refinery runs resulted in a decline in America’s gross crude oil and petroleum product exports.

New Study Links Texas Oil Refineries To Elevated Cancer Risk

People who live close to oil refineries are at increased risk of cancer, a new study from the University of Texas Medical Branch (UTMB) has found.

Proximity to an oil refinery was associated with an increased risk of multiple cancer types, according to the conclusions of the multi-year study completed by a team of physicians, environmental scientists, and students at UTMB.

Gold & Silver

Click to read the PM Daily Market Commentary

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the “3 Es.”