"About 1 in 3 adults reported food insecurity in 2020, 1 in 5 had trouble paying the rent or mortgage, and utility bills," Michael Karpman at the Urban Institute said of households that lost jobs.
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The Robert Wood Johnson Foundation and the Urban Institute studied how much material hardship has increased during the pandemic and for whom. Also, what big banks' earnings reports have to say about consumer behavior. Plus, stockpiles of grounded airplanes parked in various deserts for the time being with air travel down. And, 50 years ago this week, "pingpong diplomacy" gave way to more economic engagement between the U.S. and China.
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A closer look at what big banks are reporting about consumer behavior in their latest quarterly results
In JPMorgan Chase’s report, “they are reporting that they’re seeing actually pretty tepid loan demand,” said Julia Coronado, founder and president of MacroPolicy Perspectives. “And that while most of the first round of stimulus last year was saved, a lot more of the current rounds of stimulus are being used to pay down debt.” In other words, people are fixing their balance sheets as we go into what is hopefully more recovery. And, because there’s been so much relief spending, Coronado said, JPMorgan Chase is seeing both debit card spending normalize and spending to pay down existing debt.
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50 years ago, a table tennis match between the U.S. and China helped restart economic relations for the two countries
Marketplace China correspondent Jennifer Pak has more from Shanghai.
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The team
David Brancaccio
Host
Victoria Craig
Host, BBC
Stephen Ryan
Senior Producer, BBC
Jonathan Frewin
Producer, BBC
Daniel Shin
Producer
Jay Siebold
Technical Director
Brian Allison
Engineer
Meredith Garretson Morbey
Senior Producer
Erika Soderstrom
Producer
Rose Conlon
Producer
Alex Schroeder
Producer
