City finances are in trouble. Next year could be worse.

Aug 13, 2020
A new report from the National League of Cities finds that local governments are seeing big drops in revenue.
The nearly empty streets of New York City in May. City budgets, which fund local infrastructure and services, have been slammed during the pandemic.
Cindy Ord/Getty Images

Bankruptcies among larger businesses highest since just after Great Recession

Aug 12, 2020
The situation for small and medium-sized businesses is probably even worse.
A shop closing down soon in Santa Monica, California. More businesses are going bankrupt this year in the midst of the coronavirus pandemic.
Valerie Macon/AFP via Getty Images

How's the jobs recovery? Depends on the sector of the economy.

Aug 7, 2020
Service-sector jobs are coming back, but professionals who've been working from home are facing layoffs.
A waiter serves a customer outdoors at a Maryland restaurant in June. Service-industry jobs saw the biggest comeback in the July jobs report.
Sarah Silbiger/Getty Images

Accounting in the COVID era is more subjective than ever

Aug 5, 2020
Companies are finding ways to soften the pandemic's blow to their bottom lines.
An empty Wrigley Field in Chicago on what would have been Major League Baseball's opening day. Since Disney didn't air MLB games, it didn't have to count the licensing cost in its financial results.
Scott Olson/Getty Images

One reason why Black-owned businesses have fared worse in the pandemic: weaker banking relationships

Aug 4, 2020
That leaves them restricted access to capital, according to a study by the New York Fed.
A beauty product booth at a Black-owned business expo in Florida. The number of Black business owners in the U.S. fell more than 40% between February and April, according to a New York Fed study.
Octavio Jones/Getty Images

Post COVID-19, the Fed and the Feds will have to tread carefully

Aug 3, 2020
The nature of the economic crisis resulting from the pandemic means we know little about how to deal with its aftermath.
Federal Reserve Chair Jerome Powell, left, and Treasury Secretary Steven Mnuchin greet each other after testifying before a House committee in June. For now, the Fed is more focused on keeping people employed than inflation.
Tasos Katopodis/Getty Images

Lack of aid to states could hit Black and women workers hard

Jul 30, 2020
Historically marginalized workers are overrepresented among public employees, and many could be laid off.
A public transit worker cleans subway trains in New York City. State and local government budgets have been battered, and jobs are at risk.
Angela Weiss/AFP via Getty Images

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As tax income shrivels, state budgets face a pandemic reckoning

Jul 29, 2020
Many states don't have the luxury of borrowing to get through the crisis. Without more federal aid, they have few options
A cleaning crew disinfects a New York City subway car. Much of the money states received from the federal government has gone toward preventing the spread of the coronavirus.
Stephanie Keith/Getty Images

Fed sees dim economic outlook as virus squeezes economy

Jul 29, 2020
The Fed said while the economy has rebounded from the low in March and April, the pandemic will have lasting effects.
Federal Reserve Chair Jerome Powell testifies before the House Financial Services Committee on Capitol Hill on June 30, 2020 in Washington, D.C.
Tasos Katopodis/Getty Images

Brooks Brothers files for bankruptcy

Jul 8, 2020
The 200-year-old company has been hit hard by the pandemic. But suit sales have been on the decline for years.
A Brooks Brothers store in downtown Los Angeles in 2010. Formal menswear was struggling before the pandemic.
Robyn Beck/AFP via Getty Images