“We’re not simply going back to the economy that we had before the pandemic,” Powell said at a Fed virtual town hall for educators and students. “We need to watch carefully as the economy continues to get through the pandemic and try to understand the ways that the economy has changed and what the implications are for our policy.”
Powell said that, while it is not yet clear if the delta variant of COVID will have further impact on the economy, the country has already seen significant changes since the pandemic began shutting the country down in March 2020.
Those changes range from the increase in remote work, to restaurants offering more takeout meals, to real estate agents learning to show homes virtually, he noted. Many companies have already made large investments in technology to adapt to the challenges that the pandemic has presented.
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AMAZON TO ALLOW EMPLOYEES TO WORK REMOTELY INDEFINITELY
Amazon said it will allow many tech and corporate workers to continue working remotely indefinitely, as long as they can commute to the office when necessary.
DELTA POSTS $1.2 BILLION Q3 PROFIT, TOUTS HOLIDAY BOOKINGS
Delta Air Lines posted a $1.2 billion profit for the third quarter, helped by the latest installment of federal pandemic aid for the airline industry, but warned that rising fuel prices will lead to a “modest” loss in the fourth quarter.
The iPhone 13’s leaps forward for photo & video
OFFSHORE WIND SUPPLY CHAIN WORTH $109B OVER 10 YEARS
A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years.
BIG PICTURE, BIG DATA: SWISS UNVEIL VR SOFTWARE OF UNIVERSE
The final frontier has rarely seemed closer than this — at least virtually.
CALIFORNIA EXTENDS TAX ON PHONES TO FUND HIGH-SPEED INTERNET
Californians could have higher cellphone bills after Gov. Gavin Newsom signed two laws aimed at giving the state more money to build high-speed internet connections in unserved areas.
FACEBOOK UNVEILS NEW CONTROLS FOR KIDS USING ITS PLATFORMS
Facebook, in the aftermath of damning testimony that its platforms harm children, will be introducing several features including prompting teens to take a break using its photo-sharing app Instagram, and “nudging” teens if they are repeatedly looking at the same content that’s not conducive to their well-being.
WHITE HOUSE PROPOSES TECH ‘BILL OF RIGHTS' TO LIMIT AI HARMS
Top science advisers to President Joe Biden are calling for a new “bill of rights” to guard against powerful new artificial intelligence technology.
GM REACHES DEAL WITH LG TO PAY FOR BOLT BATTERY RECALL COSTS
LG Electronics has reached a deal with General Motors to pay $1.9 billion to $2 billion to reimburse the automaker for the cost of recalling Chevrolet Bolt electric vehicles due to the risk of battery fires.
YOUR MONEY: SAVE FOR HOLIDAYS NOW, SKIP REGRET LATER
Factoring holiday expenses into your budget all year long is effective for avoiding debt, but it’s not always feasible with a limited budget or unforeseen expenses.
Down to Their Last Dollar
Businesses fail every day, from world-beaters (like TWA and Lehman Brothers) to sexy high-fliers (DeLorean, Enron) to Steady Eddie, old-school icons (Toys “R” Us, Sears). Sometimes, of course, market conditions simply turn Sisyphean. But often, when that boulder starts to roll backward, a leader’s grit, imagination, resourcefulness, and ability to conjure a little luck can mean the difference between a brave new chapter and, well, Chapter 11. Here, four businesses that went from nearly bust to total gangbusters.
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AMERICANS HAVE LITTLE TRUST IN ONLINE SECURITY
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The Inflation Guy Is Feeling Pumped
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FTC ORDERS COMPANY TO QUIT SURVEILLANCE APP BUSINESS
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