wealthMD Blog

A reduction in the use of cash may have escalated a shortage of coins throughout the country. Retail stores and grocery stores across the country are experiencing a shortage of coins that has resulted from fewer coins being exchanged and spent since the onset of the pandemic. In order to stimulate coin circulation, the U.S. Mint is asking Americans to …

The Federal Drug Administration (FDA) updated the list of toxic hand sanitizers as further FDA investigations and research have continued. As of late July, the FDA has established a seventy-five product list, a significant increase from the previous nine product list from late June. Given the demands set forth by the Coronavirus pandemic, the FDA claims investigations will persist as …

Gold prices reached their highest level in July since 2011, eclipsing $1,897 an ounce. Nervousness surrounding the global pandemic, as well as geopolitical concerns between the U.S. and China, have steered buyers towards the precious metal, driving prices higher. The ultra-low interest rate environment has also made gold more appealing even though it offers no income, yet is still used …

In an effort to determine what economic impact the pandemic has had and is having on the U.S. economy, the Federal Reserve gathered geolocation data from mobile devices and compiled an index measuring activity of the public and consumers nationwide. The Federal Reserve Bank of Dallas created the Dallas Fed Mobility & Engagement Index whose measures represent activity throughout the …

With the adoption of many work-from-home practices, global coffee consumption has seen a major decline since the onset of the pandemic. With the closing of many dine-in restaurants and coffee shops, the demand for coffee has not been sustained by at-home consumption. The U.S. Department of Agriculture conceives the coffee consumption trajectory to continue declining through the fall of 2020, …

FDA List Of Recalled Sanitizers / JULY 2020 Blumen Clear Advanced Hand Sanitizer with 70% Alcohol Blumen Advanced Instant Hand Sanitizer Clear Ethyl Alcohol 70% BLUMEN Advanced Instant Hand Sanitizer Clear BLUMEN Advanced Instant Hand Sanitizer Clear KLAR AND DANVER Instant Hand Sanitizer (labeled with Greenbrier International) MODESA Instant Hand Sanitizer Moisturizers and Vitamin E BLUMEN Advanced Hand Sanitizer BLUMEN …

Concern has elevated regarding the possibility of a second wave of COVID-19 infections following a surge in cases across the country. Markets, however, continued to shrug off dismal economic data amid pandemic worries, as a sporadic easing of restrictions targeting businesses came about. The second quarter, which ended June 30th, saw a rebound in all eleven sectors of the S&P …

In addition to the stimulus loan programs brought about by the CAREs Act, the Federal Reserve has introduced its own stimulus program known as the Main Street Loan Program. The program is designed to help credit flow to small and medium sized businesses that were in sound financial condition before the onset of COVID-19, and are recovering from, or adapting …

Provisions initiated by the CAREs Act, allows for the withdrawal of retirement plan assets with waived penalties and minimized tax liabilities. During the current tax year, retirement account owners will be able to withdraw funds from 401k plans, tax deferred plans, and IRAs without any penalties. Loan limitations on company sponsored 401k plans will also be relaxed, allowing employees to …

Unemployment has hit younger workers the hardest, with roughly 25% of workers ages 16 to 24 losing their jobs from February to May due to the virus outbreak. Traditional sectors employing mostly younger workers, such as leisure, hospitality, and restaurants, have suffered dramatic drops in business activity since the outbreak. Current conditions brought about by the pandemic have made it …

Federal Reserve buying of debt securities continued in the second quarter under the Secondary Market Corporate Credit Facility program, which was established to maintain liquidity in the bond markets. Individual corporate bonds and ETFs have been part of the Fed’s buying program, which was launched in mid-June. Bonds purchased so far include debt issues from both investment grade and non-investment …

Equities rebounded in the second quarter, with all eleven sectors of the S&P 500 Index positive for the quarter. Sectors with the most advancements included consumer discretionary, energy, materials and technology. Economists and analysts believe that the upswing in these sectors is representative of an economic recovery, yet hinged on the risk of a second outbreak wave. The technology heavy …

The European Union (EU) remained closed to U.S. travelers this past month despite borders opening up to residents from other countries as of late June. In response to the steady increase of reported COVID-19 cases within U.S. borders, the EU extended the original July 1st travel ban suspension noting epidemiological factors as the justification. The travel ban surfaced mid-March and …

In an effort to help keep homeowners and renters suffering from financial burdens due to the pandemic in their homes, federal foreclosure and eviction moratoriums are being extended to August 31, 2020 from the original expiration date of June 30th. Government backed entities Freddie Mac and Fannie Mae, which back conforming mortgages, are formally extending the moratorium on foreclosures and …

Three months following the administration’s launch of pandemic relief programs, major debates have arisen in response to the remaining surplus of undirected funds in conjunction with the Paycheck Protection Program (PPP). The program was established to assist small businesses with critical funds in order to remain in business during the pandemic. As the COVID-19 crises continues to perpetuate mixed discussion …

A dramatic drop in car sales, brought about by the historical rise in unemployment along with the economy seizing, collapsed the demand for both new and used autos coast to coast. Federal Reserve data, compiled by the Federal Reserve Bank of St. Louis, reported an average of around 17 million new vehicle sales each month for the past five years. …

Recovery to the economy has become hinged on the ability of the American consumer to regain confidence and start spending again. What consumers spend on goods and services represents roughy 70% of Gross Domestic Product (GDP). The Commerce Department, which tracks what consumers spend money on and how much they spend each month, reported the largest monthly drop in Personal …

Data released by the Commerce Department showed that consumer spending collapsed by a record 13.6% in April, the steepest drop since 1959. Stay home orders and store closures kept consumers from spending in addition to the sudden loss of jobs nationwide. What consumers spend in the economy represents over 70% of Gross Domestic Product (GDP), a critical component to the …

The nation’s unemployment rate skyrocketed to 14.7% in April, representing the largest percentage of unemployed workers since the great depression, when the rate reached 25% in 1933. The pandemic’s affect on the labor force has been extensive and rapid, resulting in a dramatic increase in the unemployment rate. What has truly made this spike in unemployment unique is the fact …

States and local government entities are struggling with a dramatic and rapid drop in tax revenues following business closures and quarantines that were set into place nearly three months ago. Stay at home mandates forced consumers to abandon retail shopping, dining out, and visiting hair salons leading numerous small businesses to close doors and layoff employees. The result has been …