Here is a look at some of the latest developments Wednesday related to the global economy, particular economic sectors, and the workplace:
HOUSING: Economists have been waiting for the first signs of virus-related disruptions in housing with the expectation that they will be seismic. Federal housing data looks further back for trends, meaning there is a lag in real world activity. But details have begun to emerge in private surveys.
On Wednesday, the Mortgage Bankers Association reported that mortgage applications plunged 29.4% last week. People trying to sell homes have cancelled showings during the outbreak and because closings are done in person, economists expect sales will decline sharply. But the virus has affected the market in other, unforeseen ways as well.
Despite additional cuts to benchmark interest rates by the U.S. Federal Reserve, mortgage rates have actually been rising.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said that’s partially because lenders amid the outbreak are wrestling with capacity issues, backlogs in the pipeline, and the challenge of working remotely in real estate.
“Home purchase applications were notably impacted by rising rates and the widespread economic disruption and uncertainty over household employment and incomes,” Kan wrote. “Last week’s purchase index fell 15% to its lowest level since August 2019.”
Bu hikaye Techlife News dergisinin March 28, 2020 sayısından alınmıştır.
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Bu hikaye Techlife News dergisinin March 28, 2020 sayısından alınmıştır.
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Instagram Makes Teen Accounts Private as Pressure Mounts on the App to Protect Children- Instagram is making teen accounts private by default as it tries to make the platform safer for children amid a growing backlash against how social media affects young people's lives.
Instagram is making teen accounts private by default as it tries to make the platform safer for children amid a growing backlash against how social media affects young people's lives. The teen accounts will be private by default. Private messages are restricted so teens can only receive them from people they follow or are already connected to. Sensitive content, such as videos of people fighting or those promoting cosmetic procedures, will be limited, Meta said. Teens will also get notifications if they are on Instagram for more than 60 minutes and a sleep mode will be enabled that turns off notifications and sends auto-replies to direct messages from 10 p.m. until 7 a.m.
Not-so-Great Expectations: Students Are Reading Fewer Books in English Class - Chris Stanislawski didn't read much in his middle school English classes, but it never felt necessary.
Chris Stanislawski didn't read much in his middle school English classes, but it never felt necessary. Students were given detailed chapter summaries for every novel they discussed, and teachers played audio of the books during class.
US Companies See Record-Low Profits in China Amid Geopolitical Tensions and Slow Growth, Report Says - American companies in China are seeing record-low profits, with business confidence at an all-time low amid U.S.-China tensions and a slowing Chinese economy
American companies in China are seeing record-low profits, with business confidence at an all-time low amid U.S.-China tensions and a slowing Chinese economy, according to a report published Thursday by a U.S. business group.
GOOGLE WINS LEGAL BID TO OVERTURN 1.5 BILLION EURO ANTITRUST FINE IN EU DIGITAL AD CASE
Google won a court challenge this week against a 1.49 billion euro ($1.66 billion) European Union antitrust fine imposed five years ago that targeted its online advertising business.
CONGRESS TARGETS CHINESE INFLUENCE IN HEALTH TECH. IT COULD COME WITH TRADEOFFS
A California biotechnology company that helps doctors detect genetic causes for cancer is among those that could be cut out of the U.S. market over ties to China, underscoring the possible tradeoffs between health innovation and a largely bipartisan push in Congress to counter Beijing's global influence.
FACEBOOK OWNER META BANS RUSSIA STATE MEDIA OUTLETS OVER 'FOREIGN INTERFERENCE'
Meta said it's banning Russia state media organization from its social media platforms, alleging that the outlets used deceptive tactics to amplify Moscow's propaganda. The announcement drew a rebuke from the Kremlin.
TECH BILLIONAIRE RETURNS TO EARTH AFTER FIRST PRIVATE SPACEWALK
A billionaire spacewalker returned to Earth with his crew on Sunday (15), ending a five-day trip that lifted them higher than anyone has traveled since NASA's moonwalkers.
UNITED AIRLINES WILL OFFER FREE INTERNET ON FLIGHTS USING SERVICE FROM ELON MUSK'S SPACEX
United Airlines has struck a deal with Elon Musk's SpaceX to offer satellite-based Starlink WiFi service on flights within the next several years.
GOOGLE'S MILLISECOND AD AUCTIONS ARE THE FOCUS OF A MONOPOLY CLAIM
It happens in milliseconds, ideally, as you browse the web. Networks of computers and software analyze who you are, what you are looking at and buy and sell the advertisements you see on web pages.
LONGSHOREMEN AT KEY US PORTS THREATENING TO STRIKE OVER AUTOMATION AND PAY
Determined to thwart the automating of their jobs, about 45,000 dockworkers along the U.S. East and Gulf Coasts are threatening to strike on Oct. 1, a move that would shut down ports that handle about half the nation's cargo from ships.