🦠 Coronavirus impact, Job losses & SIP calculator.

Gaurav Chakraborty
Gaurav Chakraborty

Orowealth Weekend Reads: August 23, 2020


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The minutes of the Federal Open Market Committee (FOMC) meeting held on July 28-29 showed that policymakers were concerned about the future of the economy. They felt that the coronavirus would cap growth and could hurt the financial system as well. The concerns spread over from the short term to the medium term. The minutes also showed agreement between members on more fiscal support even as the Congress went into recess without a deal for more stimulus. They also emphasized the continued expansionary monetary policy stance until the FOMC is confident that the economy is on track to achieve the central bank’s maximum employment and price stability goals. In terms of the financial system, though the Committee holds that the banking system is in strong shape presently, there are worries that the state may change if the virus persists and gives rise to unfavorable scenarios in the future. High levels of public debt, which stands at $26.6 trillion currently, was also a cause for concern. Committee members also expressed skepticism about using bond purchases by the central bank to control the yield curve.

The FOMC discussed changing the form of its forward guidance on the target range of interest rates and may make it more outcome-based in the future.


The Centre for Monitoring Indian Economy (CMIE) says that close to five million salaried people lost their jobs in July, which takes the total number of jobless people in that category to 18.9 million. Even though the overall employment rate has improved, it is due to the informal sector and not the salaried class. According to the agency, the rising number of jobless individuals from the category is worrisome. According to data compiled by CMIE, 17.7 million salaried people lost their jobs in April, followed by an additional 0.1 million in May. June added 3.9 million such jobs but July lost 5 million of them. Based on the data, the agency said that situation has worsened for salaried jobs; such jobs were lower by 19 million as compared to their 2019-20 average.

Overall, 121.5 million jobs were lost in April and 100.3 million in May. These numbers significantly declined to 29.9 million in June and to 11 million in July. CMIE says that the overall improvement in the employment situation is due to the unlocking of economic activity which has helped people find work in the informal sector.

Takeaway –
The reasoning for CMIE’s worry on salaried jobs is explained in the following statement from them β€œWhile salaried jobs are not lost easily, once lost they are also far more difficult to retrieve. Therefore, their ballooning numbers are a source of worry.”


SIP calculator

SIP investing has become very popular and most SIPs are held for relatively long periods of time like 15-20 years. Over these long horizons, the choice between Regular and Direct Plans can really make a massive difference.

β€œYour net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones.” – Benjamin Franklin
Chosen by Ravi – Orowealth.

Gaurav Chakraborty
Gaurav Chakraborty

Gaurav is an engineer-turned-digital marketeer. Also a personal finance blogger with experience in financial planning and crowdfunding sector. He is a part of the Marketing team at Orowealth.

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