ECONOMISTS

Tokyo’s stock benchmark soared 4% and other Asian markets have surged after oil prices dropped, easing fears inflation was set to accelerate.

The number of Americans applying for unemployment benefits rose to the highest level in three months as the fast-spreading omicron variant disrupted the job market.

The United Kingdom’s central bank has become the first in a major advanced economy to raise interest rates since the coronavirus pandemic began.

Ryanair boss Michael O'Leary says fewer flights amid spiking demand will lead to higher prices.

President Joe Biden signs his first executive orders in the Oval Office of the White House on Wednesday, Jan. 20, 2021, in Washington. Researchers at University of Michigan’s Research Seminar in Quantitative Economics are seeing some signs for optimism as they make forecasts looking ahead. “With the ongoing vaccine roll-out, the end of the pandemic is in sight, letting us focus on how the post-pandemic economy might look like.”Below are the U-M experts’ “five things to watch” and “five things to watch out for” in the country’s economy this year. Five things to watch for:Getting the vaccines out quickly is the most important economic/social task. Five things to watch out for:

Economists split on possible $2,000 stimulus checks, as latest COVID aid starts rolling out Economists are split over whether increasing the stimulus checks from $600 to $2,000 per person is a good idea. Will the money go to those who need it most? How much will it cost the nation? CBS MoneyWatch senior reporter Stephen Gandel joins "CBSN AM" with details.

LANSING, Mich. Economists project Michigans tax revenues this fiscal year will plummet between $3.1 billion and $3.6 billion below prior estimates due to the coronavirus pandemic. The numbers were released Thursday before a Friday meeting at which legislative experts and Gov. Gretchen Whitmers administration will try to get a handle on the budget outlook two months after the crisis hit the state. One-third of the workforce has filed for unemployment benefits at a time schools and businesses are closed and travel is restricted to curb the spread of COVID-19. The number of confirmed cases of the coronavirus (COVID-19) in Michigan has risen to 50,079 as of Saturday morning, including 4,825 deaths, state officials report.

REUTERS/Lucy NicholsonNew jobless claims already hit a two-and-a-half year high of 281,000 last week, jumping by 70,000 from the week before, the Labor Department said on Thursday. Economists said their own tracking of data from individual states suggests claims could shoot up to at least 1.5 million this week. A quarter of all claims filings are in two states, New York and California. Given the preliminary reports for a few states, next Thursdays unemployment claims report could show an initial claims reading north of 1.5 million.(GRAPHIC - Unemployment benefits claims will soon surge: here)This estimate, which other economists agreed with, would far outpace the previous record of 695,000 set in 1982. According to Well Fargo Securities tracking, Ohio reported 36,645 unemployment claims were filed on Monday.

Economists are worried about the growth of the U.S. economy; and car dealerships are beginning to use virtual reality. CBS News MoneyWatch's Jill Wagner has those stories and other business headlines on CBSN.

Persian Gulf positions itself as crossroads for international travel Economists are predicting 2014 could set a record for airline business profits and the highest returns are likely to be made by commercial carriers surrounding the Persian Gulf. CBS News travel editor Peter Greenberg reports on why the region is buying more planes, flying more routes, and building bigger airports.