Tag Archives: economy

LIVE VIDEO: Biden Unveils COVID Recovery Package

The New York Times reports: President-elect Joseph R. Biden Jr. will propose a $1.9 trillion rescue package to combat the economic downturn and the Covid-19 crisis, outlining on Thursday evening the type of sweeping aid that Democrats have demanded for months. The sprawling package includes more than $400 billion to combat the pandemic directly, including accelerating vaccine deployment and safely …

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New Jobless Claims Surge To 885,000 For Week

Bloomberg News reports: Applications for U.S. unemployment benefits unexpectedly jumped to the highest level in three months, suggesting the labor market’s recovery is faltering amid the surge in Covid-19 cases and widening business closures. Initial jobless claims in regular state programs rose by 23,000 to 885,000 in the week ended Dec. 12, Labor Department data showed Thursday. On an unadjusted …

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Labor Dept Reports Surge In Jobless Claims For Week

Bloomberg News reports: Applications for U.S. unemployment benefits surged last week and exceeded most estimates, suggesting that widening business shutdowns to curb the pandemic are spurring fresh job losses. Initial jobless claims in regular state programs rose by 137,000 to 853,000 in the week ended Dec. 5, Labor Department data showed Thursday. On an unadjusted basis, the figure increased by …

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LIVE VIDEO: Biden Addresses COVID’s Economic Impact

The Associated Press reports: President-elect Joe Biden is scheduled to deliver remarks Friday after the release of a November jobs report that showed the slowest month of growth by far since the recovery began. He then plans to meet virtually with a group of county leaders, whose agenda includes federal relief to help recover from the economic fallout of the …

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Labor Dept Reports 712K New Jobless Claims For Week

MarketWatch reports: New applications for U.S. unemployment benefits fell in late November for the first time in three weeks, probably due in part to the Thanksgiving holiday. The number of people applying for benefits, however, is still quite high and the latest decline is unlikely to dispel fresh worries about rising layoffs and a slowdown in hiring after a record …

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Biden Transition Start Fuels Market To Record High

CNN Business reports: Investors have a lot to be thankful for this holiday-shortened week — including the Dow passing the 30,000 milestone for the first time as stocks posted solid gains Tuesday to extend Monday’s rally. The Dow was up more than 400 points, or 1.4%, in late morning trading. The blue chip index hit a new all-time high in …

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LIVE VIDEO: Biden Speaks On Economy And Vaccines

CBS News reports: President-elect Joe Biden and Vice President-elect Kamala Harris are meeting Monday with the heads of major companies and labor unions to discuss the incoming administration’s economic agenda, the Biden transition office said. The president-elect will deliver remarks on the economy following a remote briefing in Wilmington, Delaware, which comes as the stock market is surging on news …

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Labor Dept Reports 751K New Jobless Claims For Week

CNBC reports: The number of first-time unemployment-benefits filers fell to the lowest level in the pandemic, declining for a second straight week, the Labor Department reported Thursday. Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24, down 40,000 from the previous week. Economists polled by Dow Jones expected initial jobless claims to come in …

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FY Federal Budget Deficit Hits Record $3.1 Trillion

The Washington Post reports: The U.S. budget deficit eclipsed $3.1 trillion in the fiscal year that ended Sept. 30, according to government data released Friday, by far the biggest one-year gap in U.S. history. The deficit — which is the gap between government spending and tax revenue — shows the dramatic surge in spending the U.S. government approved in order …

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McConnell Won’t Put Trump’s Stimulus Deal To Vote

Axios reports: Senate Majority Leader Mitch McConnell (R-Ky.) said Thursday that he would not put a potential $1.8 trillion+ deal struck by Democrats and the Trump administration on the Senate floor. “My members think half a trillion dollars, highly targeted is the best way to go,” he said. Why it matters: The economy and American workers need help. Democrats say …

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Labor Dept Reports 898K Jobless Claims Last Week

CNBC reports: American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits. Economists surveyed by Dow Jones had been looking for 830,000. The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get …

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Jobs Slowed In September, Last Report Before Election

The New York Post reports: The US economy added 661,000 jobs in September as the American labor market’s rebound from the coronavirus pandemic hit yet another snag, new data show. Last month’s growth in non-farm payrolls helped push the unemployment rate down to 7.9 percent but marked a continued slowdown in hiring from August’s addition of about 1.5 million jobs, …

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Global Coronavirus Death Toll Surpasses One Million

The Associated Press reports: The worldwide death toll from the coronavirus eclipsed 1 million on Tuesday, nine months into a crisis that has devastated the global economy, tested world leaders’ resolve, pitted science against politics and forced multitudes to change the way they live, learn and work. The bleak milestone, recorded by Johns Hopkins University, is greater than the population …

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Federal Debt To Exceed Size Of Economy In Next Year

The Wall Street Journal reports: U.S. debt has reached its highest level compared to the size of the economy since World War II and is projected to exceed it next year, the result of a giant fiscal response to the coronavirus pandemic. The Congressional Budget Office said Wednesday that federal debt held by the public is projected to reach or …

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Jobless Claims Below 1M For First Time In 20 Weeks

Yahoo Money reports:  The number of individuals filing new unemployment insurance claims improved to a fresh pandemic-era low last week, falling below the 1 million mark for the first time since March. Thursday’s report ended what had been a previous 20-week streak that new claims totaled more than 1 million, with tens of millions of Americans put out of work …

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Sanders Renews Call For One-Time Tax On Billionaires

Sen. Bernie Sanders writes for The Guardian: As a nation, the time is long overdue for us to finally address the grotesque level of income and wealth inequality that exists. In my view, we can no longer tolerate the three wealthiest people in America owning more wealth than the bottom 50%, the top 1% owning more wealth than the bottom …

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One-Third Of Renters Expect To Miss August Payment

Bloomberg News reports: Renters across America are wading into unknown territory. With the lapse of the federal moratorium on evictions that expired July 31 and the end of the $600 per week boost to unemployment benefits, a recent survey reveals the breadth of financial uncertainty now plaguing Americans. An estimated 27% of adults in the U.S. missed their rent or …

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1.2M New Jobless Claims As $600/Week Benefit Ends

Yahoo Finance reports: The number of new unemployment insurance claims improved last week to a pandemic-era low but held above 1 million yet again, as the coronavirus outbreak continues to weigh on the pace of recovery in the labor market. Thursday’s report reflected the twentieth straight week that new claims topped 1 million, as the pandemic forced furloughs and layoffs …

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1.4M New Jobless Claims, Worst GDP Drop In History

NBC News reports: More than 1.43 million people filed for unemployment benefits for the first time last week, according to new weekly data from the Department of Labor. It’s the second-straight week that the number has risen, and the 19th week in a row that the U.S. has seen more than a million claims. For context, the prior peak was …

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LIVE VIDEO: Biden Lays Out Economic Recovery Plan

The New York Times reports: Joseph R. Biden Jr. will lay out a populist economic vision to revive and reinvest in American manufacturing on Thursday, calling for major new spending and stricter new rules to “Buy American” as part of an effort to more aggressively challenge President Trump on two of his signature issues: the economy and nationalism. In a …

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