Tag Archives: economy

1.9M New Jobless Claims, 42M Since Lockdowns Began

The Guardian reports: Another 1.9 million Americans filed for unemployment benefits last week as the total number of claims passed 42 million since the coronavirus pandemic hit the US. The pace of layoffs has slowed dramatically from its peak of 6.6M at the start of April as states start to relax quarantine orders and last week was the ninth consecutive …

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2.4M New Jobless Claims, 38.6M Over Last Nine Weeks

CNBC reports: First-time filings for unemployment insurance totaled 2.44 million last week as the tail effects of the coronavirus shutdown continued to impact the U.S. jobs market. The total, while still well above anything the nation had seen in pre-coronavirus America, represents the seventh straight week of a declining pace following the record peak of 6.9 million in late March. …

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WH Advisor: The Worse Economic News Is Behind Us

The Hill reports: Stephen Moore, a member of the White House coronavirus economic task force, said he thinks the “worst economic news” has passed and urged Democratic governors and mayors to expedite the reopening of their respective states and cities amid the pandemic. “The problem is we still have New York. And we have California. And we have Michigan and …

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Fed Chair: US Is Seeing Worst Economy In Its History

CNN reports: How bad is the coronavirus economy? The worst ever, says Fed Chairman Jerome Powell. “We are going to see economic data for the second quarter that is worse than any data we have seen for the economy,” Powell said. “There are direct consequences of the disease and measures we are taking to protect ourselves from it.” The recovery …

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Economy Shrank 4.8% In Q1, Biggest Drop Since 2008

MarketWatch reports: The collapse in the U.S. economy caused by the coronavirus pandemic triggered the biggest drop in gross domestic product in the first quarter since 2008 in a prelude to an even more massive decline in the spring. GDP, the official scorecard for economic growth, shrank at a 4.8% annualized pace. GDP, the official scorecard for the economy, shrank …

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POLL: Majority Believe Opening Before June Is Unsafe

CBS News reports: Most Americans said they do not expect it will be safe to have social gatherings until at least June, according to a new poll. Sixty-five percent of Americans said they expect the coronavirus pandemic to be controlled enough to allow for gatherings of more than 10 people by the end of June or later, according to a …

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Trump Issues Three-Phase Plan To Reopen Economy

The Washington Post reports: The White House released new guidance late Thursday afternoon for states to reopen amid the coronavirus pandemic, leaving the decisions up to governors to make on a statewide or county-by-county level. The guidance, which will be formally announced during a 6 p.m. news conference, doesn’t lay out a specific timeline for relaxing social distancing restrictions. It …

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Gas Prices Sink Below $1/Gallon In Some Locations

CNN Business reports: Dan Salaja was a teenager with a new license last time he remembers gas selling for less than a dollar a few decades ago. “If I was a betting man, I would have bet a large amount of money we’d never see gas for less than a dollar again,” said the manager of Casey’s General Store in …

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Five Million New Jobless Claims, 22 Million For Month

NBC News reports: Around 5 million more people filed for first-time unemployment claims last week, as the job market in every sector of the economy continues to be devastated by the coronavirus pandemic. The staggering weekly number comes as President Donald Trump weighs plans to pull back on the social distancing measures that have shuttered businesses across the country, and …

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Axios: Trump Wants To Stagger Reopening Of Country

Axios reports: President Trump egged on by a growing number of advisers and business leaders, believes the economy will crater absent a strong signal, and wants to stagger the reopening of work nationwide, people who’ve spoken to him tell Axios. Behind the scenes: Trump has been hearing from lots of people in the business community and conservative media telling him …

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Federal Reserve Moves To Shore Up Financial Markets

The New York Times reports: The Federal Reserve said it would buy as much government-backed debt as it needs to keep financial markets functioning, and unrolled a series of programs meant to shore up both large and small businesses — a whatever-it-takes effort to cushion the economic blow of the pandemic. “Aggressive efforts must be taken across the public and …

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Trump Seeks $850 Billion Economic Stimulus Package

The Washington Post reports: The Trump administration is asking Congress to approve a massive economic stimulus package of around $850 billion to stanch the economic free fall caused by the coronavirus, four officials familiar with the planning said Tuesday. Treasury Secretary Steven Mnuchin will present details to Senate Republicans later Tuesday. The package would be mostly devoted to flooding the …

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NYSE Considers Closing Trading Floor, Working Online

The Hill reports: New York Stock Exchange (NYSE) officials are preparing for the possibility of closing the trading floor and conducting all business electronically in response to the growing coronavirus outbreak. In a statement to The Wall Street Journal, NYSE officials cautioned that they were taking steps to avoid having to make such a decision, but were prepared to do …

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Dow Suffers Worst Day Since 1987 In 2353-Point Skid

Investor’s Business Daily reports: The Dow Jones Industrial Average pared a 2,000+ point intraday loss by half after the Federal Reserve announced additional stimulus measures to combat a spreading coronavirus outbreak in the U.S. But it didn’t take long for sellers to come back into the stock market. On the NYSE, declining stocks swamped advancers by more than 35-to-1. Nasdaq …

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NYSE Halts Trading After 1700-Pt Plunge At Opening

NBC News reports: The Dow Jones Industrial Average fell by 1,700 points Thursday morning after President Donald Trump’s long-awaited response to the coronavirus epidemic triggered a massive sell-off on Wall Street. All three major averages sank after Trump’s Oval Office address Wednesday night failed to satisfy traders who were hoping for more concrete steps to staunch any economic slowdown from …

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Modell’s Goes Bankrupt, Will Shutter All 115 Stores

ABC News reports: Modell’s Sporting Goods, the century-old family-owned sporting goods chain, has filed for Chapter 11 bankruptcy and will be closing its remaining 115 stores. It becomes the latest traditional retailer to succumb to a fast-changing environment. In recent years Payless ShoeSource Corp., Toys R Us and children’s chain Gymboree have filed for Chapter 11 reorganization or liquidated their …

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Trump Mulls Stimulus Measures In Response To Virus

Politico reports: Top White House and Treasury officials are scheduled to meet with President Donald Trump on Monday afternoon to discuss options for fiscal stimulus measures amid the uncertainty over the spread of the coronavirus throughout the U.S. Among the options under consideration: paid leave for workers, relief for small businesses and aid to certain sectors facing diminished business due …

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Labor Dept Issues Robust Jobs Report For February

The Hill reports: The U.S. added 273,000 jobs in February, according to data released Friday by the Labor Department, blowing past expectations ahead of a feared coronavirus economic slump. The unemployment rate stayed roughly even at 3.5 percent while the labor force participation rate held steady at 63.4 percent. February’s job gain comes after an upwardly revised increase of 273,000 …

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Markets Continue Wild Ride, Dow Skids 979 Points

Investor’s Daily reports: As the coronavirus upends more aspects of life in the United States, Wall Street’s only certainty is this: The uncertainty will continue. The Dow Jones industrial average closed down 969 points Thursday as investors fled stocks and headed for the safety of U.S. debt. The 3.6 percent skid canceled out most of Wednesday’s eye-popping rally, and was …

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Federal Reserve Cuts Interest Rate Over Virus Impact

NBC News reports: The Federal Reserve announced an emergency rate cut on Tuesday in response to the viral outbreak, trimming the nation’s benchmark borrowing rate by 0.5 percentage points. The move comes after finance ministers from the G-7 convened via teleconference with Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin to determine an economic strategy to defend against …

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