Tag Archives: economy

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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Labor Dept Reports 1.3M New Jobless Claims For Week

Business Insider reports: US weekly jobless claims totaled 1.3 million in the week that ended Saturday, the Labor Department said Thursday. That came in lower than the consensus economist estimate of 1.38 million compiled by Bloomberg. In just a few months, the roughly 50 million unemployment claims filed during the coronavirus pandemic have far surpassed the roughly 37 million during …

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Study: Federal Mask Mandate Would Save 5% Of GDP

The Hill reports: A federal mandate to wear masks would slow the spread of the coronavirus enough to save the economy from losing 5 percent of its value, according to a Goldman Sachs study. “We argue that a national face mask mandate could partially substitute for renewed lockdowns,” Goldman Sachs analysts Jann Hatzius, Daan Struyven, and Isabella Rosenberg wrote in …

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Economists Say US Recession Began Before Lockdown

The Associated Press reports: The U.S. economy entered a recession in February, a group of economists declared Monday, ending the longest expansion on record. The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn. The economists make up a committee within the National Bureau of Economic Research, a trade group that determines when …

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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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