Tag Archives: economy

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

The Washington Post reports: On Monday, former president Barack Obama commemorated the 11th anniversary of the American Recovery and Reinvestment Act, the $800 billion stimulus, with a tweet, boasting that it paved “the way for more than a decade of economic growth and the longest streak of job creation in American history.” Obama’s tweet did not sit well with President …

Reuters reports: U.S. farm bankruptcy rates jumped 20% in 2019 – to an eight-year high – as financial woes in the U.S. agricultural economy continued in spite of massive federal bail-out funding, according to federal court data. According to data released this week by the United States Courts, family farmers filed 595 Chapter 12 bankruptcies in 2019, up from 498 …

Reuters reports: The U.S. economy maintained a moderate pace of growth in the fourth quarter, and again fell short of attaining the Trump administration’s coveted but elusive 3% annual growth target because of slumping business investment amid damaging trade tensions. The Commerce Department’s snapshot of gross domestic product on Thursday will show the Federal Reserve’s three interest rate cuts in …

Axios reports: Chief financial officers are bracing for an economic slowdown this year, according to Deloitte’s quarterly survey of nearly 150 executives at top North American companies. Multiple surveys showed plunging optimism among top executives last year, thanks largely to trade war uncertainty. Deloitte’s survey is a signal that skittishness continues to curb companies’ hiring and spending plans this year, …

Axios reports: The Institute of Supply Management’s index of manufacturing activity released Friday hit its lowest level since the end of the Great Recession in December. Why it matters: It shows worsening conditions for the U.S. manufacturing sector, which has been in contraction for five straight months, and reignites concerns about the trade war’s impact on the economy. Stocks, already …

From a post on Bill Gates’ personal blog: I start with the understanding that the U.S. government simply does not bring in enough money to meet its obligations. This isn’t a value judgment; it’s just a fact. The government collects about 20 percent of GDP in taxes while spending about 24 percent. And the cost of commitments is going up. …

Bloomberg News reports: This year saw weak annual gains in luxury home prices, new tax proposals on million-dollar properties, and restrictions for foreign investors. But that didn’t stop luxury homebuyers in the U.S. from shelling out upwards of $100 million apiece for mansions, penthouses, and beachside properties. A Manhattan penthouse topped the list of 2019’s 10 most expensive residential real …

Bloomberg News reports: Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners. “Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years,” said Craig Johnson, …