The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.
The GOP unveiled details for a second round of direct payments to American households on Monday, in legislation that has been dubbed the HEALS Act.
The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package.
The number of laid-off Americans seeking unemployment benefits rose last week for the first time since the pandemic struck in March, evidence of the deepening economic pain the outbreak is causing to the economy.
The number of laid-off workers seeking unemployment benefits remained stuck at 1.3 million last week, a historically high level that indicates many companies are still cutting jobs as the viral outbreak intensifies.
A majority of small businesses that tapped the taxpayer-funded Paycheck Protection Program expect to run out of money by the first week of August, according to a Goldman Sachs survey released Tuesday.
U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices.
Another 1.3 million workers sought unemployment last week, according to the Department of Labor.
While the jobless rate was down from 13.3% in May, it is still at a Depression-era level. And the data was gathered during the second week of June, just before a number of states began to reverse or suspend the reopenings of their economies to try to beat back the virus.
The number of laid-off workers who applied for unemployment benefits fell to 1.48 million last week, the 12th straight drop and a sign that layoffs are slowing but are still at a painfully high level.
About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening.
The U.S. unemployment rate fell unexpectedly in May to 13.3% — still on par with what the nation witnessed during the Great Depression — as states loosened their coronavirus lockdowns and businesses began recalling workers.
Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace of layoffs.
CBO expects a 'significant markdown' in GDP over the coming decade.
About 41 million people have now applied for aid since the virus outbreak intensified in March, though not all of them are still unemployed.
It was the biggest quarterly decline in more than a decade, since an 8.4% fall in 2008 during the depths of the financial crisis.
Allied Universal, one fo the largest security providers, is looking to hire 1,200 security jobs.
Roughly 38.6 million people have now filed for jobless aid since the coronavirus forced millions of businesses to close their doors and shrink their workforces, the Labor Department said Thursday.
Office Depot announced a restructuring plan that includes closing stores and laying off about 13,100 employees by 2023.
Retailer JCPenney filed for Chapter 11 bankruptcy protection after the coronavirus pandemic forced stores to shut, the company announced Friday evening, joining J. Crew and Neiman Marcus.