Another 1 million jobless claims show Congress may need to extend extra benefits set to expire
Whitney Maddox and DeShaun Bradford stand with hundreds of others in line outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, June 18, 2020. Bryan Woolston | Reuters The Labor Department’s latest jobless...
Jobless claims total 1.5 million, worse than expected as economic pain persists
Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy. First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones...
Top economists want to swap those $600 unemployment benefits with up to $400 a week
Closed businesses on May 21, 2020, in Baltimore, Maryland. (Photo by Salwan Georges/The Washington Post via Getty Images) Lawmakers should replace a $600 unemployment supplement for jobless workers with a maximum $400 a week, according to a new proposal issued by...
Economic, political factors hamper EM currencies’ rebound
Variation in the performance of currencies has been a striking trend in emerging markets since the start of the coronavirus crisis. Made particularly noticeable by the extraordinary demand for US dollars when investors liquidated positions across many asset classes in...
Stocks making the biggest moves after hours: Nikola, Spotify, Hertz and more
Passengers board an American Airlines flight to Charlotte, North Carolina at San Diego International Airport on May 20, 2020 in San Diego, California. Sandy Huffaker | Getty Images Check out the companies making headlines after the bell. Hertz — Shares...
Stocks futures little changed following rally in the previous session
U.S. stock futures were little changed in early morning trade on Wednesday, following a big rally in the previous session that was fueled by growing belief the worst may be over for the world’s largest economy. Dow futures dipped 18...
U.S. May retail sales surge 17.7% in the biggest monthly jump ever
Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again. The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks...
Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk
Federal Reserve Chairman Jerome Powell warned Tuesday about “significant uncertainty” regarding the pace of the U.S. economic recovery and said small businesses and lower-income and minority Americans are particularly at risk. During the first day of his semiannual testimony before...
Homebuilder sentiment posts biggest monthly surge ever, a sign housing is rebounding from coronavirus
A faster-than-expected turnaround in homebuyer demand, following a sharp drop-off at the start of the coronavirus pandemic, has the nation’s homebuilders bullish on their business again. Builder sentiment jumped a striking 21 points in June to 58, the largest monthly...
Powell says the Fed doesn’t want to ‘run through the bond market like an elephant’
Federal Reserve Chairman Jerome Powell said the central bank’s announced move this week to buy corporate bonds fulfills a pledge it had made earlier but is not an effort to take over the market. “It’s out of an excess of...
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