Treasury launches 20-year bond to help fund the record borrowing needed this quarter
The Treasury Department is launching a new 20-year bond in an effort to fund a record level of borrowing the government will need to do this year to support the economy through the coronavirus pandemic. As part of its quarterly...
US private payrolls drop by 20.2 million in April, the worst job loss in the history of ADP report
Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a coronavirus-induced shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP. In all, the decline totaled 20,236,000 — easily...
China tourism revenue drops nearly 60% in first major holiday since coronavirus outbreak
Chinese authorities lifted a more than two-month ban on outbound travel from the city where the global pandemic first emerged. Hecto Retamal | AFP | Getty Images Millions of Chinese people kept their spending down during the first major holiday in...
Fed Vice Chair Clarida says more support may be needed, but economy to rebound next quarter
The U.S. economy can return to positive growth in the third quarter after a massive drop in employment and GDP, Federal Reserve Vice Chairman Richard Clarida told CNBC on Tuesday. “Our policies we think will be very important in making...
Consumer debt hits new record of $14.3 trillion
Consumer debt hit a fresh record high to start 2020, even as credit card balances declined while Americans adjusted to the coronavirus pandemic. Household debt balances through March totaled $14.3 trillion, a 1.1% increase from the previous quarter and now...
US services sector posts biggest contraction since 2009 as coronavirus halts economic activity
A shopper wears a protective mask while browsing through the Island Cotton Company store as the state of Florida enters phase one of the plan to reopen the state on May 4, 2020 in Stuart, Florida. Joe Raedle | Getty...
This wartime law gives Trump exceptional power over US economy
President Donald Trump has called the coronavirus pandemic a war against an invisible enemy. And to fight it the government is drawing on the Defense Production Act, which has given presidents extraordinary powers during times of war. As of late...
One of Main Street’s biggest fears in economic reopening — new regulations
For several weeks from March into April, new regulations to mitigate the threat from the novel coronavirus sprang up almost every day: first social distancing recommendations, then stay-at-home orders, then restaurant bans, gym closures and nonessential business shutdowns. Now, as...
Test, trace, isolate: Governments need to do these three things before reopening economies, expert warns
Governments need to implement three things to break Covid-19’s “chains of transmission” before reopening their economies, a global health expert and physician told CNBC. Peter Drobac, director of the Skoll Centre for Social Entrepreneurship at Oxford University, warned on Tuesday...
Stocks making the biggest moves after hours: Chegg, Hertz, L Brands and more
Dan Rosensweig, CEO, Chegg Scott Mlyn | CNBC Check out the companies making headlines after the bell. Shake Shack — The burger chain’s stock whipsawed in extended trading after the company provided its first-quarter earnings. Shake Shack said it had...
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