Economy

Layoffs coming to state, local governments

WASHINGTON — State and local governments are warning of a wave of layoffs and pay cuts after getting left out of the federal coronavirus relief package expected to pass Congress this week. In many places, those painful reductions are already taking shape: Los Angeles plans to force city workers to spend 26 days on unpaid […]

Economy

US should continue coronavirus relief checks

Investor Chamath Palihapitiya said Wednesday that the United States should continue sending Americans checks as the coronavirus pandemic continues to impact the economy.  “We really need to think about direct, capital injections into the hands of people,” Palihapitiya said on CNBC’s “Fast Money Halftime Report.”  “We’ve already done it once, we’ve already ripped the philosophical band-aid off, […]

Economy

US weekly jobless claims hit 4.4 million, bringing 5-week total over 26 million

Jobless claim filings continued at a historically unprecedented pace last week with 4.4 million new signups for unemployment insurance, bringing the total of the past five weeks to 26.4 million, the Labor Department said Thursday. The number represented a decline of 810,000 from the previous week, but the five-week total has now surpassed all of […]

Economy

Jobless claims show US has erased all job gains since Great Recession

It took only five weeks for the U.S. economy to wipe out all the job gains it added over the last 11 years. Coronavirus-induced business closures throughout the U.S. have fueled the number of Americans applying for state unemployment benefits. Last week, new jobless claims totaled 4.427 million, the Labor Department reported Thursday.  Combined with the four prior […]