Economy

Jobless claims hit 5.245 million; monthly loss now 22M due to coronavirus

Protection measures against the coronavirus continued to tear through the employment ranks, with 5.245 million more Americans filing first-time claims for unemployment insurance last week, the Labor Department reported Thursday. That brings the crisis total to just over 22 million, nearly wiping out all the job gains since the Great Recession. The total was a […]

Economy

New York taps McKinsey to develop a ‘Trump-proof’ economic reopening plan

New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart expected pressure from President Donald Trump to move more rapidly, state government sources told Reuters on Wednesday. Cuomo, along with many other U.S. governors, shut his state economy to limit […]

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, […]