Billionaire businessman Barry Diller told CNBC on Thursday the United States government should bail out all companies that have been hit hard by the coronavirus, including those in the travel industry. “The damage that is being done every day is enormous,” Diller said on “Squawk Box.” “Everybody needs to be bailed out for this one time […]
Economy
US economy has erased nearly all job gains since Great Recession
A man speaks with a library worker after receiving an unemployment form, as the outbreak of coronavirus disease (COVID-19) continues, in Hialeah, Florida, April 8, 2020. Marco Bello | Reuters It took only four weeks for the U.S. economy to wipe out nearly all the job gains in the last 11 years. The coronavirus and […]
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 […]
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 won’t be back to ‘full strength’ by January
New York Federal Reserve President John Williams told CNBC on Friday he sees some parts of the economy coming back online but doubts growth will return to normal this year. Construction should be among the first to return, he said in a “Squawk Box” interview with Steve Liesman. That echoed comments from Philadelphia Fed President Patrick Harker, […]
Weekly mortgage demand stalls, even with interest rates at a record low
A real estate agent shows a home to a prospective buyer in Miami. Getty Images Mortgage volume appears to be settling into a new normal, as refinance demand stays high and purchase demand sits at a five-year low. Total mortgage application volume decreased 0.3% last week from the previous week, according to the Mortgage Bankers […]
US auto sales recovering amid pandemic but still significantly down
A salesman talks to a person in a vehicle at a Fiat Chrysler Automobiles (FCA) car dealership in Moline, Illinois. Daniel Acker | Bloomberg | Getty Images Big discounts, low financing rates and states loosening restrictions on auto dealerships are assisting in a sales rebound heading into the end of April, according to J.D. Power. […]
Disaster recovery expert Chloe Demrovsky on how to reopen businesses
Businesses will have to show they have adequate safety measures in place when they reopen during the coronavirus pandemic, according to the CEO of a nonprofit that helps companies plan for and recover from disasters. “Customers are going to be demanding not just assumptions of safety but visible steps and measures that companies are taking […]
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 […]
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, […]