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, […]

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 […]