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
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, […]
Another 4.3 million workers expected to have filed unemployment claims
Eddie Rodriguez (R) and other City of Hialeah employees hand out unemployment applications to people in their vehicles in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida. Joe Raedle | Getty Images Another 4.3 million workers are expected to have filed state unemployment claims last week, bringing the total […]
A ‘U,’ a ‘V’ or maybe a Nike swoosh? Economists try to predict what a recovery will look like
A tourist wears a protective mask as she carries her suitcases past a closed Nike store at Las Ramblas on March 15, 2020 in Barcelona, Spain. David Ramos | Getty Images As some states start to relax social distancing measures and some tentative signs point to coronavirus cases being on the decline, there’s still scant […]
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 […]