Category Archives for "Money"

US adds 1.8 million jobs in a sign that hiring has weakened

US adds 1.8 million jobs in a sign that hiring has weakened 1WASHINGTON (AP) — The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus is weakening hiring and the economic rebound.

At any other time, hiring at that level would be seen as a blowout gain. But after employers shed a staggering 22 million jobs in March and April, much larger increases are needed to heal the job market. The hiring of the past three months has recovered only 42% of the jobs lost to the pandemic-induced recession, according to the Labor Department’s jobs report released Friday.

And now, with much of the nation having paused or reversed plans to restore economic activity, many employers are still reluctant or unable to hire and consumers remain generally hesitant to shop, travel, or eat out. Until the health crisis is solved through a vaccine or an effective treatment, most experts say the economy will struggle to sustain any recovery.

Though the unemployment rate fell last month from 11.1% to 10.2%, that level still exceeds the highest rate during the 2008-2009 Great Recession.

Source: US adds 1.8 million jobs in a sign that hiring has weakened

Threat to Dollar’s Global Supremacy Revived by EU Stimulus Deal – Bloomberg

Threat to Dollar’s Global Supremacy Revived by EU Stimulus Deal - Bloomberg 2The dollar is facing renewed questions about its status as the globe’s primary reserve currency.

The greenback accounts for more than 60% of global reserves and is the most widely used currency for international transactions. But it risks ceding ground to the euro after European Union leaders agreed on a 750 billion euro ($860 billion) stimulus package that enhances the appeal of the shared currency and euro-denominated assets, analysts from Credit Agricole and Mizuho International Plc said.

Source: Threat to Dollar’s Global Supremacy Revived by EU Stimulus Deal – Bloomberg

Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress – The Washington Post

Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress - The Washington Post 3The Trump administration is looking at options for unilateral actions it can take to try to address some of the economic fallout caused by the novel coronavirus pandemic if no relief deal is reached with Congress, according to two people with knowledge of the deliberations.

The discussions are a reflection of officials’ increasingly pessimistic outlook for the talks on Capitol Hill. The White House remains in close contact with Democratic leaders, but a wide gulf remains and deadlines have already been missed.

It’s not clear what steps the administration could take without the help of Congress on issues such as lapsed enhanced unemployment benefits or the expired moratorium on evictions — the two matters President Trump has recently identified as his highest priorities in the ongoing talks. Both of those programs were authorized by Congress earlier this year but were designed to be temporary.

Source: Trump administration examining options for unilateral action if no coronavirus deal is reached with Congress – The Washington Post

California Pizza Kitchen files for bankruptcy – CNN

California Pizza Kitchen files for bankruptcy - CNN 4New York (CNN Business) California Pizza Kitchen is the latest fast casual chain to file for bankruptcy as the pandemic and its debt burden hampers its operations.

The 35-year-old pizza chain filed for Chapter 11 Thursday, explaining that the process will help it “reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.” It warned that it will close unprofitable locations, but didn’t say how many of its 200 global restaurants will be affected.

“The unprecedented impact of Covid-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” CEO Jim Hyatt said in a release.

Source: California Pizza Kitchen files for bankruptcy – CNN

Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points

Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points 5Stocks fell sharply on Thursday as big technology shares declined ahead of their earnings reports after the bell. Investors also digested a record drop in GDP.The Dow Jones Industrial Average traded 500 points lower, or 1.9%. The S&P 500 slid 1.5%. The Nasdaq Composite dropped 1.1%.

Source: Stock market today: Stocks extend losses amid record GDP plunge, with the Dow dropping 500 points

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