Category Archives for "Money"

Coronavirus-triggered layoffs in US hit nearly 39 million

Coronavirus-triggered layoffs in US hit nearly 39 million 1

WASHINGTON (AP) — The number of Americans applying for unemployment benefits in the two months since the coronavirus took hold in the U.S. has swelled to nearly 39 million, the government reported Thursday, even as states from coast to coast gradually reopen their economies and let people go back to work.

More than 2.4 million people filed for jobless aid last week in the latest wave of layoffs from the outbreak that has triggered nationwide business shutdowns and brought the economy to its knees, the Labor Department said. That brings the running total to a staggering 38.6 million, a job-market collapse unprecedented in its speed.

The number of weekly applications has slowed for seven straight weeks, and last week the figures declined in 38 states and the District of Columbia. Yet they remain immense — roughly 10 times the typical figure before the crisis struck.

Source: Coronavirus-triggered layoffs in US hit nearly 39 million

Cash, long a refuge in uncertain times, now under suspicion

Cash, long a refuge in uncertain times, now under suspicion 3

BEIRUT (AP) — In troubled times, people have been known to hoard currency at home — a financial security blanket against deep uncertainty. But in this crisis, things are different. This time cash itself, passed from hand to hand across neighborhoods, cities and societies just like the coronavirus, is a source of suspicion rather than reassurance.

No longer a thing to be shoved mindlessly into a pocket, tucked into a worn wallet or thrown casually on a kitchen counter, money’s status has changed during the virus era — perhaps irrevocably. The pandemic has also reawakened debate about the continued viability of what has been the physical lifeblood of global economies: paper money and coins.

From the supermarkets of the United States and Japan to the shantytowns of Africa to the gas stations of Tehran, a growing number of businesses and individuals worldwide have stopped using banknotes in fear that physical currency, handled by tens of thousands of people over their useful life, could be a vector for the spreading coronavirus.

Source: Cash, long a refuge in uncertain times, now under suspicion

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