Tag Archives for " GDP "

U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters

U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters 1WASHINGTON (Reuters) – The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.

Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.

Source: U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters

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 2The 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 3New 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 4Stocks 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

U.S. weekly jobless claims rise again, total 1.434 million

U.S. weekly jobless claims rise again, total 1.434 million 5The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy. It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.

Economists polled by Dow Jones had expected claims to rise to 1.45 million for the week ending July 25.

In a separate report, the government said second-quarter gross domestic product plunged a historic 32.9% on an annualized basis. Although it wasn’t as bad as the expected  34.7% decline, it was the worst drop ever, with the closest previously coming in mid-1921.

Source: U.S. weekly jobless claims rise again, total 1.434 million

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