Tag Archives for " Greater Depression "

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

1.2 million seek jobless aid after $600 federal check ends

1.2 million seek jobless aid after $600 federal check ends 2WASHINGTON (AP) — Nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired.

The government’s report Thursday did offer a smidgen of hopeful news: The number of jobless claims declined by 249,000 from the previous week, after rising for two straight weeks, and it was the lowest total since mid-March.

Still, claims remain at alarmingly high levels: It is the 20th straight week that at least 1 million people have sought jobless aid. Before the pandemic hit hard in March, the number of Americans seeking unemployment checks had never surpassed 700,000 in a week, not even during the Great Recession of 2007-2009.

Source: 1.2 million seek jobless aid after $600 federal check ends

Trump threatens executive actions as coronavirus relief deal remains elusive on Capitol Hill – The Washington Post

Trump threatens executive actions as coronavirus relief deal remains elusive on Capitol Hill - The Washington Post 3President Trump on Wednesday threatened to take executive action to extend an eviction moratorium, suspend collection of the payroll tax and boost unemployment benefits unless a coronavirus relief deal can be reached quickly with Democrats on Capitol Hill.

And in a sign the White House could be preparing to act, the Trump administration has asked federal agencies to identify all of the money they have not yet spent from the $2 trillion Cares Act, which passed in March, according to two people briefed on the effort. White House officials are trying to determine whether this money could be redirected and used for other purposes, such as temporary unemployment benefits or the eviction moratorium.

The president has been floating the possibility of acting unilaterally for several days, but he detailed his specific plans for the first time Wednesday at the beginning of a coronavirus news conference at the White House. It came as negotiations continued between top Trump administration officials and congressional Democrats, but agreement remained elusive.

Source: Trump threatens executive actions as coronavirus relief deal remains elusive on Capitol Hill – The Washington Post

Wave of evictions expected as moratoriums end in many states

Wave of evictions expected as moratoriums end in many states 4BALTIMORE (AP) — Kelyn Yanez used to clean homes during the day and wait tables at night in the Houston area before the coronavirus. But the mother of three lost both jobs in March because of the pandemic and now is facing eviction.

The Honduran immigrant got help from a local church to pay part of July’s rent but was still hundreds of dollars short and is now awaiting a three-day notice to vacate the apartment where she lives with her children. She has no idea how she will meet her August rent.

“Right now, I have nothing,” said Yanez, who briefly got her bar job back when the establishment reopened, but lost it again when she and her 4-year-old daughter contracted the virus in June and had to quarantine. The apartment owners “don’t care if you’re sick, if you’re not well. Nobody cares here. They told me that I had to have the money.”

Source: Wave of evictions expected as moratoriums end in many states

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 5The 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

1 2 3 13