August 3, 2020
The 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 …
July 30, 2020
New 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 …
July 30, 2020
Stocks 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 …
July 30, 2020
The 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 …
July 30, 2020
WASHINGTON (AP) — The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department’s estimate of …
July 29, 2020
Colt now fears she may have to shutter her business permanently. Many small businesses nationwide are reaching similar breaking points in an economy with the highest unemployment rate since the Great Depression. Small firms have survived the pandemic so far with a mix of government aid, forbearance on debt and rent and creativity in selling …
July 29, 2020
A Republican proposal to slash the $600 weekly benefit boost for those left jobless because of the coronavirus shutdown could result in weeks or even months of delayed payments in some states. Older computer systems that took weeks to set up for the initial federal unemployment enhancement would need to be reprogrammed again twice under …
July 23, 2020
WASHINGTON (AP) — The viral pandemic’s resurgence caused the number of Americans seeking unemployment benefits to rise last week for the first time in nearly four months, evidence of the deepening economic pain the outbreak is causing. The increase in weekly jobless claims to 1.4 million served to underscore the outsize role the unemployment insurance …
July 21, 2020
White House officials and House Speaker Nancy Pelosi (D-Calif.) said Tuesday their goal is to reach an agreement on a new coronavirus stimulus plan by the end of next week, a deadline that leaves them little margin for error with expanded unemployment benefits set to expire. They must still bridge numerous differences, and White House …