Tag Archives for " jobless "

Biden releases U.S.-centered economic plan, challenging Trump’s ‘America First’ agenda – The Washington Post

Biden releases U.S.-centered economic plan, challenging Trump’s ‘America First’ agenda - The Washington Post 1Joe Biden plans to unveil a proposal Thursday to spend $700 billion on American products and research, challenging President Trump’s “America First” agenda with a competing brand of economic nationalism and setting the stage for an election-year showdown over the country’s financial future.

The Biden campaign says his plan for manufacturing and innovation will bring back jobs lost this year and create at least 5 million more with sweeping investments in domestic technology; reduce dependence on foreign countries to supply critical goods; and implement trade and tax policies that empower U.S. workers.

“Biden does not accept the defeatist view that the forces of automation and globalization render us helpless to retain well-paid union jobs and create more of them here in America,” says a 15-page summary. “U.S. manufacturing was the Arsenal of Democracy in World War II and must be part of the Arsenal of American Prosperity today, helping fuel an economic recovery for working families.”

Source: Biden releases U.S.-centered economic plan, challenging Trump’s ‘America First’ agenda – The Washington Post

A cash cliff spells trouble for U.S. unemployed, and everyone else – Reuters

A cash cliff spells trouble for U.S. unemployed, and everyone else - Reuters 2It’s a cash cliff millions of Americans face this summer as the emergency benefits — which lifted U.S. consumer incomes by a record 10.8% in April — expire. The loss of that safety net looms in the weeks ahead, well before a sustained recovery is likely to take hold from the sudden and deep recession brought on by the novel coronavirus. Personal income dropped 4.2% in May, data Friday showed.

The $600 supplement Congress added to weekly unemployment benefits is due to expire July 31.

Without new support, recipients face a substantial loss of income – particularly devastating for those like the Ramirez family who worked in hard-hit sectors like hospitality where new jobs are scarce. During high unemployment and a still-raging pandemic, the end of enhanced jobless benefits could drag on consumer spending, set off a wave of missed rent and mortgage payments and translate to a slower recovery, economists said.

Source: A cash cliff spells trouble for U.S. unemployed, and everyone else – Reuters

Stock market today: Dow erases 236-point loss, turns positive as bank shares surge

Stock market today: Dow erases 236-point loss, turns positive as bank shares surge 3Stocks fell for a second day on Thursday following the release of disappointing unemployment data while traders grappled with a rising number of coronavirus cases. The Dow Jones Industrial Average traded 200 points lower, or 0.8%. The S&P 500 slid 0.7% while the Nasdaq Composite dropped 0.8%. An additional 1.48 million Americans filed for unemployment benefits last week, the Labor Department said. Economists polled by Dow Jones expected a print of 1.35 million. This marks the second straight week that U.S. jobless claims data were worse than expected.

“No matter which way you look at it, over a million unemployed is a very bad thing,” said Mike Loewengart, managing director of investment strategy at E-Trade. “It will take some time to unwind the structural damage COVID has caused across the world.”

“While it’s certainly uncomfortable, the everyday investor should be used to ongoing market volatility at this point,” Loewengart said.

Source: Stock market today: Dow erases 236-point loss, turns positive as bank shares surge

Existing home sale plunge 9.7% in 3rd straight monthly drop

Existing home sale plunge 9.7% in 3rd straight monthly drop 4WASHINGTON (AP) — Existing home sales in the U.S. plunged 9.7% in May. It was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.

The National Association of Realtors said Monday that the monthly decline pushed sales down to a seasonally adjusted annual rate of 3.91 million, the slowest pace since a home buyers tax credit expired in October 2010.

Sales fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.

Sales of both existing and new homes have fallen sharply during the traditional spring selling season as communities were locked down to prevent the spread of the coronavirus.

Source: Existing home sale plunge 9.7% in 3rd straight monthly drop

US unemployment drops unexpectedly to a still-high 13.3%

US unemployment drops unexpectedly to a still-high 13.3% 5

WASHINGTON (AP) — The U.S. unemployment rate fell unexpectedly in May to 13.3% — still on par with what the nation witnessed during the Great Depression — as states loosened their coronavirus lockdowns and businesses began recalling workers faster than economists had predicted.

The government said Friday that the economy added 2.5 million jobs last month, driving unemployment down from 14.7% in April.

For weeks, economists had been warning that unemployment in May could hit 20% or more, rivaling what was seen during the depths of the Depression in the 1930s.

Source: US unemployment drops unexpectedly to a still-high 13.3%