WASHINGTON (Reuters) – U.S. retail sales increased less than expected in October and could slow further, restrained by spiraling new COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support.
While other data on Tuesday showed production at factories accelerating last month, output remained well below its pre-pandemic level and the uncontrolled coronavirus outbreak could disrupt production. The public health crisis and frail economy are major challenges confronting President-elect Joe Biden when he takes over from President Donald Trump in January.
Biden on Monday urged a divided Congress to come together and pass another pandemic relief package.
That is unlikely to happen before he is sworn on Jan. 20, putting pressure on the Federal Reserve to pump more money into the economy, which plunged into recession in February.
The company said that when retirements and other employee departures are included, its workforce will shrink to about 130,000 by the end of next year, or 30,000 fewer people than it had at the start of 2020. Just three months ago, the company figured 19,000 workers would leave.
Boeing Co. outlined the job cuts on the same day it reported a $449 million loss for the third quarter, a swing from the $1.17 billion it earned in the same period last year. The loss was not as bad as feared, however.
Revenue tumbled 29% to $14.14 billion.
Four years after he won the Midwest by vowing to revitalize the U.S. manufacturing workforce, President Donald Trump is campaigning for reelection on a job well done. The numbers tell a different story.
The president’s anti-trade agenda and a pandemic-induced recession have combined to shutter factories and accelerate trends toward automation.
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.
WASHINGTON (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.