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News
  • Aug 11,2020
    S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism reboundsUS stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid...
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  • Aug 11,2020
    After Congress failed to agree on a new stimulus package, the president issued four measures to assist Americans. Here’s what you need to knowDonald Trump unveiled four executive actions meant to bolster the economy on Saturday after Congress failed to reach an agreement on a new coronavirus stimulus package.Trump praised himself for stepping up with the actions, saying that they will “take care,...
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  • Aug 11,2020
    Governor Ron DeSantis admits the benefits process is intended to deter people as the coronavirus crisis wreaks havoc with livesCrystal Tucker of Polk county, Florida, has spent months trying to solve issues with her unemployment benefits since she was furloughed in March 2020 from her job in the admissions department at Legoland in the Orlando area.Like millions of other people in Florida and across...
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  • Aug 9,2020
    The president thinks that as long as they buoy the stock market, they’re helping the US economy – and that’s pure rubbishSince the start of the pandemic, American billionaires have been cleaning up. As more than 50 million Americans filed for unemployment insurance, billionaires became $637bn richer. Facebook’s Mark Zuckerberg’s wealth has ballooned 59%. Amazon’s Jeff Bezos’s, 39%. Walmart’s...
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  • Aug 8,2020
    Trump gives speech at his golf club in New Jersey, and signs order which includes extended unemployment payments with $200 dropDonald Trump said on Saturday that he would extend enhanced coronavirus unemployment benefits and employment taxes into next year with executive orders, but cut the level of some of the support.Speaking at his golf resort in Bedminster, New Jersey, Trump said he was taking...
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  • Aug 8,2020
    President speaks at golf club in New Jersey after talks collapseRussia, China, Iran trying to ‘sway voters’ preferences’, official warnsUS added 1.8m jobs in July as states grapple with Covid-19 spikeSign up to our First Thing newsletter 1.42am BST From me and Joan E Greve: Related: Trump poised to intervene in Covid-19 relief plans after talks break down 1.20am BST Asked whether the press...
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  • Aug 7,2020
    Rolling live coverage of business, economics and financial markets as investors focus on US-China tensions and non-farm payrollsUS jobs recovery slows, with 1.76m added in July Chancellor dampens hopes of any furlough extension TikTok threatens legal action after Trump bans it and WeChatFTSE 100 flat as China-US tensions drag stock markets ‘Mini-boom’ as UK house prices rise 1.6% in July 3.03pm...
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  • Aug 7,2020
    Unemployment rate falls to 10.2% from 11.1% but remains three times pre-pandemic figureThe US economy added 1.8m jobs in July after a record gain in June, as signals mounted that a resurgence of coronavirus cases in some states is weighing on the labor market recovery. Related: Coronavirus US: death toll tops 160,000 as relief package impasse continues – live updates Continue reading...
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  • Aug 6,2020
    Economists worry expiration of $600 weekly lifeline will lead to sharp drop-off in household spending and set back the economyAnother 1.18 million people filed for unemployment benefits last week as economists worry the expiration of enhanced unemployment benefits will lead to a sharp drop-off in household spending and set back the US economy’s near-term recovery.Claims dipped last week after two...
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  • Aug 6,2020
    Census Bureau survey tracked quality-of-life measuresFindings showed many Americans do not have enough foodThe US Census Bureau has suspended a weekly survey that painted a bleak picture of American life during the Covid-19 pandemic, with no sign of when, or if, it will resume publishing the report. Related: The 'shecession': why economic crisis is affecting women more than men Update 7 August 2020:...
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  • Aug 4,2020
    Tailored Brands, owner of Men’s Wearhouse and JoS. A. Bank, hit by Covid-19 lockdown-driven shifts in workwearUS company Tailored Brands, which controls Men’s Wearhouse and JoS. A. Bank, has become the latest mens suit specialists to file for bankruptcy in the US as office workers stay home during the pandemic.The company, which operated about 1,400 stores and employed 1,800 workers, filed for...
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  • Aug 4,2020
    From February to May, 11.5 million women lost their jobs compared with 9 million men – underlining how women are more vulnerable to sudden losses of incomeDenise Frederick hasn’t stopped working since the pandemic began. But the nanny and home carer in New York City has also seen her pay cut in both jobs and she is uncertain about how long she will have either with the coronavirus outbreak far...
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  • Aug 2,2020
    Some have reasons to be cheerful despite the gloom but flip-flopping in Whitehall is not helping growthRecords are there to be broken, so it would be unwise to claim that there will never be a worse performance by the US or eurozone economies than was seen in the spring of 2020. It would, though, take something truly spectacular: a nuclear war, a meteor strike, a pan-continental climate catastrophe...
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  • Aug 2,2020
    Despite Congress’s threats, no politician or president will want to panic fragile stock markets with antitrust actionWhat’s the difference between Mark Zuckerberg and John D Rockefeller? Exchange the trainers for a pair of spats, and the T-shirt for a frock coat, and the answer is not all that much, according to lawmakers in Washington: a robber baron is a robber baron whether he wears a top hat...
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  • Aug 2,2020
    Lies about the economy are as dangerous as lies about the virus. Thanks to the Republicans, millions are about to be hurt“The recovery has been very strong,” Donald Trump said on Monday. Then the commerce department reported the US economy contracted between April and June at the fastest pace in nearly three-quarters of a century, which is as long as economists have been keeping track. The drop...
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  • Jul 31,2020
    Donald Trump’s suggestion that the 2020 US election could be crooked is a challenge to democracy itself Postponing elections is what autocracies do. On Friday, Hong Kong’s leader, Carrie Lam, announced a delay to September’s planned legislative council (LegCo) elections. Ms Lam cited the coronavirus public health emergency as her justification. Yet the real reason is Hong Kong’s political emergency....
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  • Jul 31,2020
    Republican infighting has delayed an expansion to the weekly cash benefit – so what happens if a deal can’t be reached?For millions of unemployed Americans dealing with the worst economic crisis since the Great Depression a $600 payment each week from the government has been a vital lifeline, allowing them to keep their homes and put food on the table despite losing their jobs. Related: US economy...
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  • Jul 30,2020
    The US has recorded its biggest shrinkage ever and without soon-to-expire government benefits things would be much worseEconomic data released on Thursday by the government revealed that during April, May and June, the US economy experienced the most severe shrinkage in its history. The details paint a worrying picture of the US’s chances of an imminent recovery. Related: US economy suffers worst...
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  • Jul 30,2020
    If Congress fails to reauthorize the full $600, the economy and the fight against the virus will take a turn for the worse On 27 March Donald Trump signed the Cares Act into law, Congress’s main sweeping response to the economic depression which was induced by coronavirus. There are many problems with it, but one truly exemplary part of the legislation was the federal addition of $600 a week to unemployment...
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  • Jul 30,2020
    Drop in quarterly gross domestic product comes as 1.43m people file for unemployment benefits, a second week of increases, amid Covid-19 pandemicThe US economy shrank by an annual rate of 32.9% between April and June, its sharpest contraction since the second world war, government figures revealed on Thursday, as more signs emerged of the coronavirus pandemic’s heavy toll on the country’s economy.The...
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  • Jan 1,1970
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