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  • 28 Sep/2020

    'I'm drowning': Californians of color most affected by growing backlog of jobless aid

    California’s unemployment office is behind on 1.6m benefits applications. And it’s growing by 10,000 cases a dayAt her lowest point during the pandemic, Rachel Gomez-Wafer estimated that she was calling California’s unemployment office about 150 times a day.When California shut down in March, the boutiques where Gomez-Wafer sells her organic skincare line, Dorothy Mae and Dominga, closed. The...
  • 22 Sep/2020

    US economy showing improvement but path ahead 'uncertain', says Fed chair

    Jerome Powell told congressional panel economy remains far from where it was and full recovery likely when virus under controlAmerica’s economy has shown “marked improvement” since the coronavirus pandemic drove it into recession, but the path ahead remains “highly uncertain”, the Federal Reserve chair, Jerome Powell, told a congressional panel on Tuesday.Noting the rebound in jobs and household...
  • 12 Sep/2020

    US corporations continue sending jobs abroad during pandemic

    Despite Trump’s claim that the era of offshoring US jobs is ‘over’, 37,000 workers had their positions sent overseas in three monthsAhead of the 2020 election, Donald Trump and administration officials have claimed the era of offshoring American jobs and factories is “over”, but even through the pandemic US corporations have continued to lay off employees and send their work abroad.Petitions...
  • 11 Sep/2020

    Trump claims US is 'rounding the corner' as coronavirus death toll nears 200,000 – as it happened

    President makes remark at press conference amid fallout from bookRepublican ‘skinny’ relief bill fails in SenateAt least seven dead and thousands displaced as fires scorch US westPelosi: Trump’s comments to Woodward showed ‘contempt for the American people’Sign up for our First Thing newsletter 1.04am BST From me and Joan E Greve: 12.44am BST A New York Times correspondent was kicked out...
  • 10 Sep/2020

    Most dangerous phase of US Covid-19 crisis may be yet to come | Barry Eichengreen

    The health emergency and the economic fallout is likely to worsen in OctoberApril marked the most dramatic and, some would say, dangerous phase of the Covid-19 crisis in the US. Deaths were increasing, bodies were piling up in refrigerated trucks outside hospitals in New York City and ventilators and personal protective equipment were in desperately short supply. The economy was falling off the proverbial...
  • 9 Sep/2020

    The world's central banks are starting to experiment. But what comes next? | Adam Tooze

    With the spectre of deflation looming in the wake of Covid-19, radical new policies could revolutionise the world economyAre we seeing the end of the supremacy of the US dollar? With soaring government spending and gaping deficits are we on the cusp of a great surge of inflation? In light of the extreme financial measures required by the Covid-19 crisis and the alarming polarisation of US politics,...
  • 6 Sep/2020

    On Labor Day, remember this: Trump's America works only for the rich | Robert Reich

    We are eight weeks from a momentous election. If Joe Biden wins, he must work to redistribute income – and powerOn Labor Day weekend, eight weeks before one of the most consequential elections in American history, it’s useful to consider the inequalities of income and wealth that fueled Donald Trump’s victory four years ago – and which are now wider than ever. Related: Speaking for Myself review:...
  • 5 Sep/2020

    The bleak Covid winter? America still not on course to beat back the virus

    As summer ends, and as deaths near 200,000 amid severe economic damage, experts say the next few months are vitalEven with three decades of experience in the travel industry, Jorge Pesquera has never seen a downturn in business like this one. Related: Could western Pennsylvania win Trump a second term? Nobody has seen anything like this in a couple of generationsThe sense that this situation is short-lived...
  • 4 Sep/2020

    US economy added 1.4m jobs in August as recovery slowed – as it happened

    Rolling live coverage of business, economics and financial markets ahead of crucial US non-farm payrolls dataBoE’s Michael Saunders: need for looser monetary policy is ‘quite likely’UK housebuilders hit by crackdown on leasehold ‘misselling’European shares bounce back from early fall after US tech selloffUS jobs: 1.4m new jobs added in penultimate pre-election report 3.12pm BST Some investors...
  • 4 Sep/2020

    US unemployment fell to 8.4% last month as Covid-19 slows recovery

    Employers added 1.4m new jobs, a number that was markedly lower than in recent months – 1.8m in July, 4.8m in June and 2.5m in MayThe pace of recovery in the US jobs market slowed again in August as the coronavirus’s impact on the economy appeared to be broadening.Employers added 1.4m new jobs and the unemployment rate dropped to 8.4% last month, dropping below 10% for the first time since the...
  • 3 Sep/2020

    Stock markets fall as investors sell off tech stock amid US job fears

    Dow Jones, S&P 500 and Nasdaq down after weeks of gains while Europe’s markets end day lowerCoronavirus – latest updatesSee all our coronavirus coverageStock markets have lost some of their spectacular gains made over the past several months, as investors sold off high-flying tech companies and worried about the continuing crisis in the US jobs market.In New York, the Dow Jones Industrial Average...
  • 3 Sep/2020

    US jobless claims drop sharply as government changes counting method

    Claims down to 881,000 from 1m the previous weekOfficials change data model to better reflect impact of CovidThe number of people filing claims for unemployment benefits dropped sharply last week as the US labor department switched to a new method of counting weekly jobless claims figures. Related: Joe Biden to meet with Jacob Blake's family in Kenosha – live Continue reading...
  • 28 Aug/2020

    Bank of England's Andrew Bailey: 'We are not out of firepower' – as it happened

    Rolling live coverage of business, economics and financial markets as analysts contemplate end of ‘Abenomics’ and weaker dollar Andrew Bailey: “Going big and fast” gives central banks more firepower European stocks waver despite signal of longer stimulus from FedAbe confirms resignation on health grounds, hails economic policy Sterling hits eight-month high thanks to weak dollar 3.10pm BST...
  • 27 Aug/2020

    Wall Street shares rise after Fed announces soft approach to inflation

    Chair Jerome Powell says inflation will be allowed to rise above 2% to boost employmentShare prices on Wall Street rose to a fresh high after the head of the US central bank paved the way for years of more pro-growth policies by softening its approach to inflation.Jerome Powell, the chairman of the Federal Reserve, said he and his policymaking colleagues in Washington had unanimously agreed that inflation...
  • 27 Aug/2020

    Federal Reserve's Jerome Powell announces new approach to stimulating US economy – as it happened

    Rolling live coverage of business, economics and financial markets as central bank says it will tolerate inflation above 2%What to watch out for in Powell’s speech: inflation and yield curves Another 1m initial jobless claims in US; US GDP contraction revised Stock markets move lower ahead of Jackson Hole speechRolls-Royce loses record £5.4bn in first half, seeks £2bn sales 3.55pm BST Long anticipated,...
  • 27 Aug/2020

    US unemployment claims climb past one million for second week in a row

    New applications for unemployment have remained stubbornly high for months even as the number of coronavirus cases are decliningOne million people filed for unemployment benefits last week in the US as the coronavirus pandemic continued to take a historic toll on the job market.It was the second week in a row that claims passed the million mark after briefly dipping below that figure in early August....
  • 26 Aug/2020

    Davos postponed until summer 2021 because of pandemic – as it happened

    Rolling live coverage of business, economics and financial markets as investors look ahead to virtual Jackson Hole central bank summitInvestors fish for central bank hints on more coronavirus stimulusProvident Financial cuts 300 jobs after losing millions Bank regulator ends new mortgage payment holidays from 31 October Oil prices sustained by shutdowns in storm-hit Gulf of Mexico 3.15pm BST First...
  • 26 Aug/2020

    Central bankers to fish for compliments at virtual Jackson Hole summit

    Covid-19 puts paid to prime US angling venue but markets will monitor Andrew Bailey and coCoronavirus – latest updatesSee all our coronavirus coverageWhen Andrew Bailey delivers his keynote address to fellow central bankers later this week he will have to imagine he is in a Wyoming ski resort rather than his office in London’s Threadneedle Street. Jerome Powell, the chairman of the US Federal Reserve,...
  • 25 Aug/2020

    Worst fall in UK retail employment since financial crisis as Covid-19 takes toll – as it happened

    Rolling live coverage of business, economics and financial markets as retailers expect accelerating job lossesUS-China trade talks spark stock market optimismUK retailers report grim employment outlook - CBI German second-quarter GDP down 9.7%, slightly better than expectedChinese payments company Ant Group files for mega-listingCo-operative Bank to cut 350 jobs and close 18 branches 2.52pm BST Economists...
  • 25 Aug/2020

    Is this the end of the road for dollar dominance?

    In the short term, probably not, but with China weaponising the yuan stern challenges lie aheadThe recent sharp depreciation of the US dollar has led to concerns that it may lose its role as the main global reserve currency. After all, in addition to the Federal Reserve’s aggressive monetary easing – which threatens to debase the world’s key fiat currency even further – gold prices and inflation...
  • 1 Jan/1970