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...
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...
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...
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...
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...
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,...
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:...
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...
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...
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...
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...
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...
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...
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...
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,...
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....
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...
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,...
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...
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...
