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Money & The Economy

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Weekly Jobless Claims Fall Below 1 Million For First Time Since March

Around 963,000 Americans filed new unemployment claims last week, marking the first time the figure dropped below 1 million since March, according to the Department of Labor. The Bureau of Labor Statistics figure released Thursday represented a decrease of 228,000 new jobless claims compared to week that ended Aug. 1. That number also beat Wall Street analysts’ expectations, according to ...

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Malls: The Reality After Coronavirus

News agencies and pundits are laser-focused on how they believe Trump screwed-up the Coronavirus response while ignoring the changes in the economy caused by over-protective politicians. Malls Aren’t Mainstream Anymore Shopping malls, at least the ones that are still open, will likely be absent of theaters and major department stores, but for once, they’ll have plenty of parking. First, movie ...

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July Jobs Report: 1.8 Million Jobs Added, Unemployment At 10.2%

The U.S. economy added 1.8 million jobs in July, while unemployment fell to 10.2%, according to Department of Labor data released Friday. Total non-farm payroll employment rose by 1.8 million in July, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1.4 million to 16.3 million. “In July, notable job gains occurred in ...

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Businesses Drastically Reduced New Hires In July According To Private Payroll Processor

Private sector job creation for displaced workers slowed in July, with private payroll increases not meeting the growth expected by economists, CNBC reported. Economists who were surveyed by Dow Jones expected private-sector employment to increase by 1 million, yet reported an increase of 167,000, CNBC reported. The report was issued by Dow Jones economists and Moody’s Analytics. The total private-sector ...

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‘Catastrophic’ Consequences For Small Businesses If There Is No Relief Bill, CEOs Tell Congress

Over 100 executives called for immediate action to save small businesses, in an open letter published Monday. The letter said failure to pass an assistance package would result in significant economic consequences. The United States gross domestic product fell 32.9% on an annualized basis between April and June, the Department of Commerce reported. “By Labor Day, we foresee a wave ...

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The Recession is deep, but likely short-lived

The Bureau of Economic Analysis announced that GDP in the second quarter of 2020 decreased by a whopping 32.9%. Since GDP declined by 5% in the first quarter, we had officially entered a recession. The current US recession is very deep. But it will likely turn out to be short-lived. In addition, the Labor Department announced Thursday that more than 1.4 Americans applied for ...

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LOCKDOWN LOSS: US Sees Worst-Ever Contraction For Second-Quarter GDP

The United States gross domestic product (GDP) fell 9.5% (32.9% annualized) in the second quarter of 2020, the Department of Commerce reported, marking the largest decline the country has ever seen, according to CNBC. In addition to the record drop in GDP, The Department of Labor reported Thursday that over 1.43 million Americans filed initial claims for unemployment last week, ...

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Remington Files For Bankruptcy Amid Nationwide Unrest, Surge In Gun Purchases

Remington Arms Co. filed for bankruptcy amid nationwide unrest and surging gun sales. The firearm company filed for chapter 11 protection, or reorganization bankruptcy, for the second time since 2018, The Wall Street Journal reported Monday. Remington has been in business for over 200 years, according to its webpage. JPMorgan Chase and Co., Franklin Resources Inc. and other investors acquired Remington following ...

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Unemployment Claims Rise For The First Time Since April To 1.4 Million

The Department of Labor reported Thursday that over 1.4 million Americans filed additional claims for unemployment last week, marking the first weekly increase in claims since April. The number of Americans filing for unemployment had been declining each week before mid July, but the Thursday report marks the 18th week in a row that unemployment claims have been above one ...

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Airline Group Signs Letter Calling For Europe-US COVID Test-Sharing To Save Industry

In a move to save the travel industry, four major airlines signed an open letter Tuesday calling for a shared COVID-19 testing program between the United States and European Union. As the pandemic continues to keep most airlines on the ground, American Airlines, Lufthansa, United Airlines and International Airlines Group warned leaders on both sides of the Atlantic in a ...

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1.3 Million Americans Filed First-Time Jobless Claims Last Week

An additional 1.3 million Americans filed first-time jobless claims for the week ending July 11, according to Department of Labor data released Thursday. Thursday’s numbers are down only 10,000 from the week before, CNN business reported. On an unadjusted basis, over 1.5 million Americans filed jobless claims for the first time – a number that has risen almost 109,000 from ...

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