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AP News | Equities.com |

WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month’s spending decline was far worse than the revised 6.9% drop in March, which itself had set a record for the steepest one-month fall in records dating to 1959. Friday’s Commerce Department figures reinforced evidence that the economy is gripped by the worst dow...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. Federal Reserve officials have talked broadly about helping households and firms through the current economic crisis and quickly unleashed trillions of dollars in cash and credit guarantees to build a “bridge” to the post-pandemic world.But underlying that swift response is a debate over how to ensure the cure for the country’s immediate economic problems doesn’t damage future growth by keeping otherwise failing firms alive, saddling others ...


Reuters | Equities.com |

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits held above 2 million last week for a 10th straight week amid job cuts by U.S. state and local governments whose budgets have been decimated fighting the COVID-19 pandemic and more second-wave layoffs in the private sector.New claims for state unemployment benefits totaled a seasonally adjusted 2.123 million for the week ended May 23, from a revised 2.446 million in the prior week, the Labor Department said on Thursda...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. applications for home mortgages jumped last week, in a sixth straight weekly increase, suggesting the housing market could lead the economy’s recovery from the novel coronavirus crisis even as high unemployment is expected to linger. The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted Purchase Index increased 8.6% from a week earlier. On an unadjusted basis, the index rose 7.4% from the prior week and was 9% higher compared to the sam...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was likely in the past as the country starts to reopen, but it could take a while for the economy to dig out of its hole amid record unemployment. Signs the downturn could be close to bottoming were bolstered by other data on Tuesday showing the pace of decline in manufacturing activity in Texas and services industry contraction in the mid-Atlant...


Reuters | Equities.com |

(Reuters) - Unemployment rates rose and total employment fell in all 50 U.S. states and the District of Columbia in April as efforts to contain the coronavirus pandemic forced businesses to close across the United States, the Labor Department said on Friday. The department’s Bureau of Labor Statistics said 43 states set record-high rates of unemployment last month, with the highest being in Nevada, the state with the greatest reliance on the hard-hit food services and hospit...


Reuters | Equities.com |

WASHINGTON (Reuters) - Millions more Americans filed for unemployment benefits last week as backlogs continue to be cleared and disruptions from the novel coronavirus unleash a second wave of layoffs, pointing to another month of staggering job losses in May.Initial claims for state unemployment benefits totaled a seasonally adjusted 2.438 million for the week ended May 16, the Labor Department said on Thursday. Data for the prior week was revised down to show 2.687 million claims filed instead ...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. homebuilding dropped by the most on record in April and permits for future construction tumbled, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression. The report from the Commerce Department on Tuesday added to dismal data this month showing a staggering loss of 20.5 million jobs in April and a collapse in retail sales and manufacturing production. Housi...


Reuters | Equities.com |

WASHINGTON (Reuters) - The global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected, the head of the International Monetary Fund said, and she stressed the danger of protectionism. Managing Director Kristalina Georgieva said the Fund was likely to revise downward its forecast for a 3% contraction in GDP in 2020, with only a partial recovery expected next year instead of the 5.8% rebound initially expected. In a...


Reuters | Equities.com |

SINGAPORE (Reuters) - Europe’s biggest bank, HSBC has cut already bleak global growth forecasts even further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending.The bank lowered its 2020 global gross domestic product forecast to a contraction of 4.8%, according to a note from chief economist Janet Henry dated May 12 and published on Friday.It had forecast a 3.3% contraction for the year in early April. Many large ...



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