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Economy

Reuters | Equities.com |

WASHINGTON (Reuters) - With a full three months of responding to a global pandemic under their belt, U.S. Federal Reserve officials have united around one point: lasting progress on the economic front will be dictated by success in containing the spread of the coronavirus. But agreement beyond that may be elusive as Fed policymakers meet this week to balance fresh signs the United States may be over the worst of the economic fallout from the pandemic against evidence the viru...


AP News | Equities.com |

WASHINGTON (AP) — The U.S. unemployment rate fell to 13.3% in May from 14.7%, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the viral pandemic.The May job gain suggests that businesses have quickly been recalling workers as states have reopened their economies.Other evidence has also shown that the job market meltdown triggered by the coronavirus has bottomed out. The number of people applying for u...


AP News | Equities.com |

WASHINGTON (AP) — Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace of layoffs. The total number of people who are receiving jobless aid rose slightly to 21.5 million, down from a peak of nearly 25 million two weeks ago but still at a historically high level. It shows that scattered rehiring is offsetting only some of the ongoi...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy’s recovery from the COVID-19 pandemic will be slow. The ADP National Employment Report on Wednesday showed private employers laid off another 2.76 million workers last month after a record 19.557 million in April. Economists polled by Reuters had forecast private payrolls dropping by 9 million in May. A staggering 25 million private job...


Reuters | Equities.com |

WASHINGTON (Reuters) - U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.The Institute for Supply Management (ISM) said on Monday its index of national factory activity rose to a reading of 43.1 last month from 41.5 in April, which was the lowest level since April 2009. A reading below 50 indicates co...


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...