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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...


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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...


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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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WASHINGTON (Reuters) - U.S. retail sales endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.The Commerce Department said on Friday retail sales plunged 16.4% last month, the biggest decline since the government started tracking the series in 1992. Data for March was revised to show receipts at retailers falling 8.3% instead o...


AP News | Equities.com |

WASHINGTON (AP) — Nearly 3 million laid-off workers applied for U.S. unemployment benefits last week as the viral outbreak led more companies to slash jobs even though most states have begun to let some businesses reopen under certain restrictions.Roughly 36 million people have now filed for jobless aid in the two months since the coronavirus first forced millions of businesses to close their doors and shrink their workforces, the Labor Department said Thursday.Still, the...


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WASHINGTON (Reuters) - U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, which could bolster some economists’ predictions for a brief period of deflation as the novel coronavirus depresses demand.The Labor Department said on Wednesday its producer price index for final demand tumbled 1.3% last month, the biggest decline since the series was revamped in December 2009, after slipping 0.2% in March. In the 12 m...


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WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.For a central banker who spent part of his career as a deficit hawk and has tried to avoid giving advice to elected officials, the remarks marked an extraor...


AP News | Equities.com |

WASHINGTON (AP) — The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis — a 0.8% drop that was driven by a plunge in gasoline prices.And excluding the normally volatile categories of food and energy, so-called core prices tumbled 0.4% last month, the Labor Department said Tuesday in its monthly report on consumer inflation. That was the sharpest such drop on records dating ...