News

Labor and Employment

Reuters | Equities.com |

U.S. consumer spending increased more than expected in September, but decreasing benefits for millions of unemployed Americans and a resurgence in COVID-19 cases across the nation could crimp spending in the fourth quarter.

The report from the Commerce Department on Friday also showed inflation remaining muted last month, which could allow the Federal Reserve to keep interest rates near zero for a while to aid the recovery from the COVID-19 recession as fiscal stimulus runs out. More than $3 trillion in government pandemic relief, which included a weekly unemployment benefits subsidy, spurred record economic growth in the third quarter.


AP News | Equities.com |

U.S. stocks shook off an early slide and closed broadly higher Thursday as the market steadied after its worst drop in more than four months.

The S&P 500 rose 1.2%, bouncing back from a drop of 0.3% in the early going. Traders welcomed encouraging data on the pace of layoffs and how powerfully the economy rebounded during the summer from its coronavirus-induced coma. Economists warn big challenges still lie ahead, though. The S&P 500 was coming off a 3.5% tumble Wednesday on worries the worsening pandemic will drag down the economy and corporate profits again.

A strong rebound in technology sector stocks helped power the rally ahead of widely anticipated quarterly report cards from Facebook, Amazon and Google’s parent company. The three Big Tech companies each reported results after the close of regular trading that topped Wall Street’s expectations.


AP News | Equities.com |

The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up.

The Commerce Department’s estimate Thursday of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year when the eruption of the virus closed businesses, threw tens of millions out of work and caused the deepest recession since the Great Depression.


AP News | Equities.com |

The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it's still historically high and indicates the viral pandemic is still forcing many employers to cut jobs.

Applications for unemployment aid fell 40,000 from the previous week, the Labor Department said Thursday. They fell in 30 states, including big drops in California, Florida and Texas. Claims rose significantly in Arizona, Illinois, and Michigan.


AP News | Equities.com |

U.S. stocks overcame a wobbly start to finish higher Thursday, as traders welcomed more corporate quarterly results for the summer that weren’t as bad as Wall Street feared.

The S&P 500 rose 0.5% after shifting between small gains and losses throughout the morning. The index recouped all of its losses from a day earlier, but remains on track for its first weekly loss after notching a gain in each of the previous three weeks.


Reuters | Equities.com |

Four Democratic U.S. senators on Thursday sent a letter to Amazon.com Inc's Chief Executive Jeff Bezos, demanding answers over the company's alleged moves to track and monitor employees and limit unionization efforts.

Democratic senators Brian Schatz, Elizabeth Warren, Bernie Sanders and Kirsten Gillibrand asked the company for details on the steps it takes to discourage workers from organizing, how it tracks workers who participate in strikes and the law firms Amazon contracts with for union avoidance.


AP News | Equities.com |

The number of Americans seeking unemployment benefits rose last week to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession that erupted seven months ago.

Thursday’s report from the Labor Department shows that the job market remans fragile, and it coincides with other recent data that have signaled a slowdown in hiring. The economy is still roughl...


AP News | Equities.com |

Stocks rose for the second day in a row Thursday, reflecting hope on Wall Street that Washington can approve more aid for the economy and encouragement from a report that suggests the pace of layoffs is slowing a bit, even though it remains incredibly high.

The S&P 500 climbed 0.8%, adding to its solid gains from a day earlier, when President Donald Trump apparently backtracked on his decision to halt talks on more aid for the economy. He said in a televised interview Thursday morning that “very productive” talks have begun on stimulus.


AP News | Equities.com |

The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession.

The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses. A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession.


Reuters | Equities.com |

Dollar Tree Inc said on Monday it planned to hire more than 25,000 workers at its stores and distribution centers this holiday season, as it prepares for what is typically a period of higher sales.

The U.S. dollar-store chain, which also owns Family Dollar, is looking to fill full-time and part-time positions, including store managers, cashiers and seasonal holiday help as part of its yearly hiring event.

Chesapeake, Virginia-based Dollar Tree also said it woul...