The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. Any reading above 50 signals that U.S. manufacturing is expanding.
The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.
The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package.
The number of laid-off Americans seeking unemployment benefits rose last week for the first time since the pandemic struck in March, evidence of the deepening economic pain the outbreak is causing to the economy.
U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices.
About 41 million people have now applied for aid since the virus outbreak intensified in March, though not all of them are still unemployed.
Fewer than half of working-age Americans could earn a paycheck in May as the coronavirus pandemic triggers millions of job losses.
U.S. stores will be open for to-go and delivery service, with cafe seating remaining closed to customers.
The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record.
According a report from The Intercept, the employees will call in sick or walk off the job during their lunch break.