Record economic plunge, bleak jobs numbers reveal virus toll
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.
White House drops payroll tax cut as GOP unveils virus aid
The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package.
Jobless claims rise as cutoff of extra $600 benefit nears
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.
US wholesale prices fell 0.2% in June as food costs plunged
U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices.
41 million have lost jobs since virus hit, but layoffs slow
About 41 million people have now applied for aid since the virus outbreak intensified in March, though not all of them are still unemployed.
Half of working-age Americans might not have a paycheck in May as layoffs surge
Fewer than half of working-age Americans could earn a paycheck in May as the coronavirus pandemic triggers millions of job losses.
Starbucks to reopen 90% of US stores by June in ‘carefully planned stages,’ according to report
U.S. stores will be open for to-go and delivery service, with cafe seating remaining closed to customers.
US economy shrank at 4.8% rate last quarter as coronavirus struck
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.
Amazon, Instacart and other essential workers reportedly plan walk-out strike May 1
According a report from The Intercept, the employees will call in sick or walk off the job during their lunch break.