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The feds expect the coronavirus crisis to drain trillions of dollars from the US economy over the next decade, in the latest sign of the pandemic’s economic devastation. The crisis will lead to a $15.7 trillion reduction in the nation’s gross domestic product — the value of all goods and services produced here — from …
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Rioters protesting the death of Minneapolis resident George Floyd, an African-American man who died after being arrested and pinned to the ground by officer Derek Chauvin, destroyed a bar owned by a black former firefighter Wednesday night. Korboi Balla had invested his life savings in the bar and was planning to open it before the …
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Uber on Friday said it would offer rides by the hour in some US cities, a feature aimed at helping Americans with essential trips during the coronavirus pandemic. The option, which is already available in a handful of cities in Australia, Africa, Europe and the Middle East, will cost $50 per hour. Fares for regular …
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US consumer spending took a record nosedive last month as Americans hoarded cash during the coronavirus pandemic, new data show. Personal consumption spending tumbled 13.6 percent in April, marking the largest drop since the feds started tracking the figure in 1959, the US Department of Commerce said Friday. The US savings rate, however, soared to …
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The nation’s biggest mattress maker is in danger of becoming a coronavirus casualty this summer — and it’s the company’s private-equity owners that have made it vulnerable. Serta Simmons — a 150-year-old manufacturer that controls nearly 40 percent of the US mattress market — is facing a liquidity crunch as its retailers struggle with state-ordered …
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An additional 2.1 million Americans filed unemployment claims last week, the Department of Labor announced Thursday, bringing the total number of unemployed Americans to over 40 million. Continuing unemployment claims dropped last week for the first time since the coronavirus pandemic began, a sign that the economic destruction from the coronavirus is beginning to slow …
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The coronavirus crisis has put more than 40 million Americans out of work, according to new federal data showing another 2.1 million people applied for unemployment benefits last week. The workers sidelined by the pandemic in the past 10 weeks now outnumber the entire population of California and account for roughly 26 percent of the …
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The majority of small businesses in the U.S. are optimistic about reopening amid the coronavirus pandemic, a new study says. Nearly three-quarters of businesses (74 percent) expect to return to business as usual within six months of coronavirus restrictions being lifted, the Connected Commerce Council (3C) said Wednesday. “This report shows that in the face …
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US 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 …
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US stocks surged Tuesday as investors latched onto signs that the economy is thawing out after being frozen by the coronavirus. The Dow Jones industrial average soared as much as 694.97 points, or 2.8 percent, to 25,160.13, trading above 25,000 for the first time since March 10. The S&P 500 also broke through its key …
The feds expect the coronavirus crisis to drain trillions of dollars from the US economy over the next decade, in the latest sign of the pandemic’s economic devastation. The crisis will lead to a $15.7 trillion reduction in the nation’s gross domestic product — the value of all goods and services produced here — from …
