economy

Paul Singer’s Elliott Management said global stocks could tumble further, ultimately losing half or more of their value from February’s high, as the world braces for the deepest recession since the 1930s-era Great Depression. The New York-based hedge fund firm, in a letter to clients on Wednesday seen by Reuters, wrote that the sharp market …

Millions of Americans — especially those who use income tax preparers such as H&R Block and TurboTax — are still waiting for their promised stimulus checks, according to a report Thursday. While many did find their $1,200 check deposited into their accounts by the IRS on Wednesday, millions of others were greeted with the words …

On Tuesday in an interview with Reuters, the chief economist of the International Monetary Fund (IMF), Gita Gopinath, said that one hundred countries seek pandemic aid. This was only a few weeks after the managing director of the very same IMF, Kristalina Georgieva, said in an emergency statement that the IMF is ready to deploy all …

Another 5.2 million people filed initial unemployment benefit claims last week as the coronavirus pandemic continues to stall the economy and throw Americans out of work, according to data released Thursday by the Labor Department. The eye-popping figure for the week that ended April 11 is nevertheless under the record 6.9 million who filed two weeks …

More than 5.2 million Americans filed for unemployment benefits last week as the number of people put out of work by the coronavirus crisis climbed above 22 million, new federal data show. The staggering numbers from the US Department of Labor indicate 13 percent of the American workforce was sidelined in just a month as …

People wearing protective masks walk in a shopping district, following an outbreak of the coronavirus in Beijing, China, March 25, 2020. U.S. retail sales plummeted in March as the coronavirus pandemic caused business to grind to an almost complete halt and consumers became tighter with their spending habits. Total U.S. retail sales, which includes sales …

On Tuesday the stock market rallied nicely because people — at least market commentators — perceived that there was good news about the virus. And they ignored the bad news — lots of it, and not just perceived bad news — about how hard coronavirus had hit the US and world economies. On Wednesday the …

Dr. Anthony Fauci, head of the National Institute for Allergy and Infectious Diseases, on Tuesday warned against attempting to reopen shuttered businesses by May. “I’ll guarantee you, once you start pulling back there will be infections. It’s how you deal with the infections that’s going count,” Fauci told the Associated Press. Fauci said the U.S. …

The International Monetary Fund on Tuesday predicted the global economy will see the deepest recession since the Great Depression due to the coronavirus pandemic. The IMF has projected that the global economy will shrink by 3 percent in terms of GDP. By comparison, during the Great Recession of 2008-2009 the global economy shrank by 0.075 …

The coronavirus pandemic will plunge the global economy into its worst recession since the Great Depression, the International Monetary Fund predicted Tuesday. The fund expects the world economy to contract by 3 percent in 2020 as measures meant to stop the virus freeze economic activity around the world. That’s a much steeper drop than 2009, …