economy

On Wednesday, World Trade Organization chief Roberto Azevedo warned of a massive global recession following the coronavirus pandemic. “As we face what may well be the deepest economic recession or downturn of our lifetimes, we should aim to make the most of all potential drivers of sustainable growth to reverse this situation,” Azevedo said during …

California governor Gavin Newsom California Governor Gavin Newsom said Tuesday he is working on a plan with the state legislature to provide economic relief for California residents who are in the country illegally. “Californians care deeply about undocumented residents in this state,” Newsom said. About 2 million people in California are likely residing in the …

Senator Kelly Loeffler, Republican of Georgia Senator Kelly Loeffler said Wednesday that she and her husband were liquidating their personal stock holdings to move into mutual funds and exchange-traded funds (ETFs), after backlash stemming from financial records showing she sold off millions in stock ahead of the market crashing. “I’m not doing this because I …

The shock of the coronavirus is hitting the economy like another Great Depression — and Americans aren’t alone in their misery. A tsunami of job losses and welfare claims in Britain, the European Union and Asia in the last two weeks parallel the 10 million unemployment claims in the US as businesses around the world …

The US economy shed 701,000 jobs last month as the coronavirus crisis brought the nation’s nine-year hiring streak to a screeching halt, new federal data show. The losses in non-farm payrolls reflected a massive contraction from February, when the economy added 273,000 jobs. The unemployment rate rose nearly a full percentage point to 4.4 percent …

More than 6.6 million Americans applied for unemployment benefits last week as the coronavirus continued to gut the US labor market, the feds said Thursday. The seasonally adjusted number of initial jobless claims reported by the US Labor Department surpassed the prior week’s record-shattering revised total of 3.3 million — another signal that the pandemic …

Be prepared for a shock — the employment report for March that’s coming out on Friday may not be as bad as people are expecting. But don’t misunderstand what I’m saying. The job market right now is the worst it has been in over a decade. But quirks in how the monthly numbers are derived …

Sen. Chuck Grassley speaks in Washington, D.C., September 4, 2018. The office of Senator Chuck Grassley on Tuesday panned House Speaker Nancy Pelosi’s push to repeal the cap on state and local tax deductions in the next coronavirus relief bill. The SALT deduction cap, which was implemented in 2018 as part of the Republican-led tax …

Roy Coleman Jr., a personal trainer in Seattle, says he has been unable to file for unemployment due to a high volume errors on the government’s website, Everett, Wash., March 27, 2020. An economist with the St. Louis Fed is projecting coronavirus could cost 47 million Americans their jobs, resulting in a 32.1 percent unemployment …

Senator Richard Burr (R., N.C.) on Capitol Hill in Washington, D.C., December 16, 2019 . The Justice Department is probing a series of stock trades made by Senator Richard Burr (R., N.C.) in the weeks prior to the outbreak of Wuhan coronavirus in the U.S., CNN reported on Sunday. The probe is being coordinated with …