Stocks register gains on cautious hopes of economic recovery

US stocks rebounded Monday as Wall Street cautiously bet on an economic recovery despite mounting unrest over police brutality and continued tensions with China. The Dow Jones industrial average rose as much as 93.12 points, or 0.3 percent, to 25,476.23, after shedding 0.5 percent at the open. The S&P 500 and the Nasdaq similarly clawed […]

Read More

In Days of Discord, a President Fans the Flames

WASHINGTON — With a nation on edge, ravaged by disease, hammered by economic collapse, divided over lockdowns and even face masks and now convulsed once again by race, President Trump’s first instinct is to look for someone to fight. Over the last week, America reeled from 100,000 pandemic deaths, 40 million people out of work […]

Read More

Trump takes aim at WHO as US economic outlook worsens

With new U.S. economic numbers highlighting the rough road ahead for a hoped-for rebound, President Donald Trump on Friday took aim at the World Health Organization and China, blaming both for their roles in the pandemic’s devastation. Trump announced that the United States will end its support for WHO, charging it didn’t respond adequately to […]

Read More

Europe’s social welfare net shows signs of wear from virus

Europe’s extensive social welfare net is showing signs of fraying under economic strain from the coronavirus, as protests erupted for a second day in Spain Friday against layoffs by French carmaker Renault, while Italy’s chief central banker warned that “uncertainty is rife.” Further afield, while New Zealand had all but eradicated the coronavirus with just […]

Read More

What We Learned From China’s Annual Economic Policy Meeting

© Reuters. What We Learned From China’s Annual Economic Policy Meeting (Bloomberg) — China concluded its most important annual political meeting this week, rolling out a hefty increase in government borrowing as it dropped a decades-old practice of setting an economic growth target. The economic support package entailed about 3.6 trillion yuan ($504 billion) in […]

Read More

Coronavirus Live Updates: 2.1 Million More U.S. Workers File for Unemployment Benefits

Here’s what you need to know: The White House won’t update economic projections this summer. The Trump administration will not issue a midyear update to its economic forecasts this summer, breaking decades of tradition amid the uncertainty of a pandemic recession, administration officials confirmed on Thursday. The decision will spare the administration from having to […]

Read More

Slash tax rate in half for corporations returning to US, White House adviser suggests

White House economic adviser Larry Kudlow on Friday floated the idea of cutting the corporate tax rate in half for US companies that bring their operations back from other countries. “Why not provide a 50 percent discount for the corporate tax rate if you’re moving from outside the US to the US?” Kudlow told reporters […]

Read More

Coronavirus pandemic wrecks many state budgets, could trigger deep cuts

As the nation enters a third month of economic devastation, the coronavirus is proving ruinous to state budgets, forcing many governments to consider deep cuts to schools, universities, health care and other basic functions that would have been unthinkable just a few months ago. Many states expect their revenue to plunge by 15% to 20% […]

Read More

Fourth region of upstate New York cleared to slowly reopen

A fourth region of upstate New York has met the criteria to gradually restart its economic activity as the state prepares slowly relax its pandemic-induced social restrictions By The Associated Press May 13, 2020, 5:09 PM 3 min read 3 min read Share to FacebookShare to TwitterEmail this article NEW YORK — A fourth region […]

Read More

Coronavirus could drive ‘unprecedented’ refugee wave to America’s borders, US official says

Another side effect of the novel coronavirus could be an “unprecedented” surge in economic refugees at the southern border. The coronavirus pandemic’s economic devastation may unleash a wave of migration from South America to the United States, the Trump administration’s top foreign aid official told the Washington Examiner in a new interview Tuesday. John Barsa, […]

Read More

Why prospect of deflation could pose a threat to US economy

The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis — a 0.8% drop that was driven by a plunge in gasoline prices By MARTIN CRUTSINGER AP Economics Writer May 12, 2020, 10:01 PM 5 min read 5 min read Share […]

Read More

China suspends Australian beef imports as public spat over coronavirus origin heats up

China has backed up its threat of economic retaliation against Australia, suspending beef imports from four of the country’s largest meat processors as ties between the trading partners sour following a dispute over the origin of the novel coronavirus. Last month Australia called for an independent international inquiry into the origin of the coronavirus just […]

Read More

IRS sets deadline for relief payment by direct deposit

Taxpayers who want to get their economic impact payments from the IRS directly deposited to their bank accounts have less than 48 hours to enter their information online By SARAH SKIDMORE SELL AP Personal Finance Writer May 11, 2020, 10:02 PM 2 min read 2 min read Share to FacebookShare to TwitterEmail this article The […]

Read More

Coronavirus preventing Venezuelan diaspora from sending money to family back home

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here. The economic fallout from the coronavirus has left millions of Venezuelans abroad without work and unable to send money back home to their families, humanitarian groups say. Since 2015, some 5 million Venezuelans alarmed at the country’s economic implosion […]

Read More

Watch Trump Advisor Admit ‘It Is Scary to Go to Work’

“It is scary to go to work,” White House economic adviser Kevin Hassett said while discussing admiration staff members testing positive for coronavirus. Hassett made the admission during an appearance on CBS News’ Face the Nation. Host Margaret Brennan asked President Trump’s economic adviser about wearing a mask at the White House now that two […]

Read More

Virus restrictions reimposed amid patchwork re-openings

As coronavirus-induced economic pain grew around the world, some U.S. states moved forward Friday with plans to reopen their economies, while European countries held muted commemorations to mark the 75th anniversary of the end of World War II on the continent. Around the U.K., residents were encouraged to stand on their doorsteps and sing together […]

Read More

Coronavirus blows a $54 billion hole in California’s budget

A new memo Thursday from California’s finance department put the economic damage of the coronavirus pandemic in stark relief: a projected $54.3 billion hole in the state budget that’s nearly three and a half times the state’s Rainy Day Fund emergency reserves. Gov. Gavin Newsom, who ordered the country’s first statewide stay-home order March 19 […]

Read More

California doom: Staggering $54 billion budget deficit looms

California will have a budget shortfall of $54.3 billion because of the economic devastation wrought by the coronavirus, Gov. Gavin Newsom’s administration announced Thursday, a stunning reversal for a state that had a $21 billion surplus a year ago. The state has been under a mandatory stay-at-home order since mid-March, forcing nonessential businesses to close […]

Read More

Small Businesses Counting on Loan Forgiveness Could Be Stuck With Debt

WASHINGTON — The embattled small business lending program at the center of the Trump administration’s economic rescue is running into a new set of challenges, one that threatens to saddle borrowers with huge debt loads, as banks begin the tricky task of proving the loans they extended actually met the government’s strict and shifting terms. […]

Read More

The Jobs Numbers Will Be Terrible. Here’s How to Interpret Them.

The coronavirus pandemic has brought wave after wave of catastrophic economic data: the worst decline in gross domestic product in a decade. The worst retail sales report on record. The worst week ever for unemployment claims, and then two more twice as bad as that. But even by those recent standards, the April jobs numbers […]

Read More

Bullard: U.S. faces new problems if pandemic, shutdown, persist to 2nd half of year

WASHINGTON (Reuters) – The U.S. economy will face a deepening set of problems if the economic shutdown and pandemic persist deep into the second half of the year, St. Louis Federal Reserve President James Bullard said, suggesting that states and individual firms need to set reopening plans tailored to local risks. “Shutdown is not a […]

Read More

Fed’s Brainard: virus crisis demands broad, creative response

(Reuters) – The public health and economic crisis inflicted by the coronavirus pandemic is causing tremendous hardship, especially for low- and middle-income communities, and requires a broad and creative response, a top Federal Reserve policymaker said on Tuesday. “The devastation is demanding that government, nonprofits, and other organizations think broadly and creatively to address the […]

Read More

Where’s my check? Answers to common relief payment questions

The US government has distributed about 130 million economic impact payments to taxpayers in less than 30 days. The IRS anticipates sending more than 150 million payments as part of a massive coronavirus rescue package. The distribution has had some hiccups, including an overwhelmed website, payments to deceased taxpayers and money sent to inactive accounts. […]

Read More

Mexico central bank says expected declines in global economy not seen since Great Depression

MEXICO CITY (Reuters) – The economic shock from the coronavirus pandemic is already clearly visible in the Mexican economy and forecast declines in global economic activity are of a magnitude not seen since the Great Depression, Mexico’s central bank minutes said on Tuesday. Most of the bank’s board members said the economic shock is observable […]

Read More