All Economy
No one wants to dump milk. Here鈥檚 why it鈥檚 happening anyway.Coronavirus lockdowns have caused a plunge in dairy demand. Getting excess milk to food banks is one solution, but could require federal help.聽聽
First LookUS jobless claims reach 30 million, 1 in 6 unemployedOn Thursday, the U.S. Labor Department released the latest unemployment statistics, indicating that another 3.8 million unemployment claims were filed last week. Economists forecast unemployment rates could reach 20%, the highest since the Great Depression.
First LookUS economy shrinks 4.8%: Can it recover post-virus?The drop in the January-March quarter is only a precursor of a far grimmer GDP report to come on the April-June period, with business shutdowns and tens of millions of layoffs. Some economists still hold hope a recovery will arrive quickly once the pandemic is over.聽
First LookAs virus lockdowns lift, investors search for signs of reboundsAs governments start to lift restrictions, stocks are rising worldwide.聽In the U.S., the spotlight will be on the big companies that have helped the S&P 500 halve its losses since February.聽Amazon, Apple, Facebook, Microsoft, and Alphabet are all scheduled to report earnings this week.聽
Where does an oil crisis hit first? Not where you might expect.Oil prices actually turned negative briefly in the U.S. this week, a historic first. Benchmark Brent crude oil traded around $21.92 per barrel Friday.
Jobless benefits are a lifeline 鈥� if the unemployed can get accessA spike in unemployment tests state agencies鈥� ability to deliver promised relief. Some 4.4 million workers filed new jobless claims in the past week.
First LookThe price of uncertainty: Oil futures prices drop below $0Demand for oil is聽at its lowest since the mid-1990s, as fewer people drive or fly, resulting in an oversupply.聽"At a minimum, oil prices will be the last asset class to recover from lockdown," said one commentator.聽
No, we鈥檙e not running out of food. It just looks that way.Headlines about dumped crops don鈥檛 mean that food suppliers are running short or that store shelves will be empty, say supply chain experts.聽
First LookJobless claims reach 22 million in US due to mass layoffsAs Americans continue to suffer job losses, pressure is mounting to reopen the economy with another 5.2 million workers filing for unemployment last week. The hardest hit sectors are retail, food, and entertainment.
When is it safe to reopen the economy? Three questionsPoliticians are weighing the advice of experts about how and when to ease the restrictions put in place to slow the coronavirus pandemic.聽
First LookOil nations agree to unprecedented global production cutOil prices collapsed during a price war.聽OPEC, Russia, and other oil-producing nations agreed on Sunday to cut production of nearly 10 million barrels.
Coronavirus crunch: One city block reveals small businesses at riskSmall firms face an unprecedented broad plunge in revenue amid efforts to contain the coronavirus. An up-close view from one street in Massachusetts.聽
How ad hoc supply workarounds became US pandemic responseU.S. manufacturers are adapting to produce medical equipment to help fight COVID-19 amid a fitful federal response.聽
First LookGlobal economy flooded with resources and resolve to meet virusWide measures are being taken globally to boost economic performance and support failing businesses in response to the coronavirus. Here's a roundup of the latest developments.
First LookHow small does a 'small business' need to be for financial aid?National hotel, restaurant, and service聽chains are eligible for the government's聽$349 billion聽Paycheck Protection Program meant to support small businesses during shutdowns. Critics worry these industry giants will overshadow mom-and-pop shops.聽
First LookRecord 6.6 million file for unemployment as US economy slowsThe unprecedented layoffs lead many economists to forecast the U.S. unemployment rate could spike to as high as 15% this month, breaking records set during a deep recession in 1982.
FocusFaces of the new jobs crisis, from restaurants to real estateA record 10 million workers filed U.S. unemployment claims in the past two weeks. Here are the people confronting the coronavirus downturn.
The ExplainerCoronavirus and recession: How is this economic crisis different?In order to rein in the coronavirus pandemic, the United States is steering into a recession. That makes the current economic crisis very different.
As jobless numbers spike, a question rises: When can economy reopen?A record 3.3 million Americans filed initial jobless claims in the past week, four times the previous high, amid efforts to contain the coronavirus.
First LookSafety net? Record 3.3 million people seek unemployment benefitsAfter massive coronavirus layoffs, economists say the U.S. unemployment rate will be near 13% by May, the highest since the 1930s. One provision in the $2 trillion federal rescue bill offers an extra $600 a week on top of unemployment aid from states.
