US economy - updates

Rappler's latest stories on US economy

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Trump cheers U.S. jobs surge in June 2020 despite rising virus count

Jul 02, 2020 - 11:50 PM

(UPDATED) The United States' unemployment rate drops to 11.1% in June 2020, but economists fear the spike in coronavirus cases could hurt recovery

People walk on a street near Herald Square on June 25, 2020 in New York City. - New York businesses opened their doors to returning waves of workers June 22 as the city that was once the epicenter of the global pandemic marked an important milestone in its return to normalcy, even as other US states were seeing an alarming rise in COVID-19 cases. (Photo by Angela Weiss / AFP)

U.S. trade deficit widens as virus hits exports

Jul 02, 2020 - 10:45 PM

United States exports are down 4.4% to $144.5 billion, while imports fall 0.9% to $199.1 billion in May 2020

U.S. TRADE. Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California, on May 14, 2019. File photo by Mark Ralston/AFP

U.S. private hiring, manufacturing recover in June 2020 after virus plunge

Jul 02, 2020 - 8:45 AM

Data from payroll services firm ADP show private firms in the United States hired 2.4 million workers, while the Institute for Supply Management's manufacturing index jumps to 52.6%

JOBS. A man wearing a face mask walks past a 'Now Hiring' sign in front of a store amid the coronavirus pandemic in Arlington, Virginia, on May 14, 2020. Photo by Olivier Douliery/AFP

Officials cheer signs of U.S. rebound; ponder more aid

Jul 01, 2020 - 4:10 PM

'We have entered an important new phase and have done so sooner than expected,' says US Federal Reserve Chair Jerome Powell, but he adds the economy cannot fully recover unless COVID-19 is kept in check

RETAIL SALES. A pedestrian walks by a retail store that has reopened in San Francisco, California, on June 16, 2020. Photo by Justin Sullivan/Getty Images/AFP

Goldman Sachs: Requiring masks could save U.S. economic recovery

Jul 01, 2020 - 3:25 PM

Goldman Sachs says a national mask mandate could 'partially substitute' for renewed lockdowns that would otherwise subtract nearly 5% from US growth

MASKS. N95 face masks produced by 3M. Photo from Shutterstock

U.S. income drops as CARES Act tapers but spending jumps

Jun 26, 2020 - 11:55 PM

Income in the United States falls 4.2% in May 2020, while spending grows 8.2%

SEEKING AID. People wait to receive food bank donations at the Barclays Center in the Brooklyn borough in New York City on May 15, 2020. Photo by Stephanie Keith/Getty Images North America/AFP

Virus, joblessness raise concerns of strangled U.S. recovery

Jun 25, 2020 - 11:55 PM

Data released on Thursday, June 25, show layoffs in the United States have reached 47.2 million since the coronavirus lockdowns began

A store displays a sign before closing down permanently as more businesses feel the effects of stay-at-home orders amid the coronavirus pandemic, on June 16, 2020 in Arlington, Virginia. (Photo by Olivier DOULIERY / AFP)

New U.S. layoffs show mixed impact of small business loans

Jun 19, 2020 - 8:00 AM

The United States economy continues to bleed jobs, even as states reopen and despite federal initiatives like the Paycheck Protection Program

CLOSED. A homeless man walks past closed stores in the Fashion District in Downtown Los Angeles, California, on April 2, 2020. Photo by Apu Gomes/AFP

Virus layoffs top 45.7 million as U.S. economic distress persists

Jun 18, 2020 - 11:30 PM

(UPDATED) Another 1.5 million workers file new claims for unemployment benefits in the United States from June 7 to 13

SAN FRANCISCO, CALIFORNIA - JUNE 11: A person walks by a boarded up storefronts on June 11, 2020 in San Francisco, California. Economic worries due to the coronavirus COVID-19 pandemic continue as an additional 1.5 million people filed for first-time unemployment benefits in the past week. The Dow Jones Industrial average plunged over 1,800 points on the news. Justin Sullivan/Getty Images/AFP

Fed chair warns of 'significant uncertainty' around U.S. recovery

Jun 17, 2020 - 8:35 AM

Unless consumers feel confident COVID-19 has been defeated, 'a full recovery is unlikely,' warns United States Federal Reserve Chair Jerome Powell

EMERGENCY MOVE. United States Federal Reserve Chairman Jerome Powell announces an interest rate cut during a speech on March 3, 2020 in Washington, DC. Photo by Mark Makela/Getty Images/AFP

U.S. retail sales surge 17.7% in May 2020

Jun 16, 2020 - 10:00 PM

The $485.5 billion in United States retail sales in May 2020 is nearly double what analysts had forecast

SAN FRANCISCO, CALIFORNIA - JUNE 16: A pedestrian walks by a retail store that has reopened on June 16, 2020 in San Francisco, California. According to a report by the U.S. Commerce Department, retail sales surged 17.7 percent in May as more states begin the process of reopening after being shut down due to the coronavirus COVID-19 pandemic. Justin Sullivan/Getty Images/AFP

U.S. Fed at last launches Main Street Lending Program

Jun 16, 2020 - 7:25 AM

The Main Street Lending Program aims to support businesses in the United States that are too big to benefit from the Paycheck Protection Program

Times Square billboards display messages to insurance companies that the most vulnerable businesses, like restaurants and hospitality businesses, need more support to survive the coronavirus pandemic on May 27, 2020 in New York City. (Photo by Angela Weiss / AFP)

U.S. consumer sentiment jumps more than expected in June 2020 – survey

Jun 12, 2020 - 11:00 PM

The University of Michigan consumer sentiment index jumps to 78.9 in June 2020, much better than economists had expected

REOPENING. A customer wears a mask as she looks at the clothes displayed in a shop inside a mall west of Fort Lauderdale, Florida, on May 18, 2020. Photo by Chandan Khanna/AFP

Massive U.S. layoffs continue even as businesses reopen

Jun 12, 2020 - 7:00 AM

Data show the coronavirus pandemic has caused 44.2 million layoffs in the United States since mid-March 2020

(FILES) In this file photo taken on April 23, 2020, a street at Times Square is empty of traffic in New York City. - Despite moves to reopen businesses, another 1.54 million US workers filed for unemployment benefits last week, the Labor Department said on June 11, 2020, bringing the total since mid-March to 44.2 million. (Photo by Johannes EISELE / AFP)

Fed warns of uncertain path for post-pandemic U.S. economy

Jun 11, 2020 - 8:30 AM

The United States Federal Reserve confirms it will keep the benchmark interest rate at zero until economic recovery is underway

CHESTERTON, INDIANA - MAY 13: A sign in front of an investment business urges residents to stay at home on May 13, 2020 in Chesterton, Indiana. Recently, Indiana began allowing some business in the state to reopen with some restrictions. The governor had issued a stay-at-home in March, restricting all but essential travel and a shuttering all but essential businesses in an attempt to stop the spread of the COVID-19 pandemic. Despite this order being lifted many businesses remain closed and many, that have re-opened, report lackluster business as fears of COVID-19 continue. Scott Olson/Getty Images/AFP

Spike in black unemployment 'heartbreaking' – Fed's Powell

Jun 11, 2020 - 8:15 AM

While the United States posted a surprising decline in its overall unemployment rate in May 2020, for black workers it actually ticked up a notch

PORTRAIT. An image of George Floyd is painted on the road near a memorial site outside Cup Foods on June 3, 2020 in Minneapolis, Minnesota. Photo by Stephen Maturen/Getty Images/AFP

U.S. Fed again expands Main St loan program to reach more firms

Jun 09, 2020 - 9:25 AM

The United States' Main Street Lending Program is available to businesses with up to 15,000 employees, or as much as $5 billion in annual revenue

SAN FRANCISCO, CALIFORNIA - MAY 15: Cyclists ride by boarded up businesses on May 15, 2020 in San Francisco, California. Malls and other businesses shutdown in an attempt to contain the coronavirus causing the U.S. retail sales to fall by a record 16.4% from March to April. Justin Sullivan/Getty Images/AFP

U.S. recession started in February, ending 128-month expansion

Jun 09, 2020 - 7:05 AM

'The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession,' says a committee

ALMOST EMPTY. A man walks across Wisconsin Avenue in the normally busy shopping district of Georgetown in Washington, DC, on March 23, 2020. Photo by Mandel Ngan/AFP

Black Americans suffer from generations of economic marginalization

Jun 06, 2020 - 8:30 AM

From lower wages to longer commute times, the structure of the world's largest economy deeply marginalizes black people

WASHINGTON, DC - JUNE 04: People gather in the rain outside of the White House for a peaceful protest against police brutality on June 4, 2020 in Washington, DC. Protests in cities throughout the country have been largely peaceful following the death of George Floyd, a black man, who died while in police custody in Minneapolis on May 25. Sarah Silbiger/Getty Images/AFP

U.S. shows surprising employment recovery in May 2020 despite pandemic

Jun 06, 2020 - 7:00 AM

The United States' unemployment rate is down to 13.3% in May 2020, from 14.7% in April 2020

(FILES) In this file photo taken on May 14, 2020, a man wearing a face mask walks past a sign "Now Hiring" in front of a store amid the coronavirus pandemic in Arlington, Virginia. - The US economy regained 2.5 million jobs in May as coronavirus pandemic shutdowns began to ease, sending the unemployment rate falling to 13.3 percent, the Labor Department reported on June 5, 2020. (Photo by Olivier DOULIERY / AFP)

U.S. faces unemployment crisis amid record trade drop

Jun 04, 2020 - 11:55 PM

(UPDATED) Data show more than 42 million workers in the United States have lost their jobs since mid-March 2020. The country's trade deficit also jumps to $49.5 billion.

(FILES) In this file photo taken on May 15, 2020, people wait to receive food bank donations at the Barclays Center in the Brooklyn borough in New York City. - The ranks of US workers laid off at least temporarily by the coronavirus pandemic exceeded 42 million, with 1.87 million new jobless benefit claims filed last week, the Labor Department said on June 4, 2020. However the number of new claims filed in the week ended May 30 was 249,000 less than the week prior, indicating the unprecedented layoffs were slowing. (Photo by STEPHANIE KEITH / GETTY IMAGES NORTH AMERICA / AFP)

U.S. workers face unequal future when virus recedes

Jun 01, 2020 - 10:55 PM

The coronavirus pandemic is deepening inequality for workers in the world's largest economy

FACES. Two people wearing masks walk pass a mural of the coronavirus in the neighborhood of Queens on April 27, 2020 in New York City. Photo by Johannes Eisele/AFP

Badly hit California economy aims to reverse virus 'free fall'

May 30, 2020 - 9:30 AM

California, the world's 5th largest economy, is heavily dependent on tourism, hospitality, and entertainment – industries that ground to a halt because of the coronavirus

LOS ANGELES, CALIFORNIA - MARCH 19: A pedestrian walks past a shuttered movie theater, with the message 'Stay Safe and Healthy' displayed on the marquee, on March 19, 2020 in Los Angeles, California. California Governor Gavin Newsom issued a statewide stay at home order for Californias 40 million residents except for necessary activities in the hopes of slowing the spread of COVID-19. Mario Tama/Getty Images/AFP MARIO TAMA / GETTY IMAGES NORTH AMERICA / AFP

Fed chair warns of widening inequality as U.S. consumption dives

May 30, 2020 - 7:30 AM

United States consumer spending plunges by a record 13.6% in April 2020

SHOPS CLOSED. The sculpture 'Torso' by Robert Graham stands on iconic and nearly empty Rodeo Drive in Beverly Hills, California, on March 18, 2020. Photo by Mario Tama/Getty Images/AFP

U.S. layoffs exceed 40 million but some returning to work

May 29, 2020 - 7:00 AM

New data also show the United States' gross domestic product fell 5% in the 1st quarter of 2020, slightly worse than the 4.8% drop originally reported

DESERTED. People take a photo in an empty Rockefeller Plaza in New York City on March 15, 2020. Photo by Stephanie Keith/Getty Images/AFP

U.S. outlook highly uncertain, businesses 'pessimistic' – Fed

May 28, 2020 - 8:00 AM

American firms now worry that generous unemployment benefits make it difficult to retain workers or to bring them back to their posts once they are able to reopen

CENTRAL BANK. In this file photo taken on April 2, 2020, the Federal Reserve and United States flags wave above the Federal Reserve building in Washington, DC. Photo by Olivier Douliery/AFP

White House economist sees double-digit jobless rate through U.S. elections

May 24, 2020 - 11:55 PM

Kevin Hassett says the United States' unemployment rate could still be in double digits in November 2020 when US presidential elections are held

MANHATTAN. The Manhattan skyline stands in the distance as people try to get some time outside in Brooklyn, New York City, on April 4, 2020. Photo by Spencer Platt/Getty Images/AFP

U.S. layoffs surpass 38.6 million as lawmakers debate stimulus

May 22, 2020 - 8:00 AM

Another 2.43 million Americans are put out of work in the week ending May 16

JOB WOES. Musician Lucas Goes waits to pick up food for a delivery app in Beverly Hills, California, on April 2, 2020, after losing his job during the novel coronavirus outbreak. Photo by Apu Gomes/AFP

Some business models won't survive post-pandemic – U.S. Fed

May 21, 2020 - 8:00 AM

United States Federal Reserve officials worry that 'even after social distancing requirements were eased, some business models may no longer be economically viable'

NO WORKERS. Streets in the financial district in Boston, Massachusetts, appear almost empty on March 12, 2020. Photo by Joseph Prezioso/AFP

U.S. risks 'permanent damage' from extended shutdown – Mnuchin

May 20, 2020 - 7:00 AM

United States Treasury Secretary Steven Mnuchin tells senators the government is 'conscious of the health issues' involved with reopening and they want it done 'in a balanced and safe way'

HALTED. A view shows near-empty Pentagon City Mall in Arlington, Virginia, on March 17, 2020. Photo by Mandel Ngan/AFP

U.S. facing severe crisis, but not a depression – Fed's Powell

May 18, 2020 - 11:30 AM

United States Federal Reserve Chair Jerome Powell says the US economy could 'easily' collapse by 20% to 30% in the 2nd quarter of 2020, but 'it should be a much shorter downturn' than in the 1930s

CENTRAL BANK. In this file photo taken on April 2, 2020, the Federal Reserve and United States flags wave above the Federal Reserve building in Washington, DC. Photo by Olivier Douliery/AFP

Awful data show U.S. economy is in deep trouble

May 16, 2020 - 7:00 AM

United States retail sales sink by 16.4% in April 2020, the largest one-month fall on record. Industrial production also drops a record 11.2%.

NEW YORK, NY - MAY 15 : People are reflected on a window of a retail store closed due to coronavirus as they walk around Times Square during the spread of COVID-19 pandemic on May 15, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 307,000 lives and infecting more than 4.6 million people. Eduardo Munoz Alvarez/Getty Images/AFP

Jobless data show economic pain as Trump eyes U.S. reopening

May 15, 2020 - 7:00 AM

The grim figures bring total US job losses since mid-March 2020 to a level rivaled only by the Great Depression 90 years ago

(FILES) In this illustration file photo taken on May 08, 2020, a COVID-19 Unemployment Assistance Updates logo is displayed on a smartphone on top of an application for unemployment benefits, in Arlington, Virginia. - New US claims for unemployment benefit continued to slow in the latest week but at 2.98 million showed the coronavirus pandemic continues to destroy jobs, according to government data released on May 14, 2020. The number of people filing for jobless benefits for the first time in the week ended May 9 decreased about 200,000 from the previous week, the Labor Department said, but that was higher than analysts expected and remained well above any week prior to the pandemic. (Photo by Olivier DOULIERY / AFP)

Wave of coronavirus bankruptcies poses next threat to U.S. economy

May 14, 2020 - 3:00 PM

Many firms now bleeding cash are in for a tough ride until the economy fully rebounds, which likely will come only after a coronavirus vaccine is developed and widely used

CLOSED. A homeless man walks past closed stores in the Fashion District in Downtown Los Angeles, California, on April 2, 2020. Photo by Apu Gomes/AFP

Virus emergency spending costly but worth it – U.S. Fed's Powell

May 13, 2020 - 11:15 PM

'Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,' says United States Federal Reserve Chairman Jerome Powell

RATE CUT ANEW. In this file photo, United States Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington, DC, on July 31, 2019. File photo by Andrew Caballero-Reynolds/AFP

U.S. Democrats unveil $3 trillion coronavirus relief package

May 13, 2020 - 8:27 AM

The 1,815-page measure faces immediate opposition in the Republican-controlled Senate, where leaders say a new round of emergency funding is not yet needed

WAITING. Musician Lucas Goes wears a mask and gloves as he waits to pick up food for a delivery app in Beverly Hills, California, after losing his job during the novel coronavirus outbreak. Photo by Apu Gomes/AFP

Virus, low oil prices take toll on April 2020 U.S. inflation

May 12, 2020 - 10:20 PM

United States inflation drops to 0.8% in April 2020, its largest month-on-month fall since December 2008

OIL. A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields in Huntington Beach, California, on April 20, 2020. Photo by Michael Heiman/Getty Images/AFP

Los Angeles stores take tentative steps in reopening for business

May 09, 2020 - 9:45 AM

Some retailers are allowed to get back to business in California, but face uncertainty in the wake of economic losses caused by the coronavirus lockdown

Jasmine Garden flower shops owner Zohrab Mahdessian prepare his orders delivery and curb pick up amid the Covid 19 pandemic, May 8, 2020, in Los Angeles, California. - Zohrab Mahdessian opened again his Los Angeles florist shop on May 8, 2020 after five weeks closed for the coronavirus. California authorities decided to relax the lockdown imposed by the pandemic, allowing some businesses to resume operations.And for Mahdessian the timing couldn't be better: On Sunday is Mother's Day in the United States and orders are pouring in. (Photo by VALERIE MACON / AFP)

Jobless Americans can only hang on as pandemic rages

May 08, 2020 - 10:40 PM

Meet 3 Americans who are among the millions who have lost their jobs due to the coronavirus pandemic

Evan White poses for a picture on May 7, 2020 in New York City. - The coronavirus arrived in the US early this year, followed by deaths, business shutdowns and layoffs, rendering a previously healthy economy unrecognizable. Data from the government and private surveys has shown that the economic damage is deep and may take years to recover from, but on Friday, a new Labor Department survey is expected to show unemployment spiking, perhaps to as high as 20 percent, a number few living Americans have ever seen before. Ahead of the report's release, AFP spoke to three people about how the virus has changed the course of their lives in the world's largest economy. (Photo by Kena Betancur / AFP)

U.S. suffers biggest job losses in history amid coronavirus

May 08, 2020 - 9:05 PM

(3rd UPDATE) An unprecedented 20.5 million jobs are destroyed in April 2020, driving the United States' unemployment rate to 14.7%

MIAMI BEACH, FLORIDA - MAY 07: Niklaus Salvator poses near the hotel where he used to work on Ocean Drive on May 07, 2020 in Miami Beach, Florida. Mr. Salvator was laid off due to the hotel closing when the coronavirus pandemic hit. He joined millions of people who have seen similar layoffs around the country. The Aprils jobs report, which is scheduled to be released Friday, will provide a look into how many jobs were lost last month due to COVID-19. Joe Raedle/Getty Images/AFP

U.S. jobless claims begin decline, but still high at 3.2 million

May 08, 2020 - 7:00 AM

There are 3.2 million new claims for jobless benefits in the United States, bringing the number of claims filed since mid-March 2020 to 33.5 million

DESERTED. People take a photo in an empty Rockefeller Plaza in New York City on March 15, 2020. Photo by Stephanie Keith/Getty Images/AFP

U.S. trade deficit widens on record export drop

May 05, 2020 - 10:05 PM

United States exports post a record decline of 9.6% in March 2020

SAN PEDRO, CALIFORNIA - NOVEMBER 07: Shipping containers, some marked 'China Shipping', are stacked at the Port of Los Angeles, the nation's busiest container port, on November 7, 2019 in San Pedro, California. Port officials said today October cargo volume was down 19 percent this year compared with October 2018 due to tariffs imposed in the U.S.-China trade war. The Port of Los Angeles along with neighboring Port of Long Beach are the United States' main gateways for trade with Asia. Mario Tama/Getty Images/AFP

U.S. Treasury to borrow record $2.999 trillion in Q2 2020

May 05, 2020 - 8:00 AM

The United States Treasury says the spike in borrowing is 'primarily driven by the impact of the COVID-19 outbreak'

U.S. TREASURY. The Treasury Department in Washington, DC. Photo from Shutterstock

U.S. Fed expanding Main Street loan program to aid more firms

May 01, 2020 - 7:15 AM

The United States Federal Reserve seeks to help companies too big for the Paycheck Protection Program but too small to have routine access to capital markets to generate financing

(FILES) In this file photo taken on April 2, 2020, the Federal Reserve and US flags wave above the Federal Reserve building in Washington, DC. - The US Federal Reserve said on April 30, 2020, it is expanding its business loan program to reach more firms as companies struggle to weather the impact of the coronavirus shutdowns. The Main Street Lending Program, which the Fed announced but has not yet launched, was designed to reach small and medium-sized businesses that are too big to benefit from the Paycheck Protection Program run by the Treasury Department. (Photo by Olivier DOULIERY / AFP)

Record number of U.S. workers receiving jobless benefits

May 01, 2020 - 2:00 AM

Another 3.84 million United States workers file first-time claims for jobless benefits, bringing the total to 30 million in 6 weeks

(FILES) In this file photo illustration taken on April 16, 2020, a person files an application for unemployment benefits, in Arlington, Virginia. - Another 3.84 million US workers filed for unemployment benefits last week and the total has now passed 30 million in six weeks, according to the Labor Department data released on April 30, 2020. (Photo by Olivier DOULIERY / AFP)

Decade of U.S. growth ends as Fed warns of more virus hardship ahead

Apr 29, 2020 - 9:10 PM

(3rd UPDATE) The United States suffers its biggest decline in gross domestic product in 12 years due to the coronavirus

NEW YORK, NY - APRIL 26: Manhattan streets stand nearly empty in the popular Manhattan shopping district of SoHo on April 26, 2020 in New York City. New York City, which has been the hardest hit city in America from COVID-19, is starting to see a slowdown in hospital visits and a lowering of the daily death rate from the virus. Spencer Platt/Getty Images/AFP

Trump signs huge new economic relief spending package

Apr 25, 2020 - 9:05 AM

The latest package signed by United States President Donald Trump will pump another $483 billion of government funds into the world's biggest economy

US President Donald Trump signs the Paycheck Protection Program and Health Care Enhancement Act in the Oval Office of the White House in Washington, DC, on April 24, 2020. - The $483 billion stimulus act will back small businesses on the brink of bankruptcy, and allocate more money for health-care providers and virus testing. (Photo by Olivier DOULIERY / AFP)

U.S. job losses soar past 26 million as states move to reopen

Apr 23, 2020 - 11:55 PM

Some 4.4 million Americans file new claims for jobless benefits in the week that ended April 18, underscoring the damage done by the coronavirus crisis

Streets in the financial district appear almost empty due to the coronavirus disease (COVID-19) which has caused many companies to have their employees work from home in Boston, Massachusetts on March 12, 2020. - Massachusetts Governor Charlie Baker told reporters that his administration was monitoring a "small number of cases of community transmission of unknown origin" as of today, Massachusetts had reported 108 cases of COVID-19. (Photo by Joseph Prezioso / AFP)

Pay the rent or eat? Suddenly jobless Americans face dilemma

Apr 18, 2020 - 10:55 PM

As millions of Americans lose their jobs due to the coronavirus pandemic, some say they have no choice but to mount rent strikes

A person walks through an apartment housing unit walkway on April 15, 2020 in New York City. - New York has developed its own antibody test that could help detect those immune to coronavirus as the state looks to gradually end its shutdown, Governor Andrew Cuomo said Wednesday. (Photo by Angela Weiss / AFP)

Trump announces $19-billion relief for U.S. farmers

Apr 18, 2020 - 8:00 AM

The United States will make direct payments to farmers, ranchers, and producers affected by the coronavirus pandemic

U.S. AGRICULTURE. A farmer walks through his soy fields in Harvard, Illinois, July 6, 2018. File photo by Nova Safo/AFP