It is Thursday, April 30 and we are reading that the U.S. weekly job claims hit 3.84 million, the Fed pledges to keep rates near zero until full employment and inflation come back and stock futures fall as the jobless toll climbs to over 30 million. We also see that contactless payments jump 40% as shoppers fear germs on cash and credit cards and how to avoid a tax problem if you get a refund from your college for spring semester.
First-time filings for unemployment insurance hit 3.84 million last week as the wave of economic pain continues, though the worst appears to be in the past, according to Labor Department figures Thursday.
The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy stance until it is comfortable that the U.S. economy is back on its feet.
The Dow Jones Industrial Average and S&P 500 were headed for a lower open on Thursday as Wall Street wrapped up its best month in decades.
Shoppers are increasingly paying in ways that don’t involve touching cash, or handing over a credit card, because of fears of the coronavirus, according to Mastercard.
If you got a refund from college for room and board or other expenses, consider yourself lucky. But beware of the potential tax bite.