Today is Thursday, May 14 and we see that the market has rebounded some after the steep losses yesterday, weekly job claims total 2.981 million and nearly 40% of the poorest households have been hit with a job loss during the pandemic. We are also reading that the White House aims to ramp up production of critical supplies ahead of a coronavirus resurgence and what negative interest rates would mean for your wallet.
Stocks fell on Thursday after another dismal round of U.S. unemployment data, but gains in bank shares helped Wall Street keep the session’s losses in check.
New filings for unemployment claims totaled just shy of 3 million for the most recent reporting period, a number that while still high declined for the sixth straight week, according to Labor Department figures Thursday.
Lower-income earners took an especially hard hit during the first wave of layoffs related to the coronavirus pandemic, according to a Federal Reserve report Thursday.
he White House aims to ramp up the production of critical supplies and revaluate supply chains to replenish the nation’s strategic stockpile as Americans brace for a resurgence of the deadly virus in the fall, according to a senior administration official.
It’s hard to imagine being paid to borrow money or penalized for saving. But the economic shock from Covid-19 may call for drastic measures.