New York: Thursday, April 09, 2020
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New York: Thursday, April 09, 2020
© 2020 US WEATHER.COM
ZERO CENTS
ZERO CENTS
Online Readers: 46
(5 is just watching the pictures)
Jobless claims spike to 3.28 million as coronavirus impact spreads

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Jobless claims spike to 3.28 million as coronavirus impact spreads

Jobless claims soared to 3.28 million up to now week, the Labor Department mentioned Thursday, as the coronavirus outbreak affected huge parts of the financial system.

Most economists had forecast about 1.5 million individuals submitting for unemployment advantages.

The true variety of out-of-work Americans is probably going a lot greater; self-employed individuals and gig employees don’t file for unemployment advantages.

The Senate late Wednesday evening permitted a $2.2 trillion financial rescue package deal that features $250 billion in expanded unemployment advantages and elevated eligibility. It would cowl the self-employed and gig employees.

It additionally has $350 billion for small companies to retain their workforce. The House is predicted to vote on the package deal on Friday; President Trump has mentioned he’ll signal it instantly.



Federal Reserve Chairman Jerome Powell mentioned Thursday the financial system could be in a recession already.

“We know that economic activity will decline probably substantially in the second quarter,” Mr. Powell mentioned on NBC’s “Today” present. “I would expect economic activity to resume and move back up in the second half of the year.”

He mentioned there’s “nothing fundamentally wrong” with the U.S. financial system.

“The economy performed very well right through February,” he mentioned. “This is a situation where people are being asked to step back from economic activity, close their businesses, stay home from work. The sooner we get through this period and get the virus under control, the sooner the recovery can come.”

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