Record Unemployment Claims Atop 3.3 Million Amid Shutdown
By Christopher Rugaber AP. Nearly 3.3 million Americans filed for unemployment benefits last week as widespread shutdowns from the coronavirus hit the economy. Economists warn the jobless rate could approach 13 percent by May, with layoffs accelerating and activity collapsing across restaurants hotels theaters gyms and airlines. The Labor Department reports 3.283 million claims last week, up from 282 thousand prior, as state systems struggle to handle the surge.
MENTIONED IN THIS ARTICLE
Washington
U.S
Nancy Vanden Houten
Oxford Economics
Labor Department
Department of Labor
New York
United States
John Minchillo
Businesses cautiously view restart of economy amid rising cases
President Trump aims to open all by mid April while experts warn a swift restart is unlikely. Economies rely on confidence, but infections continue rising in the United States and abroad. Officials say reopening must be gradual with more data, amid market swings and unemployment fears. Europe and China face similar timing debates as governments weigh essential sectors and health risk.
MENTIONED IN THIS ARTICLE
Providence
R.I
Donald Trump
United States
Trump
Paul Boutros
East Side Pockets
Brown University
U.S. Chamber of Commerce
National Federation of Independent Business
Goldman Sachs
Lloyd Blankfein
Taggart Barron
Bentonville
Arkansas
Barron
New York
Andrew Cuomo
Cuomo
Europe
Italy
Emmanuel Macron
China
Economy posts 2.1 percent fourth quarter growth
The Commerce Department reports a 2.1 percent advance in Q4 GDP with consumer spending up yet government and business investment cooler. Economists expect a sharp contraction in early 2020 as the coronavirus curbs activity. Fed actions and a $2 trillion stimulus shape the downturn and possible rebound.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Gregory Dace
Oxford Economics
Federal Reserve
Jerome Powell
Ford presses to reopen five North American plants
Ford aims to restart five North American assembly plants in April after temporary shutdowns over coronavirus. The plan includes Hermosillo Mexico and Dearborn and Louisville plants with UAW review and safety measures to be announced. Michigan Ohio and Kentucky parts plants to feed the factories. Projections accompany rising Michigan infections and hospital strain as Trump eyes phased reopening. Directions: plan subject to health and supplier readiness.
MENTIONED IN THIS ARTICLE
Detroit
Ford
United Auto Workers Union
Brian Rothenberg
UAW
Hermosillo
Mexico
Dearborn
Michigan
Kentucky
Louisville
Ohio Assembly
Cleveland
Kansas City
Missouri
U.S
Ohio
Detroit-area
Beaumont Health
Henry Ford Health System
Donald Trump
United States
Also Mentioned on This Page
By Christopher Rugaber
The
Associated Press
James Mark
Big King
Jennifer Wittlin
Mark
David Goldman
NBC
Fed
Treasury
Steven Mnuchin
CNBC
Senate
Wells Fargo
Sung Won Sohn
Loyola Marymount University
Los Angeles
Congress
Sohn
Pittsburgh
Gene J. Puskar
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