Economists warn virus resurgence and relief gaps threaten recovery
A NABE survey of 52 forecasters finds 55 percent view a second coronavirus wave as the top risk while 20 percent cite lack of further US aid. They project GDP to fall 4.3 percent in 2020 with a 3.6 percent rise in 2021, and job losses may be only partially reversed.
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Wall Street jumps on stimulus hopes rally fuels gains
The S&P 500 rose 1.8 percent to 3408.63 and the Dow gained 465.83, as investors priced in possible U.S. economic aid after Trump tested positive for COVID-19. Nasdaq climbed 257.47 and Russell 2000 rose 42.67 with energy and tech led gains. Biden victory prospects and talks of a larger relief package buoyed optimism.
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Southwest Airways to cut pay and threaten furloughs
Southwest Airlines plans 10 percent pay cuts for non union workers starting January and seeks similar concessions from unions to avert widespread layoffs through 2021 as air travel remains down about 70 percent. CEO Gary Kelly says federal support is crucial to avoid quarterly losses, with many staff on long leaves or retirement buyouts already.
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