Category: ECONOMY

  • Coronavirus mortgage bailouts suddenly swell as homeowners struggle

    Coronavirus mortgage bailouts suddenly swell as homeowners struggle

    [ad_1] A woman walks past the U.S. Capitol building in Washington, June 25, 2020. Al Drego | Reuters After declining for three weeks, the number of borrowers delaying their monthly mortgage payments due to the coronavirus rose sharply once again. The number of active forbearance plans rose by 79,000 in the past week, erasing roughly […]

  • US GDP Q1 2020 final reading

    US GDP Q1 2020 final reading

    [ad_1] A Dana assembly technician wears a face mask as he assembles axles for automakers, as the auto industry begins reopening amid the coronavirus disease (COVID-19) outbreak, at the Dana plant in Toledo, Ohio, May 18, 2020. Rebecca Cook | Reuters The U.S. economy shrank at a 5.0% rate in the first quarter with a […]

  • U.S. weekly jobless claims total 1.48 million, vs 1.35 million estimate

    U.S. weekly jobless claims total 1.48 million, vs 1.35 million estimate

    [ad_1] Jobless claims totaled 1.48 million last week as unemployment related to the coronavirus pandemic remained stubbornly high, though those receiving benefits fell below 20 million for the first time in two months. Economists surveyed by Dow Jones had been expecting 1.35 million claims. While the weekly numbers remained high and were worse than Wall […]

  • Homebuilders see strongest May sales in over a decade, but they have a big problem

    Homebuilders see strongest May sales in over a decade, but they have a big problem

    [ad_1] Sales of newly built homes jumped far more than expected, up nearly 13% annually, according to the U.S. Census. After slowing dramatically in March, as the coronavirus shut down the economy, they posted the strongest May pace since 2007, a recovery that surprised even the builders themselves. But housing starts were not nearly as […]

  • Fed’s Rosengren reports ‘tremendous interest’ from businesses for loan program

    Fed’s Rosengren reports ‘tremendous interest’ from businesses for loan program

    [ad_1] The Federal Reserve is seeing high demand for its business loan initiative put in place to help smaller companies get through the coronavirus-induced recession, Boston Fed President Eric Rosengren said Friday. As the Main Street lending facility wraps up its first full week of operation, Rosengren reported brisk interest on the borrowing side amid […]

  • Some thrive as others suffer

    Some thrive as others suffer

    [ad_1] Federal Reserve Chair Jerome H. Powell during a speech on March 3, 2020 in Washington, DC. Mark Makela/Getty Images The recession caused by the coronavirus pandemic is playing out across stark — and widening — fault lines in America. Lower earners, those with less schooling, women and minority groups have borne the brunt of the […]

  • Another 1 million jobless claims show Congress may need to extend extra benefits set to expire

    Another 1 million jobless claims show Congress may need to extend extra benefits set to expire

    [ad_1] The US Capitol on March 27, 2020, in Washington, DC. Olivier Douliery | Getty Images The Labor Department’s latest jobless claims report showed that employers across the U.S. are still laying off workers and added urgency to calls for an extension to bolstered unemployment benefits, economists said. The fact that another 1.5 million U.S. […]

  • U.S. weekly jobless claims total 1.5M, vs 1.3 M estimate

    U.S. weekly jobless claims total 1.5M, vs 1.3 M estimate

    [ad_1] Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer at the U.S. economy. First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. That was 58,000 lower than the previous week’s 1.566 million, […]

  • Powell says the Fed doesn’t want to ‘run through the bond market like an elephant’

    Powell says the Fed doesn’t want to ‘run through the bond market like an elephant’

    [ad_1] Federal Reserve Chairman Jerome Powell said the central bank’s announced move this week to buy corporate bonds fulfills a pledge it had made earlier but is not an effort to take over the market. “It’s out of an excess of caution to preserve these gains for market function by following through,” Powell said Tuesday […]

  • Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk

    Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk

    [ad_1] Federal Reserve Board Chairman Jerome Powell testifies during a hearing on “The Semiannual Monetary Policy Report to the Congress,” in front of the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on February 12, 2020 in Washington, DC. Sarah Silbiger | Getty Images Federal Reserve Chairman Jerome Powell warned […]