Economics News Results

  • U.S. Trade Gap Narrowed in February as Coronavirus Spread

    WASHINGTON-- The U.S. trade deficit in goods narrowed sharply in February, as the spread of the novel coronavirus disrupted international trade flows. The foreign-trade gap in goods and services contracted 12.2% from the prior month to a seasonally adjusted $39.93 billion in February, the Commerce Department said Thursday. That was the smallest deficit since September 2016. Economists surveyed by The Wall Street Journal had expected a trade deficit of $40.0 billion.

  • U.S. Jobless Claims Rise to 6.6 Million in March 28 Week

    A record 6.6 million workers applied for unemployment benefits last week, marking a sharp downturn in the labor market caused by the new coronavirus. The large number of claims comes after 3.3 million sought benefits two weeks ago as the U.S. shut down parts of the economy in an effort to contain the virus. Jobless claims, a proxy for layoffs, provide temporary financial assistance for workers who lose their jobs.

  • Another 3.1 Million Americans Likely Sought Unemployment Benefits Last Week

    More Americans are expected to have filed for unemployment benefits in the past two weeks than in the prior six months, marking a drastic downshift in the U.S. labor market caused by the coronavirus pandemic. Economists surveyed by The Wall Street Journal expect about 3.1 million Americans filed for jobless benefits last week after a record 3.3 million sought benefits two weeks ago as the U.S. shut down parts of the economy in an effort to contain the virus. Jobless claims, a proxy...

  • India's Manufacturing PMI Remains Expansionary in March, IHS Markit Says

    India's manufacturing purchasing managers index stayed in expansionary territory in March, although the improvement in business conditions was the slowest in four months, IHS Markit said Thursday. The manufacturing PMI stood at 51.8 in March, above the 50.0 threshold that separates expansion from contraction, compared with 54.5 in February, the data showed. While a slowdown in production growth weighed on the latest reading, the expansion extended a run that started in...

  • Correction to New York Article

    "New York State Lawmakers Reach Tentative Budget Agreement-- Update," at 7:08 p.m. ET, incorrectly attributed to New York Gov. Andrew Cuomo a quote explaining how the state would make budget adjustments. Part of the statement was made by State Budget Director Robert Mujica.

  • Social Security Recipients Won't Need to File Tax Returns for Stimulus Payment -- Update

    WASHINGTON-- Social Security recipients won't need to file tax returns to receive the $1,200 one-time payments authorized in the new economic-relief law, the Treasury Department said late Wednesday in a reversal of its prior position. The move came after Democrats and Republicans in Congress pressed the administration to find a way to get the payments to seniors who already receive direct deposits or checks from the federal government every month and don't typically file...

  • Social Security Recipients Won't Need to File Tax Returns for Coronavirus Stimulus Payment

    WASHINGTON-- Social Security recipients won't need to file tax returns to receive the $1,200 one-time payments authorized in the new economic-relief law, the Treasury Department said late Wednesday in a reversal of its prior position. The move came after Democrats in Congress pressed the administration to find a way to get the payments to seniors who already receive direct deposits or checks from the federal government every month and don't typically file tax returns.

  • Transcript: WSJ Interview with Boston Fed President Eric Rosengren

    Boston Fed President Eric Rosengren spoke with Wall Street Journal reporter Nick Timiraos on Wednesday. He discussed the Federal Reserve's response to the coronavirus shock and how a robust public-health response will be urgently needed to restore economic activity. Here is a partial transcript of the interview, lightly edited for clarity and length.

  • South Korea Inflation Slows Marginally in March

    South Korea's consumer inflation slowed marginally in March with the coronavirus pandemic weighing on price growth. The benchmark consumer-price index gained 1.0% from a year earlier after the prior month's 1.1% rise, said the statistical office Thursday. The median forecast of seven economists polled by The Wall Street Journal was for a 0.9% increase in March.

  • New York State Lawmakers Reach Tentative Budget Agreement -- Update

    New York state lawmakers reached a tentative state budget agreement that reduces operating spending by roughly $10 billion, an adjustment caused by the economic toll of the state's novel coronavirus crisis. The agreement would allow aides to Gov. Andrew Cuomo to make further cuts over the course of the fiscal year if revenues don't materialize, the Democratic governor said Wednesday.

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