Economics News Results

  • States Await Federal Funding for Bigger Unemployment Payments for Workers

    WASHINGTON-- Several state officials say they haven't received promised federal funds to make larger unemployment payments to millions of Americans who lost their jobs during the coronavirus pandemic. States expect they will soon receive the federal money and more specific instructions on how to implement provisions to expand unemployment benefits included in a $2 trillion federal stimulus package signed into law last week. On Monday, Labor Secretary Eugene Scalia said...

  • Fed Unlikely to Order Big U.S. Banks to Suspend Dividends--Update

    U.S. banks will likely be allowed to keep paying dividends to shareholders, according to people familiar with the matter, even as the coronavirus pandemic threatens to create a mountain of bad loans that could eventually weaken the lenders. Some former U.S. regulators have said the Federal Reserve should order the largest banks to suspend payouts to preserve capital at a time of soaring unemployment and business disruption that may eclipse the 2008 financial crisis.

  • Consumer Sentiment Expected to Fall to 66.0 -- Data Week Ahead

    The following are forecasts for next week's U.S. data from a survey compiled by The Wall Street Journal. DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS Tuesday 1000 Job Openings Feb N/A 7.0 M& Labor Turnover 1500 Consumer Credit Feb N/A+ $12.02 B Thursday 0830 Jobless Claims Apr 4 4500 K 6648 K 0830 Producer Price Index Mar -0.3% -0.6%-- ex food& energy Mar +0.0% -0.3%-- ex food, energy, trade Mar +0.0% -0.1% 1000 Consumer Sentiment Apr 66.0 89.1 1000 Wholesale Inventories Feb -0.5% -0.4%...

  • U.S. Service-Sector Index Suffers Record Decline

    The U.S. services sector suffered a record fall in activity in March amid efforts to slow the spread of the coronavirus-- and analysts warned that subsequent months could show further declines. Private data firm IHS Markit said on Friday its U.S. services index-- a survey-based measure of activity in industries such as communications, finance and transportation-- saw its steepest one-month decline since the survey began a decade ago. The index fell to a seasonally adjusted 39.8 in...

  • U.S. Employers Cut 701,000 Jobs in March -- 2nd Update

    U.S. employers shed more jobs in March than in any month since the darkest days of the 2007-2009 recession-- the start of a much deeper labor-market collapse under way due to the coronavirus pandemic. Payrolls decreased by 701,000 jobs in March, the Labor Department said Friday. It was the largest monthly decline since March 2009, the worst month for job losses during the last recession.

  • Brazil Services PMI Shows Sharp Contraction in March Amid Coronavirus Measures

    SAO PAULO--Brazil's service sector suffered a sharp contraction in March as many businesses closed amid efforts to control the spread of the coronavirus in Latin America's biggest economy. The IHS Markit purchasing managers index for the month dropped to 34.5 last month, from 50.4 in February, the sharpest drop since the company started compiling the index 13 years ago. A PMI below 50 indicates contraction, while a reading above 50 shows an expansion.

  • U.S. Employers Cut 701,000 Jobs in March -- Update

    Employers shed 701,000 jobs in March, the start of a labor-market collapse that could push the U.S. unemployment rate to record highs. The unemployment rate for March rose to 4.4% from 3.5% in February. It was the largest one-month increase in the rate since January 1975. The data doesn't yet fully reflect the millions of unemployment-insurance claims individuals filed in the last two weeks of March due to the coronavirus pandemic.

  • Singapore Electronics PMI 44.1 in March, Down From 47.6 in Feb

    *Singapore March Electronics PMI at 44.1; Down From 47.6 in February. SINGAPORE--Singapore's manufacturing fell to an 11- year low in March as new orders, output and employment all contracted at a faster rate. The purchasing managers' index dropped 3.3 points to 45.4 in March, its lowest since February 2009, the Singapore Institute of Purchasing and Materials Management said Friday.

  • U.S. Labor March Nonfarm Payrolls Fell 701,000

    Employers shed 701,000 jobs in March, the start of a labor-market collapse that could push the U.S. unemployment rate to record highs. The unemployment rate for March rose to 4.4% from 3.5% in February. The data don't yet fully reflect the millions of unemployment-insurance claims individuals filed in the last two weeks of March due to the coronavirus pandemic.

  • Coronavirus Could Reduce Global Output by $4.1 Trillion -ADB

    The Asian Development Bank said Friday that output lost as a result of global measures taken to combat the coronavirus could total as much as $4.1 trillion this year, or just under 5% of global output. In a new forecasts, the ADB estimated the economic toll of containment measures at between $2 trillion and $4.1 trillion. On March 5, before containment measures were implemented in Europe and the U.S., the ADB had estimated that lost output would total between $77 billion and $347...

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