Page 60 - Us Economy
1.4 mn sought US jobless aid last week underlining Covid-19 devastation
The Labor Department's report Thursday marked the 19th straight week that more than 1 million people have applied for unemployment benefits
 "1.4 mn sought US jobless aid last week underlining Covid-19 devastation")
US economy likely suffered historic plunge in Q2; outlook grim due to virus
Federal Reserve Chair Jerome Powell on Wednesday acknowledged the slowdown in activity
 "US economy likely suffered historic plunge in Q2; outlook grim due to virus")
Wall Street adds to gains after Fed pledges more support to US economy
At the end of its two-day policy meeting the Fed said it maintained its interest rate target range until it is confident the economy has weathered the virus
 "Wall Street adds to gains after Fed pledges more support to US economy")
Fed pledges to keep rates near zero, says recovery will depend on Covid-19
The Federal Reserve also said it is open to use its 'full range of tools' to recover from the fallout from the coronavirus outbreak
 "Fed pledges to keep rates near zero, says recovery will depend on Covid-19")
Oil gains on sharp US crude inventory drop; Covid-19 keeps surge in check
Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22.
 "Oil gains on sharp US crude inventory drop; Covid-19 keeps surge in check")
US expected to report record-breaking economic plunge due to Covid-19
On Thursday, the government will issue its first of three estimates of economic activity, as measured by the gross domestic product, for the April-June quarter.
 "US expected to report record-breaking economic plunge due to Covid-19")
Biden attacks Trump, vows to combat racial inequality with economic plan
Democrat says Trump is exacerbating social discord across the country by sending federal authorities into major cities under the pretense of addressing crime
 "Biden attacks Trump, vows to combat racial inequality with economic plan")
Federal Reserve wrestles with next moves as coronavirus stalls US economy
No major changes are likely when the Fed releases a statement Wednesday after its two-day policy meeting ends and just before Chair Jerome Powell holds a news conference.
 "Federal Reserve wrestles with next moves as coronavirus stalls US economy")
US Fed dials back recovery hopes, extends lending offers through year-end
The extensions apply to those facilities that were due to expire on or around September 30, the Fed said in a statement
US Republicans unveil coronavirus aid plan, face opposition on both sides
Senate Majority Leader Mitch McConnell calls the proposal a 'tailored and targeted' plan focused on getting children back to school and employees back to work
 "US Republicans unveil coronavirus aid plan, face opposition on both sides")
White House pushes for narrow coronavirus aid; Pelosi blasts GOP delay
Republicans argue that unemployment assistance has made many people better off financially than they were before the pandemic and were disinclined to return to their jobs therefore
 "White House pushes for narrow coronavirus aid; Pelosi blasts GOP delay")
Donald Trump may nominate his top aide Christopher Liddell to head OECD
The New Zealand-born former businessman handles policy coordination at the White House
 "Donald Trump may nominate his top aide Christopher Liddell to head OECD")
US weekly jobless claims unexpectedly rise as labour market takes step back
Initial claims for state unemployment benefits increased 109,000 to a seasonally adjusted 1.416 million for the week ended July 18.
 "US weekly jobless claims unexpectedly rise as labour market takes step back")
Walmart to spend another $428 mn on employee bonuses amid Covid-19 crisis
The United States' largest employer said the new spending brings the total expenditure on employee bonuses to $1.1 billion this year.
 "Walmart to spend another $428 mn on employee bonuses amid Covid-19 crisis")
Wall Street opens higher on upbeat corporate earnings, stimulus hopes
The Dow Jones Industrial Average rose 152.27 points, or 0.57%, at the open to 26,833.14, and the S&P 500 opened higher by 16.68 points, or 0.51%, at 3,268.52.
S&P 500 gains on promising Covid-19 vaccine data, more stimulus hopes
US drugmaker Pfizer and German biotech firm BioNTech reported additional data from their experimental Covid-19 vaccine that showed it was safe and induced an immune response in patients
 "S&P 500 gains on promising Covid-19 vaccine data, more stimulus hopes")
This is how you can get free Netflix subscription for 83 years in US
Netflix is giving a free subscription for 83 years, or 1,000 months, calling it an 'immortal' account. All you have to do is play a video game and get the highest score
 "This is how you can get free Netflix subscription for 83 years in US")
US GDP in Q2 to contract by annualised rate of 37% due to Covid-19: IMF
The longest economic expansion in US history has been derailed by the unanticipated advent of the Covid-19 pandemic
 "US GDP in Q2 to contract by annualised rate of 37% due to Covid-19: IMF")
US economy to shrink by 6.6% in 2020, faces significant risks: IMF staff
The coronavirus has infected more than 3.5 million Americans and killed nearly 140,000, both figures leading the world
 "US economy to shrink by 6.6% in 2020, faces significant risks: IMF staff")
Wall Street slips on fears of economic pain due to rising Covid-19 cases
Netflix's shares fell 7.2% after it forecast slower-than-expected subscriber growth during the third quarter and weighed the most on the S&P 500 and the Nasdaq.
 "Wall Street slips on fears of economic pain due to rising Covid-19 cases")