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April 10, 2020

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Breaking News: Economy

CNBC Business

Fed Chair Powell says the economic recovery can be ‘robust’ after coronavirus

CNBC
by CNBC02
CNBC – For more and to sign up click here Federal Reserve Chairman Jerome Powell said Thursday that the economic rebound following the coronavirus-induced shutdown “can be robust” despite the sharp downturn. In the meantime, he said the central bank is committed to doing whatever it can to support the......
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CNBC Business

US weekly jobless claims report totals 6.6 million

CNBC
by CNBC03
CNBC – For more and to sign up click here Jobless rolls continued to swell due to the coronavirus shutdown, with 6.6 million Americans filing first-time unemployment claims in the week ended April 4, the Labor Department reported Thursday. That brings the total over the past three weeks to more......
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CNBC - Real Estate

Weekly mortgage applications sink as coronavirus sets back homebuyers

CNBC Real Estate
by CNBC Real Estate02
An “Open House” sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg via Getty Images Consumers are fast losing confidence in this spring housing market, given the economic upheaval from the coronavirus. Higher mortgage rates aren’t helping either. Both combined......
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CNBC Business

Mortgage forbearance requests jump nearly 2,000%

CNBC
by CNBC05
CNBC – For more and to sign up click here A sign advertising home mortgage services at a Bank of America branch in Manhattan Beach, Calif. Patrick T. Fallon | Bloomberg | Getty Images Mortgage payments for the month of April are not even officially late until the 15th, but......
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CNBC Business

UK Prime Minister Boris Johnson in intensive care

CNBC
by CNBC010
CNBC – For more and to sign up click here U.K. Prime Minister Boris Johnson was moved to intensive care as his coronavirus symptoms worsened over the course of hours Monday, according to a statement from the government. Foreign Secretary Dominic Raab will temporarily take over the prime minister’s duties......
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CNBC Business

Household survey shows nearly 3 million out of work

CNBC
by CNBC013
CNBC – For more and to sign up click here The government’s survey of establishments painted a grim picture of the U.S. employment situation through early March, but its poll of households was far worse. The household survey, which asks individual residents how many people are working there, showed a......
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CNBC Business

US services sector growth slows down in March, ISM says

CNBC
by CNBC07
CNBC – For more and to sign up click here Silver Diner regional manager Omar Martinez, chef Ricardo Alvarez and operating partner Mandeep Shrestha carry out the last of that day’s 400 free meals to be given away during the coronavirus pandemic April 02, 2020 in Gaithersburg, Maryland. Chip Somodevilla......
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CNBC Business

Payrolls drop by 701,000, unemployment rate rises to 4.4%

CNBC
by CNBC021
CNBC – For more and to sign up click here Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers released Friday that only begin to show the economic damage wrought by the coronavirus crisis. It was the first decline in payrolls since September 2010 and came close......
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CNBC Business

Fed’s Kaplan sees the jobless rate in midteens then falling to 8% this year

CNBC
by CNBC05
CNBC – For more and to sign up click here U.S. unemployment will peak in the “low- to midteens” before falling to about 8% by the end of 2020, Dallas Fed President Robert Kaplan said Thursday. From there, the recovery likely will be more U-shaped as consumers struggle to recover......
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CNBC Business

US weekly jobless claims double to 6.6 million

CNBC
by CNBC06
CNBC – For more and to sign up click here The torrent of Americans filing for unemployment insurance skyrocketed last week as more than 6.6 million new claims were filed, the Labor Department reported Thursday. That brings to 10 million the total Americans who filed over the past two weeks.......
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CNBC Business

Companies cut 27,000 jobs before the worst of the coronavirus

CNBC
by CNBC07
CNBC – For more and to sign up click here Companies reduced payrolls by 27,000 in early March before the worst of the coronavirus-induced economic freeze, according to a report Wednesday from ADP and Moody’s Analytics. Actual losses for the month were far worse as indicated by the millions of......
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CNBC - Real Estate

Mortgage applications to buy a home plummet 24% annually

CNBC Real Estate
by CNBC Real Estate05
A ‘For Sale’ sign stands outside a home in Peoria, Illinois. Daniel Acker | Bloomberg | Getty Images The coronavirus appears to be splitting the mortgage market: More borrowers are refinancing to save money on monthly payments, while potential homebuyers are backing away fast.  Driven entirely by refinancing, total mortgage......
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CNBC Business

Trump orders General Motors to make ventilators under Defense Production Act

CNBC
by CNBC06
CNBC – For more and to sign up click here President Donald Trump has ordered General Motors to make ventilators under the Defense Production Act hours after criticizing the company for not acting quickly enough to produce the devices amid the coronavirus pandemic.  The Korean War-era statute can force certain American......
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CNBC Business

US consumer sentiment falls to lowest level in more than 3 years

CNBC
by CNBC08
CNBC – For more and to sign up click here Doug Hassebroek shops with a protective mask during the outbreak of coronavirus disease (COVID-19) in Brooklyn, New York, March 25, 2020. Caitlin Ochs | Reuters U.S. consumer sentiment fell to a three-year low as the coronavirus outbreak ramps up, according......
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CNBC Business

Coronavirus stimulus checks will come within three weeks, Mnuchin says

CNBC
by CNBC015
CNBC – For more and to sign up click here Treasury Secretary Steven Mnuchin said Thursday that people will start getting relief checks within three weeks, as the country reels from the coronavirus pandemic. Mnuchin spoke to CNBC the morning after the Senate passed a $2 trillion stimulus package intended......
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CNBC Business

Bernie Sanders, 4 GOP senators fight, threaten to delay

CNBC
by CNBC010
CNBC – For more and to sign up click here Chances for a planned Senate vote Wednesday on a historic $2 trillion relief package in response to the coronavirus pandemic appeared to dwindle as senators threatened to delay it over a key unemployment insurance proposal. Earlier in the day, four......
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CNBC Business

Ben Bernanke sees ‘very sharp’ recession, followed by ‘fairly quick’ rebound

CNBC
by CNBC012
CNBC – For more and to sign up click here Former Federal Reserve Chairman Ben Bernanke sounded an optimistic tone on the longer-term state of the economy, predicting in a CNBC interview that while the U.S. is in the midst of a sharp recession, it shouldn’t last. “It is possible......
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CNBC - Real Estate

Weekly mortgage applications tank 29% as coronavirus stops homebuyers

CNBC Real Estate
by CNBC Real Estate010
A woman looks at real estate listings outside a Berkshire Hathaway Home Services office in Montclair, N.J. Adam Jeffery | CNBC An increase in interest rates, combined with a massive shutdown of the economy caused homeowners and potential homebuyers to back away from the mortgage market. Total mortgage application volume......
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CNBC Business

Fed announces a slew of new programs to help markets, including open-ended asset purchases

CNBC
by CNBC015
CNBC – For more and to sign up click here The Federal Reserve said Monday it will launch a barrage of programs aimed at helping markets function more efficiently in the wake of the coronavirus crisis. Among the initiatives is a commitment to continue its asset purchasing program “in the......
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CNBC Business

US is in recession that will take ‘trillions’ to solve

CNBC
by CNBC09
CNBC – For more and to sign up click here The U.S. is in a recession that will see unemployment soar and cost trillions of dollars to solve, Gary Cohn, former White House economic advisor and Goldman Sachs executive, told CNBC. With markets in turmoil and companies announcing a stream......
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