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July 13, 2020
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Economic News (3rd Party)

Reuters - Business

Unemployment payments backlog draws hundreds to Kentucky’s capital

Reuters
People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston FRANKFORT, Ky. (Reuters) – Hundreds of people who lost jobs during the coronavirus crisis but have been unable to get their unemployment insurance checks converged......
Reuters - Business

IMF says deeper-than-expected contraction in U.S. economy likely in second quarter

Reuters
WASHINGTON (Reuters) – A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday. FILE PHOTO: The One World Trade Center and the......
Reuters - Business

U.S. weekly jobless claims remain high as second wave of layoffs hits industries

Reuters
Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston WASHINGTON (Reuters) – A second wave of layoffs amid weak demand and fractured supply chains is keeping......
Reuters - Business

Stocks drift as second wave virus fears mount

Reuters
LONDON/TOKYO (Reuters) – Global stocks drifted on Thursday as spiking coronavirus cases in some U.S. states and China crushed hopes of a quick global economic comeback from the pandemic. FILE PHOTO: A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district,......
Reuters - Business

Americans face new coronavirus challenge: a shortage of coins

Reuters
FILE PHOTO: A stack of one cent U.S. coins depicting Abraham Lincoln is shown in this photo Illustration in Encinitas, California March 26, 2015. REUTERS/Mike Blake SAN FRANCISCO (Reuters) – Banks across the United States are facing a shortage of coins during coronavirus crisis, prompting the U.S. Federal Reserve to......
Reuters - Business

U.S. homebuilding rises moderately; jump in permits hints at green shoots

Reuters
WASHINGTON (Reuters) – U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy. FILE PHOTO: A new apartment building housing construction site is seen in......
Reuters - Business

U.S. housing starts miss expectations; permits rebound strongly

Reuters
WASHINGTON (Reuters) – U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy. FILE PHOTO: A new apartment building housing construction site is seen in......
Reuters - Business

May flowers: Where the U.S. retail blooms are and are not

Reuters
(Reuters) – No denying May’s $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot “V” vs “U” debate about what kind of recovery to expect from the COVID-19 recession. FILE PHOTO: A shopkeeper hangs beads in his retail store as......
Reuters - Business

Dollar treads water on Fed views, geopolitics

Reuters
LONDON (Reuters) – The dollar was little changed on Wednesday after U.S. retail sales rose more than expected in May, although caution kept investors from aggressively buying riskier currencies like the Australian dollar. FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis......
Reuters - Business

Dollar firm after U.S. retail sales jump, risk currencies softer

Reuters
TOKYO (Reuters) – The dollar held firm against many of its rivals on Wednesday after U.S. retail sales jumped far more than expected in May, FILE PHOTO: Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado......
Reuters - Business

Asian business sentiment plunges to record low on virus effect: Thomson Reuters/INSEAD survey

Reuters
SINGAPORE (Reuters) – Business sentiment of Asian companies sank to an 11-year low in the second quarter, a Thomson Reuters/INSEAD survey found, with some two-thirds of the firms polled flagging a worsening COVID-19 pandemic as the biggest risk over the next six months. FILE PHOTO: A worker wearing a protective......
Reuters - Business

Dollar firm after retail sales jump fans recovery hopes

Reuters
TOKYO (Reuters) – The dollar held firm against many of its rivals on Wednesday after U.S. retail sales jumped far more than expected in May, while risk-sensitive currencies were hobbled by concerns about the coronavirus and diplomatic tensions in Asia. FILE PHOTO: U.S. Dollar banknotes are seen in this photo......
Reuters - Business

Trump team prepares $1 trillion infrastructure plan to spur economy

Reuters
(Reuters) – The Trump administration is preparing an up to $1 trillion infrastructure package focused on transportation projects as part of its push to spur the world’s largest economy back to life, a source familiar with the situation said on Tuesday....
Reuters - Business

Why some black-owned U.S. businesses are hardest hit by coronavirus shutdowns

Reuters
WASHINGTON/NEW YORK (Reuters) – After 15 years working as a hair stylist in other people’s salons, Gary Connell opened his “Healthy Hair” studio in Montgomery County, Maryland in early March, sinking his savings into a two-chair shop in a busy mall. It hadn’t even been up and running for a......
Reuters - Business

U.S. bank profits plunge 70% on coronavirus loss provisioning

Reuters
FILE PHOTO: Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation, testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “Oversight of Financial Regulators” on Capitol Hill in Washington, U.S., December 5, 2019. REUTERS/Erin Scott WASHINGTON (Reuters) – U.S. bank profits fell by 69.6% to $18.5 billion......
Reuters - Business

Instant View: Powell: No U.S. growth recovery until epidemic controlled

Reuters
(Reuters) – A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before U.S. lawmakers. FILE PHOTO: Federal......
Reuters - Business

U.S. business inventories drop more than expected

Reuters
WASHINGTON (Reuters) – U.S. business inventories fell more than expected in April as the COVID-19 crisis depressed imports, suggesting inventory investment could again be a drag on economic output in the second quarter. FILE PHOTO: A cyclist rides through the nearly empty financial district amid the coronavirus disease (COVID-19) outbreak,......
Reuters - Business

U.S. retail sales post record resurgence in May

Reuters
(Reuters) – U.S. retail sales experienced a record rise in May as 2.5 million Americans went back to work and people began moving about more freely, although the rebound retraces only a fraction of the historic drops in March and April amid the coronavirus lockdowns. FILE PHOTO: A shopkeeper works......
Reuters - Business

Did elite David Boies law firm get a pandemic bailout? It’s a secret

Reuters
(Reuters) – When the U.S. government announced a multibillion-dollar bailout of struggling small businesses amid the coronavirus pandemic, one of the top U.S. law firms sensed an opportunity. FILE PHOTO: Lawyer David Boies speaks to reporters outside the courthouse after a bail hearing in U.S. financier Jeffrey Epstein’s sex trafficking......
Reuters - Business

Stimulus splurge restarts stocks rally

Reuters
LONDON (Reuters) – The global stocks rally was back on track on Tuesday, with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets. FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group......

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