The U.S. economy likely created jobs at a record clip in June as more restaurants and bars resumed operations, which would offer further evidence ...
WASHINGTON: The U.S. economy likely created jobs at a record clip in June as more restaurants and bars resumed operations, which would offer further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery.
Federal Reserve Chair Jerome Powell this week acknowledged the rebound in activity, saying the economy had"entered an important new phase and done so sooner than expected." But he cautioned the outlook"is extraordinarily uncertain" and would depend on"our success in containing the virus." Employment is increasing largely as companies rehire workers laid off when non-essential businesses like restaurants, bars, gyms and dental offices among others were closed to slow the spread of COVID-19.
A separate report from the Labor Department on Thursday is expected to show initial claims for state unemployment benefits likely totaled a seasonally adjusted 1.355 million for the week ended June 27 down from 1.48 million in the prior week, according to another Reuters survey of economists. For a more accurate picture of the labor market, economists recommend focusing on continuing claims and data on the total number of unemployment checks recipients. About 30.6 million people were collecting unemployment checks in the first week of June.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US coronavirus cases double in 14 states during June(REUTERS) - Coronavirus cases more than doubled in 14 US states in the month of June, including California, Florida and Texas, a Reuters analysis on Tuesday (June 30) showed.. Read more at straitstimes.com.
Read more »
US employers announced more job cuts in June-reportU.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into ...
Read more »
US consumer confidence rebounds in June amid rising COVID-19 casesWASHINGTON, DC: US consumer confidence grew more than expected in June, strengthening views that the economic downturn was likely over, though ...
Read more »
COVID-19 cases double in at least 10 US states in JuneWASHINGTON: COVID-19 cases more than doubled in at least 10 US states, including Florida and Texas in the month of June, a Reuters analysis on ...
Read more »
US: Nasdaq gains 1.0% to end at record as tech giants surge[NEW YORK] Led by Amazon, Netflix and other tech giants, the Nasdaq surged to a fresh record close Wednesday, while the Dow retreated as the US contends with a resurgent coronavirus crisis. Read more at The Business Times.
Read more »
Jeff Bezos's wealth soars to US$171.6 billion to top pre-divorce recordNEW YORK (BLOOMBERG) - Jeff Bezos's net worth has smashed through its previous peak, even after he relinquished a quarter of his stake in Amazon.com as part of a divorce settlement last year.. Read more at straitstimes.com.
Read more »