A Help Wanted sign is posted at a Designer Eyes store at Brickell City Centre, Friday, Nov. 6, 2020, in Miami. The number of people applying for unemployment aid jumped last week to 853,000, the most since September, evidence that some companies are cutting more jobs as new virus cases spiral higher. The Labor Department said Thursday, Dec. 10, that the number of applications increased from 716,000 the previous week. (AP Photo/Lynne Sladky)
By Paul Wiseman
The number of Americans applying for unemployment benefits rose again last week to 885,000 as a resurgence of coronavirus cases threatens the economy's recovery from its springtime collapse.
The Labor Department said Thursday that the number of applications increased from 862,000 the previous week. It showed that nine months after the viral pandemic paralyzed the economy, many employers are still slashing jobs as the pandemic forces more business restrictions and leads many consumers to stay home.
Before the coronavirus erupted in March, weekly jobless claims had typically numbered only about 225,000. The far-higher current pace of claims reflects an employment market under stress and diminished job security for many.
The total number of people who are receiving traditional state unemployment benefits fell to 5.5 million from 5.8 million. That figure is down sharply from its peak of nearly 23 million in May. It means that some jobless Americans are finding jobs and no longer receiving aid. But it also indicates that many of the unemployed have used up their state benefits, which typically expire after six months.
With layoffs still elevated and new confirmed viral cases in the United States now exceeding 200,000 a day on average, the economy’s modest recovery is increasingly in danger. States and cities are issuing mask mandates, limiting the size of gatherings, restricting restaurant dining, closing gyms or reducing the hours and capacity of bars, stores and other businesses.
On Wednesday, the Federal Reserve signaled that it expects the economy to rebound at a healthy pace next year as viral vaccines become widely distributed. But Chair Jerome Powell warned that the next three to six months will likely be painful for the unemployed and small businesses as pandemic cases spike. The Fed made clear that it’s prepared to keep interest rates ultra-low for the long run to help the economy withstand those threats.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
