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Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

Retail sales dropU.S. retail sales endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.

The deepening economic slump was underscored by other data on Friday that showed production at industries collapsed last month at its deepest pace in 101 years. The reports, combined with a historic 20.5 million job losses in April, buttressed Federal Reserve Chair Jerome Powell’s warning on Wednesday of an “extended period” of weak growth and stagnant incomes.


Another 3 million Americans file jobless claims as layoffs continue to ravage economy

Unemployment claims reach 3,000,000 once again

The nation’s weekly procession of COVID-19-related layoffs seems relentless.

About three million Americans filed initial unemployment benefit claims last week, the Labor Department said Thursday, spotlighting another wave of job cuts and adding to the unprecedented economic damage wrought by the pandemic.

In the past week, companies such as Uber, General Electric and Airbnb have laid off thousands of workers.

More than 36 million workers now have sought jobless benefits in eight weeks.

Economists surveyed by Bloomberg had forecast that 2.5 million unemployment claims were filed last week. Jobless claims represent the nation’s most reliable gauge of layoffs.


US weekly jobless claims hit 3.2 million, bringing the 7-week total to more than 33 million

US weekly jobless claims are 3.2 million

The number of Americans who have filed for unemployment insurance amid the coronavirus outbreak continued to grow last week.

US jobless claims totaled 3.2 million last week, the Labor Department said Thursday. The median economist estimate was for 3 million claims for the seven days that ended Saturday. The figure raises the seven-week total to more than 33 million.

Still, it's the fifth straight week in which new unemployment-insurance claims have fallen, suggesting that the worst of the shock to the labor market has passed. But claims remain elevated at a level that dwarfs that of the largest week of US job losses — 665,000 — during the Great Recession.


U.S. jobless claims reach 26 million since coronavirus hit, wiping out all gains since 2008 recession

26 million out of work in US

Another 4.4 million Americans filed for initial jobless claims last week, revealing that at least 26 million people have requested unemployment benefits since the outbreak of the coronavirus pandemic.

In just one month, all job gains since the Great Recession have disappeared, according to new data released Thursday by the Department of Labor. The economy had created around 22 million jobs since 2010, during a historic decade of economic expansion that came to an abrupt end in February.

“It is very easy with these numbers to get to 20 percent unemployment,” said David G. Blanchflower, a professor of economics at Dartmouth College.



Neiman Marcus to File for Bankruptcy: Report

Neiman Marcus to file for bankruptcyNeiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.

The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.

Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.


Five million more Americans file jobless claims as Covid-19 downturn deepens

Unemployment numbers up another 5 million in USAnother wave of grim economic news has shown that America’s economy is sinking into its worst recession in decades.

Another five million US citizens filed jobless claims last week, taking the total laid off since the Covid-19 lockdown began last month to over 22 million.

Economists believe America’s unemployment rate could have already risen to 15%, with further layoffs likely in the coming weeks.


Jobs Carnage Mounts: 17 Million File For Unemployment In 3 Weeks

17 million unemployed so far, may reach 50 million

The number of people seeking unemployment benefits shot up again last week, as 6.6 million more people filed initial claims, the Labor Department said Thursday. About 16.8 million have filed in the past three weeks, and analysts expect the numbers to keep rising.

In the prior week, ending March 28, a revised 6.9 million people filed first-time claims.

Jobless claims have skyrocketed in recent weeks, as countless restaurants, hotels, factories and offices have been forced to shut down to combat the spread of the coronavirus.


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