Another 2.1 million Americans filed unemployment claims last week, according to the latest figures from the Labor Department. It’s the eighth week in a row that jobless claims have declined — a good sign — but since President Trump declared a national emergency on March 13, over 40 million Americans have filed for unemployment benefits. The weekly decline in claims is welcome news, especially as some states begin to slowly reopen. But economists fear a second round of layoffs, as jobs are cut across state and local governments. And on Wednesday, Boeing announced a plan to eliminate 12,000 jobs in addition to “several thousand remaining layoffs” in the next few months. Moving forward, all eyes will be on the monthly jobs report coming out next Friday. White House adviser Kevin Hassett is predicting May’s unemployment rate could be higher than 20%.
Over 40 Million Americans Are Unemployed As COVID-19 Layoffs Continue
The latest data shows a continued decline in weekly claims, but they remain above the 2 million mark.
Nearly half of parents financially support adult children, survey says
Current data suggests that young adults need a few years after turning 18 before becoming fully financially independent.
Inflation rate ticks up as Fed decides on interest rates
With average weekly earnings up 3.7%, rising incomes are helping Americans keep up with rising costs.
Facing a lawsuit, Biden backs plan to cap credit card late fees
Hours before President Biden's State of the Union address, the banking industry sued the government over a proposed late fee cap of $8.
In interview, Trump says Jews who vote for Democrats 'hate Israel'
Former President Donald Trump, in an interview, had been asked about Democrats' growing criticism of Israeli Prime Minister Benjamin Netanyahu.
Lawmakers reach unofficial deal on government funding
Lawmakers have agreed on the key components of the bill, but the language will still need to be prepared ahead of a Friday funding deadline.
Former Tesla worker settles discrimination case after $3M verdict
This settles appeals both sides were pursuing after a federal jury awarded the former employee nearly $3.2 million last April.