Jim Zarroli
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The number of people seeking jobless benefits shot up again last week, as 6.6 million more of the unemployed filed first-time claims. Much of the economy has shut down, leaving millions out of work. -
Unemployment claims show another dramatic rise. Some 10 million Americans had already filed for unemploymen in the two weeks prior to this one.
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In a letter to shareholders, the JPMorgan Chase CEO applauds the government and the Fed for quick work, but says the pandemic will have devastating consequences for the global economy. -
Jobless claims hit 6.6 million in today's report, doubling the grim milestone reached last week. The numbers are released weekly by the U.S. Department of Labor.
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The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Such huge levels of deficit spending used to set off alarm bells in Washington, but no more. -
A record number of Americans filed for unemployment benefits for the first time last week as the coronavirus hammered the economy. It's nearly five times the levels seen during the Great Recession. -
New claims for jobless benefits climbed 70,000 to 281,000 last week as the coronavirus pandemic shuttered businesses and left people out of work. It was the highest level since September 2017. -
U.S. businesses are shutting down plants and watching their sales plummet around the world. Many economists now say odds are increasing that the economy will slow, if not contract altogether. -
The Federal Reserve cut interest rates by the largest amount since the 2008 financial crisis, but the emergency move failed to mollify investors worried about the coronavirus epidemic. -
The U.S. stock market ended its worst week since the financial crisis with the Dow Jones Industrial Average falling 12.4%. Fed Chairman Jerome Powell promises to support the economy as necessary.
