Economy
U.S. Jobless Claims Fall As Virus Resurges, Threatens To Weaken Economy (jw)
WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it’s still historically high and indicates the viral pandemic is still forcing many employers to cut jobs.
Rising confirmed virus cases in nearly every state, along with a cutoff in federal aid, are threatening to weaken the economy in the coming months. As temperatures fall, restaurants and bars will likely serve fewer customers outdoors. And many consumers may increasingly stay home to avoid infection. Those trends could force employers to slash more jobs during the winter.
Jared Kushner bragged in April that Trump was taking the country ‘back from the doctors’ (BKaral)
In a taped interview on April 18, Kushner told legendary journalist Bob Woodward that Trump was “getting the country back from the doctors” in what he called a “negotiated settlement.” Kushner also proclaimed that the US was moving swiftly through the “panic phase” and “pain phase” of the pandemic and that the country was at the “beginning of the comeback phase.”
S&P 500 Rebounds to Post Biggest Gain in Two Weeks: Markets Wrap
U.S. stocks bounced back a day after their biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections.
The S&P 500 Index 1.2%, the most since Oct. 12, after President Donald Trump said he plans “a very big package” of stimulus following the election. The dollar and Treasury yields rose after reports showed a decline in weekly jobless claims and a surge in third-quarter economic growth that reversed much of the pandemic collapse.
Closer than ever: It is 100 seconds to midnight (newsbuoy)
Humanity continues to face two simultaneous existential dangers—nuclear war and climate change—that are compounded by a threat multiplier, cyber-enabled information warfare, that undercuts society’s ability to respond. The international security situation is dire, not just because these threats exist, but because world leaders have allowed the international political infrastructure for managing them to erode.
U.S. Economy Rebounds, But Recovery Remains Far From Complete
WASHINGTON (AP) — The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.
Yet the recovery from the deepest recession since the Great Depression of the 1930s remains far from complete. The Commerce Department’s estimate Thursday of third-quarter growth regained only about two-thirds of the output that was lost early this year when the economy essentially froze as safety orders forced restaurants, bars and many retailers to shut down.
Exxon to Cut 14,000 From Global Workforce Due to Oil Slump
Exxon Mobil Corp. will slash its global workforce by 15% by the end of 2022, an unprecedented culling by North America’s biggest oil explorer as it struggles to preserve dividends.
Moderna rakes in $1.1B on coronavirus vaccine orders
Moderna Inc. has received $1.1 billion in customer deposits for its COVID-19 vaccine, expected to be available next year, as demand surges for a safeguard against the deadly airborne disease that would enable nations around the world to resume more normal lifestyles.
The Cambridge, Massachusetts-based biotechnology company said Thursday its vaccine, developed with the use of messenger RNA science and dubbed mRNA-1273, is now in Phase 3 trials with 30,000 participants in partnership with the National Institutes of Health and the Biomedical Advanced Research and Development Authority.
I fled NYC amid COVID — and it was the worst decision of my life (dtrammel)
When the pandemic hit in March, Zachary Thacher packed his suitcases and joined the record-breaking exodus of city folk leaving town.
“I was feeling cooped up and thought I wanted to have a more rural life that was more in tune with nature,” said Thacher, who gave up his one-bedroom apartment in the West Village in April. “I thought I wouldn’t come back.”
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