Record 16.8 million have sought U.S. jobless aid since virus outbreak
In Indiana, 133,639 people filed unemployment claims in the week ended April 4, down from 139,174 the previous week, and way up from 75,522 the week before that.
Economy
Articles
Carryout just isn’t cutting it for many local restaurants
Some local restaurants trying to stay afloat without dine-in service report sales have plunged by two-thirds or more, raising questions about how much longer they’ll be able to survive.
Asbury Automotive furloughs 215 employees at local car dealerships
Asbury, which has eight Indianapolis-area dealerships, said it’s furloughing 2,300 employees across its 10-state operating footprint due to a sharp drop-off in sales and service revenue.
Beyond COVID podcast: Why a 90-day sprint is key to getting your company ready for the economy to restart
In this first episode of IBJ’s Beyond COVID podcast, Matt Neff offers advice for businesses trying to get back on track. And IBJ reporter Lindsey Erdody provides an update about Indiana Gov. Eric Holcomb’s stay-at-home order and, in particular, how the latest iteration affects liquor stores.
Here’s how nine small businesses are coping with coronavirus
We check in with firms of all stripes to learn how they’re seeking to persevere—and how some are plotting to gain a competitive advantage when normalcy returns.
Wondering if you qualify for unemployment? The answer is probably yes.
State and federal authorities have expanded the eligibility for unemployment benefits significantly, meaning if you’re out of work and didn’t qualify under the old rules, you likely will now.
U.S. jobless claims hit 3.3 million, quadruple previous record
In Indiana, initial claims filed for the week ended March 21 rose to a whopping 61,635, up from 2,596 claims the previous week.
Hoosier unemployment apps skyrocket to 54,000 in one week
The numbers are skyrocketing as businesses close as part of efforts to stop the spread of the coronavirus.
IBJ Podcast: How can companies survive the economic calamity of COVID-19?
“It’s your job to survive and to make sure that when these social controls are lifted and everybody starts to come back out that you’re ready for business,” IU’s Phil Powell, an economist at the Kelley School of Business, tells host Mason King.
Jobless claims jump by 70,000 as virus starts to take hold
Both the one-week rise and the total number of applications were far above the levels seen over the past year .
Trump signs $100B rescue bill while proposing $1 trillion plan to stabilize economy
Details on the president’s economic rescue plan remain sparse, but its centerpiece is to dedicate $500 billion to start issuing direct payments to Americans by early next month. It would also funnel cash to businesses to help keep workers on payroll.
Coronavirus layoffs spark surge in states’ jobless claims
The growing number of people filing for unemployment checks raises fresh questions about whether states have stockpiled enough money since the last recession to tide over idled workers until the crisis ends.
A cruel paradox: Beating virus means causing U.S. recession
The vast changes deemed necessary to defeat the virus—people and companies no longer engaging with each other—are bringing everyday business to a halt and likely delivering a death blow to the longest economic expansion on record.
With unprecedented force and speed, a global recession is likely taking hold
Across the country, consumer spending—which supports 70% of the economy—is grinding to a halt as fears of the escalating coronavirus pandemic keep people from stores, restaurants, movie theaters and workplaces.
Stocks claw higher on Wall Street after early surge fades
Markets received a bump around midday Tuesday after Vice President Mike Pence said the nation’s big health insurers would cover co-pays for coronavirus testing.
Saudi-Russia oil fight melts markets, targets U.S. oil patch
Oil prices fell Monday by the most in one day since the 1991 Gulf War. The price of U.S. crude fell as much as 34%, to $27.34 a barrel, the lowest price since early 2016. Here’s what’s driving the price drop.
Anxiety grips companies around globe as virus spreads
Since breaking out of China, the coronavirus has had a chilling effect on companies related to manufacturing, travel and tourism, which then hampers other industries and weakens consumer confidence.
World economy faces worst year since ’09 as virus fears grow
Just weeks since most economists bet the China-led slump would quickly reverse once the virus was contained, many are rethinking that optimism as swathes of Chinese factories stay shut and workers idled.
U.S. added robust 273K jobs in February before virus escalated
The Labor Department said Friday that the unemployment rate fell to 3.5% last month, matching a 50-year low, down from 3.6% in January.
Upcoming U.S. jobs data will provide gauge for virus economic damage
A range of job market barometers will provide some of the most vital signals about the economy in the coming weeks and months.