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.
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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.
Fed survey finds coronavirus affecting parts of U.S. economy
The Federal Reserve’s latest nationwide survey of business conditions has found that the coronavirus outbreak has begun to affect tourism and disrupt manufacturing chains in parts of the United States.
Financial pain deepens as nearly 60 countries report coronavirus
If the disease known as COVID-19 becomes a global pandemic, economists expect the impact could be much worse, with the U.S. and other global economies falling into recession.
U.S. orders for durable goods slipped 0.2% in January
Orders to U.S. factories for big-ticket manufactured goods were pulled down by decreased demand for cars, auto parts and military aircraft, but the category that tracks business investment rose significantly.
U.S. business gauge tumbles to lowest since 2013 on virus
Service providers and manufacturers are noting reluctance among clients to place orders amid the global virus scare.
Economic fallout from China’s coronavirus mounts across globe
Among the first tangible impacts in the U.S. is a decline in the number of Chinese tourists. Visitors from China represent a lucrative market for American airlines, hotels, luxury retailers and entertainment venues.
U.S. retail sales up a modest 0.3% in January
It was a slight improvement over December, as unseasonably warm weather boosted sales at hardware stores and furniture stores.
Fed chair: Economy looks resilient despite risk of China virus
Jerome Powell told Congress on Tuesday that the Fed is monitoring developments stemming from the coronavirus, which he said “could lead to disruptions in China that spill over to the rest of the global economy.”