Pay Cuts For Millions Of U.S. Workers Worsen The Pain Of Pandemic

The Senate reached a surprise last-minute deal late Tuesday to extend the small-business Paycheck Protection Program through Aug. 8, passing it just hours before the lending program was set to shut down at midnight. Marco Rubio, Susan Collins, Christopher A. Coons and others. The Senate acted by unanimous consent to extend the Tuesday midnight deadline for when…

Maneuver frustrates GOP officials, strategists in competitive campaigns. The Trump administration touched off another politically charged battle over the future of Obamacare with its latest maneuver to dismantle the law amid a pandemic- a move that Democrats immediately weaponized for competitive campaigns this fall and few Republicans defended.

A new study found that the COVID-19 pandemic could leave primary care practices with a $15 billion revenue loss this year, but the amount could double if telehealth payments decline.

Yet while the Investment Advisers Act has long permitted brokers to be brokers and advisers to be advisers, and Dodd-Frank gave the SEC the option to allow brokers to become fiduciary advisers alongside investment advisers, the SEC chose neither of these paths with Regulation Best Interest, and in fact reinterpreted and dangerously broadened the solely…

Wan Chai, June 26– MetLife, Inc. has joined the United Nations Global Compact, the world's largest corporate sustainability initiative. Global Compact calls for companies to align their operations and strategies with 10 universal principles in the areas of human rights, labor, the environment, and anti-corruption. “Sustainability is central to MetLife' s…

Health insurers in California have paid an estimated $2.4 billion for coronavirus testing and COVID-19 treatment, and Bay Area counties have seen some of the highest costs in the state, according to a study published Thursday by researchers at UC Berkeley's School of Public Health.

The International Monetary Fund on Wednesday painted a bleak portrait of the global economy, saying the coronavirus pandemic has caused more widespread damage than expected and will be followed by a sluggish recovery. The U.S. economy, the world's largest, is expected to shrink this year by 8 percent. “Maybe we can say the world has bottomed out, for now, and we're in…

House Democrats led by two New Jersey lawmakers on Wednesday introduced legislation to expand the Affordable Care Act at the same time that President Donald Trump has asked the Supreme Court to kill it. In the midst of the coronavirus pandemic, House Energy and Commerce Committee Chairman Frank Pallone Jr. and other Democrats pushed Wednesday to return to the…

The International Monetary Fund on Wednesday forecast a deeper recession for this year and a slower and uncertain recovery for next year after the coronavirus, or Covid-19, pandemic plunged the global economy into a crisis like no other. The global economy is set to shrink 4.9 percent this year, which is worse than the 3 percent contraction predicted in April,…

In 2019, a dozen years after it began exploring shale formations in Montana, North Dakota and West Texas, Oasis reported $154 million in operating income- well short of the $176 million it owed in interest on its debt. On Wall Street, the Houston- based company's shares, which traded above $56 in 2014, have spent most of this year hovering around $1.

The number of Americans seeking jobless benefits continues to slide, but not enough to ease fears that the an economic recovery is a ways off.

Many SEC employees, including top officials appointed by Clayton, had no idea that a job change was in the offing. The SEC chief is a political independent, and while he’ s cultivated tight relationships at the White House, he’ s mostly steered clear of partisanship and cast himself as a moderate financial regulator focused on protecting retail investors.

The major U.S. index futures are currently pointing to a higher opening on Monday, with stocks likely to move back to the upside following the pullback seen in the previous session. The upward momentum on Wall Street comes as traders continue to express optimism about an economic recovery despite rising coronavirus cases in the U.S. and other parts of the world.

But he was thrust into a firestorm with the revelation President Trump wants him to serve as the U.S. attorney for the Southern District of New York. The man who had been in that post, Geoffrey Berman, had no intention of going quietly when Attorney General William P. Barr tried to fire him Friday night, setting up a high-stakes standoff within the Justice Department…

The United States is poised to clamp down on several types of immigrant work visas, including H-1Bs, the skilled-work visas heavily used by tech companies, according to multiple press reports. While President Trump has long sought to limit immigration, the latest moves come against a background of unprecedented layoffs caused by the pandemic and shelter-in-place orders.

American retail sales surged in May after a dismal April, offering some encouraging news about the prospects of economic recovery and delivering a potential glimpse toward the near-term future in Massachusetts, where reviving public activity has lagged other parts of the nation. Massachusetts did not start allowing establishments shuttered in response…

Verily Life Sciences, a sister company of Google, scrambled to introduce a free coronavirus-screening site for the public and set up testing locations in March after President Donald Trump made an off-the-cuff announcement about the program. It had a rocky start but has since helped more than 220,000 people get tested in 13 states.

Unemployment rate during this recession among worst in decades. An additional 1.5 million workers filed for unemployment insurance for the first time last week, a drop of just 58,000 claims from the week before. Another 760,000 people filed initial claims for Pandemic Unemployment Assistance, a supplemental program created by Congress for self-employed…

Lingering concerns about a second wave of coronavirus infections may weigh on the markets amid the rising number of cases in Beijing as well as several U.S. states. Meanwhile, CNN analysis of data from Johns Hopkins University found ten U.S. states are seeing their highest seven-day average of new coronavirus cases per day since the pandemic started.

Large companies have started pocketing billions of taxpayer dollars thanks to tax breaks tucked into the federal coronavirus stimulus. Why it matters: Corporations are getting sizable, multiyear cash benefits, while most Americans received one-time, $1,200 checks to offset the economic turmoil and mass unemployment arising from the pandemic. Details: Congress created several…

For many out-of-work Americans, an extra $600 a week in federal unemployment insurance is providing some stability during an otherwise shaky economic period. Among other things, the CARES Act bumped regular state unemployment insurance— which can vary from as low as $213 per week in Alabama to $555 in Massachusetts— an extra $600 per week.

But there are holdouts: A small group of Republican representatives who have consistently declined to wear face coverings in Congress. In the Illinois House last month, a GOP representative was thrown out for refusing to mask up— a preview of what could happen if prominent holdouts like Rep. Tuesday's change comes after Pelosi requested new official…

Officials expect legislation making the District the 51st state to pass the House of Representatives with an overwhelming majority of Democrats, which would be a watershed moment for pro-statehood activists and the first time in U.S. history that either chamber of Congress has advanced a statehood bill. But Senate Majority Leader Mitch McConnell strongly…

From 2013 to 2017, he was chairman of the Council of Economic Advisers. Glenn Hubbard is dean emeritus and Russell L. Carson professor of finance and economics at Columbia Business School. Melissa S. Kearney is the Neil Moskowitz professor of economics at the University of Maryland and director of the Economic Strategy Group..

Even as Facebook grappled this month with an internal revolt and a cascade of criticism over its refusal to take action on President Trump's inflammatory posts, the social network was actively making other bets behind the scenes.

John Dillivan would normally be breaking in new employees at this time of year, preparing for western Michigan's summer tourist rush. Even as the White House celebrates tentative signs of a labor market rebound, the ripples from Howmet's decision show that the pandemic's imprint upon the U.S. economy is hardening into a scar. What began in China five months ago…

The Trump administration eliminated protections for transgender individuals under the Affordable Care Act.

It was a father with three of his kids and their dog, taking to the road to reunite with his adult daughter in California in a rented RV. The recovery will affect who travels, where they go, how they get there, how much it will cost, and what they’ ll experience on the way. “It will look very different, but travel will come back,’’ said Cheryl Golden, director of marketing for Rhode…

The number of gig and formerly self-employed workers who also applied for jobless benefits newly available to them under the expanded federal program went up to 705,000, from 620,000 the week before, according to the Labor Department. “Some may have returned to work,” said Joseph Brusuelas, the chief economist at RSM, an accounting firm network.

Federal Reserve leaders predict a slow recovery for the U.S. economy, with unemployment falling to 9.3 percent by the end of this year and to 6.5 percent by the end of 2021, after millions of Americans lost their jobs in the stunning recession caused by the coronavirus outbreak. Fed Chair Jerome H. Powell stressed Wednesday that the economy is likely to need aid…

Forceful Federal Reserve policy this year helped revive the Dow Jones. But is the Fed playing it too cool now as interest rates rise?

A Washington Post review found that the states not disclosing probable cases and deaths include some of the largest: California, Florida, North Carolina and New York. The U.S. Centers for Disease Control and Prevention works closely with a group of health officials called the Council of State and Territorial Epidemiologists to issue guidelines for tracking…

Despite record 2.5 million job gains in May, Fed is likely to keep its key rate near zero amid COVID-19, signal it will likely stay there through 2022

Four in five registered voters in a new poll feel “things in the country are out of control” as the death toll from the coronavirus pandemic approaches 110,000, unemployment remains at a level not seen since the Great Depression and protests continue across the U.S.

CORONAVIRUS RESPONSE: The world's richest man declined to comment, according to Amazon spokesman Chris Oster. But a few donations have been reported: $100 million to Feeding America, up to $25 million for All in WA, a statewide relief effort in Washington, and an undisclosed amount to All In Seattle, a local initiative to assist nonprofits. Bezos, who has been…

A movement to slash funding for police departments or to disband them entirely has surged in the wake of George Floyd's killing in Minneapolis police custody last month, with activists, local leaders and elected officials calling to drastically reshape public safety amid nationwide protests of police brutality. Though long a concept floated among…

According to an NBC News/Wall Street Journal poll released Sunday, just 15% of voters think matters in the USA are under control.

The unemployment rate was already in the double digits and had hit levels not seen since the Great Depression. There are hopes that May's unemployment rate will represent the nadir of the crisis— the rocky bottom below which the United States will sink no further. Oil and gas drillers Whiting Petroleum and Diamond Offshore have filed for bankruptcy protection,…

House Democrats on Wednesday unveiled a $500 billion transportation bill that outlines a five-year plan for how Americans will get around, with a new emphasis on transit and railroads and seeking to blunt the environmental cost of travel. Roads would continue to see the lion's share of the money- some $300 billion. Peter A. DeFazio, chairman of the House…

That doesn't mean the United States has any less deep of a hole to dig itself out of. And the Congressional Budget Office released projections this week showing that it doesn't expect the United States to recover fully from the crisis until 2030.. “It's a sign that things are not getting as worse as they were before,” said Nick Bunker, the economic research director…

Main Street is in trouble, and Wall Street doesn’ t care. Now, just as states are reopening, the worst spasms of urban violence since 1968 have hit at least 140 cities across the country, including Boston, where stores in Downtown Crossing and the Back Bay were looted Sunday night after a day of peaceful protests against police killings of Black Americans.

In the Minneapolis area, where protests have turned violent in the wake of the police killing of George Floyd, the median income for black households is less than half of white ones- $38,200 compared with $85,000. African American households have struggled more, economically, than the median household nationwide, even when unemployment was at single-digit…

–In listening to market chatter urging the Federal Reserve to do more, I’ m reminded of two simple insights I was exposed to years ago that have stayed with me. Early on in my career at Pimco, I remember Bill Gross, the firm’ s founder and legendary investor, reminding portfolio managers that“ there are times when the best thing to do is to do nothing.” It’ s important advice as…

By Alex Veiga and Damian J. Troise. Stocks shook off a wobbly start on Wall Street and closed broadly higher Monday, adding to the market’ s recent run of solid gains. Investors are balancing cautious optimism about the reopening of businesses shut down because of the coronavirus pandemic against worries that the civil unrest across the U.S. over police brutality…

Stocks have moved modestly higher in morning trading on Monday, adding to the strong gains posted last week. The modest strength on Wall Street comes following the release of a report from the Institute for Supply Management showing U.S. manufacturing activity contracted at a slower rate in the month of May. Nonetheless, Timothy R. Fiore, Chair of the ISM…

Americans have filed more than 40 million claims for jobless benefits in the past 10 weeks, according to new Labor Department data, laying bare a tremendous and sudden disruption in the U.S. economy that is already changing the types of jobs desperate workers are looking to fill. In the meantime, the widespread job losses have left workers in an increasingly…

Hardly a day goes by that some otherwise sober and well-grounded observer offers a sweeping prediction that the coronavirus will change just about everything. Because of our newfound fear of dangerous microbes, we are meant to believe that people will now think twice about boarding an airplane, checking into a hotel, attending a concert or taking their kids to…

Stocks closed higher on Wall Street Wednesday, extending the market's gains into a third day on hopes for a coming economic revival, as larger swaths of the country relax stay-at-home mandates imposed due to the coronavirus pandemic and clear the way for more businesses to reopen.