economic

Unemployment Claims Rise Anew In Newest Sign Of Economic Distress

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Chuck E. Cheese and GNC bankruptcies highlight America’s economic ‘washout’ from COVID-19

The rallying stock market may not care about it right now, but the economic devastation from the COVID-19 pandemic continues in full force.

Indeed this week highlights the ongoing pain ripping through Corporate America. Overly indebted vitamin seller GNC filed for bankruptcy on Wednesday, crushed by mall closures brought on by the pandemic. Chuck E. Cheese — also boasting a ton of debt following a 2014 leveraged buyout — filed for bankruptcy on Thursday as the prospect of catching COVID-19 by touching dirty games keeps parents and children away.

“I think what you’re seeing is what we’ll call the prolonged washout from COVID,” said Barclays chief U.S. economist Michael Gapen on Yahoo Finance’s The First Trade. Gapen says he is most concerned about the prospect for service-oriented companies in life after COVID-19, and doesn’t rule out more bankruptcies in the months and years ahead.

“We think that [those sectors] will

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Why you’re not hearing about Biden’s economic plan

Joe Biden has a slew of proposals for new economic programs, and the tax hikes to pay for them. But the Democratic presidential candidate doesn’t have much to say about his economic plan, even though the nation’s in a deep recession and some fresh ideas might be welcome.

Yahoo Finance has asked the Biden campaign several times for an interview with a Biden economic adviser able to comment on the candidate’s plans. The campaign hasn’t responded. The New York Times wrote on June 11 that “few aspects of Joseph R. Biden’s  presidential campaign are shrouded in as much secrecy as the counsel he receives on the economy.” Biden has reportedly formed an advisory committee with more than 100 economists, who are sworn to silence regarding their participation.

Why so sketchy? Part of it probably involves a strategy to let voters focus on President Trump’s negative marks for handling the coronavirus

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Another economic indicator may have bottomed in May: Morning Brief

Tuesday, June 23, 2020

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Existing home sales plunged in May. Most think the worst is over for this reading.

For nearly two months, we’ve been chronicling calls from strategists and economists who believe the worst economic impacts from the pandemic are behind us.

And on Monday, another piece of economic data hit what most believe will be the reading’s nadir.

Existing home sales for the month of May fell 9.7% from April to a seasonally-adjusted annual rate of 3.91 million. Sales fell 26.6% from the same month last year.

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, chief economist for the National Association of Realtors. “Home sales will surely rise in

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The latest reminder that a full economic recovery will take a long time: Morning Brief

Friday, June 19, 2020

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‘It’s not clear why claims are still so high.’

Initial jobless claims continue to be the most concerning piece of U.S. economic data.

On Thursday, we learned that another 1.51 million Americans filed first-time claims for unemployment insurance. Over the last 13 weeks, more than 45 million Americans have filed for unemployment insurance.

And while the speed with which the economy slowed down in February is without precedent, the May jobs report showed some signs of a recovery in the labor market.

But Thursday’s report shows a persistently high number of American workers still turning to unemployment for the first time. And this casts doubt on how quickly the labor market will indeed turn around and resemble anything like what prevailed when the year began.

“It’s not clear

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