- New claims for unemployment insurance totaled 2.981 million last week.
- That brings the rolling total during the coronavirus crisis to 36.5 million, though the weekly tally has declined for six straight weeks.
- Economists surveyed by Dow Jones had been expecting 2.7 million claims.
New York (CNN Business)The Federal Reserve Bank on Thursday reported just how unequally the coronavirus-induced economic downturn is hitting Americans.
New York (AFP) – Larger companies have generally survived the initial blow from the coronavirus crisis, but still face existential challenges to get through what will probably be a long and grinding recovery.
Since COVID-19 shuttered much of the global economy, airlines, major retail chains, oil companies and other hard-hit businesses have been able to tap bank facilities and public debt markets for the funds they need to keep paying the bills and stay afloat.
But many firms now bleeding cash are in for a tough ride until the economy fully rebounds, which likely will come only after a vaccine is developed and broadly employed.
That has raised worries about a much bigger wave of bankruptcies beyond the handful of retailers that have sought to restructure through the US process known as “Chapter 11.”
Here’s a round-up of the Federals Reserves lending programs — all nine of them — with details on what each will do and their current status. t.co/jDH9S55Uy3
— Bloomberg Asia (@BloombergAsia) May 14, 2020
‘If this isn’t the retail apocalypse I don’t know what would be.’ Thousands of stores will close as the coronavirus turbocharges a shift to e-commerce. t.co/BY3QvRq5Wy
"Temporary" job loss? Distribution centers require less workers than department stores.
— Darius Dale (@HedgeyeDDale) May 14, 2020
— The Long Game (@7LongGame) May 14, 2020
Berkshire Hathaway subsidiaries sold nearly half a million shares of U.S. Bancorp on Monday and Tuesday. Buffett’s firm now owns a stake of less than 10% in the bank. t.co/B7PwUA5LxB
— Barron's (@barronsonline) May 13, 2020