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Consumer confidence tumbles in March as coronavirus cases surge

A measure of U.S. consumer confidence fell sharply in March as people grapple with the global coronavirus [...]

Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy

The gains came before the coronavirus shut down much of the economy and the housing market. Now there are forecasts that home values will weaken [...]

Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates

Million of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to the Federal [...]

February pending home sales jump over 9% annually, ahead of major coronavirus impact

Homebuyer demand was strengthening markedly just before COVID-19 began its spread across the U.S. Pending home sales, which measure signed contracts on existing homes, rose 2.4% in February compared with January. Sales were up a steep 9.4% annually, according to the National Association of Realtors. That is the highest pace in exactly three [...]

The historic $2 trillion CARES Act will be an economic lifeline for gig workers and freelancers

The $2 trillion federal stimulus package known as the CARES Act, signed into law by President Trump on Friday, takes unprecedented steps to provide a social safety net for the [...]

IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery

International Monetary Fund chief Kristalina Georgieva said Friday that the global economy is now in a recession thanks to [...]

Pence says economic fundamentals remain strong despite massive coronavirus impact

Vice President Mike Pence said that the fundamentals of the U.S. economy remain strong despite the coronavirus pandemic that has tanked markets and led to unprecedented layoffs of [...]

US consumer sentiment falls to lowest level in more than 3 years

U.S. consumer sentiment fell to a three-year low as the coronavirus outbreak takes a toll on the economy, according to data from the University of [...]

The Fed’s balance sheet just passed $5 trillion for the first time ever due to coronavirus stimulus

Though its efforts to keep markets running and boost the economy are just getting into gear, the Federal Reserve’s asset portfolio has reached levels never seen [...]

US consumer spending rises moderately in February

U.S. consumer spending rose moderately in February and momentum is set to fade rapidly in the coming months, with the coronavirus pandemic upending life for [...]

Jobless claims soar past 3 million to record high

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October [...]

Jerome Powell’s message to Americans: ‘The Federal Reserve is working hard to support you’

Federal Reserve Chairman Jerome Powell is trying to reassure Americans about this unprecedented financial crisis ignited by the coronavirus [...]

Former Fed Chairman Ben Bernanke sees ‘very sharp’ recession, followed by ‘fairly quick’ rebound

Former Federal Reserve Chairman Ben Bernanke sounded an optimistic tone on the longer-term state of the [...]

White House and Senate strike a deal on historic $2 trillion coronavirus stimulus bill

Majority Leader Mitch McConnell said the Senate will pass the legislation later Wednesday. The full text of the bill has not yet been [...]

US durable goods orders unexpectedly jump 1.2% in February

New orders for long-lasting U.S. manufactured goods unexpectedly rose in February, but are set to decline as strict measures to contain the coronavirus pandemic sap demand and push the economy into [...]

Fed’s James Bullard says after a short-term ‘unparalleled’ shock, economy will boom again

The central bank official was in the news earlier this week when he forecast that the unemployment rate will skyrocket to 30%, higher than it was even during the Great [...]

Democratic Sen. Chris Coons says $2 trillion coronavirus relief package was ‘worth the day wait’

“The things that Democrats stood firm for, expanding unemployment, helping states and counties, investing in hospitals, transparency on the big fund” are now all included, the Delaware Democrat said on CNBC’s “Squawk [...]

Weekly mortgage applications tank 29% as coronavirus sidelines homebuyers

A hike in interest rates, combined with a massive shutdown of the economy caused homeowners and potential homebuyers to back away from the mortgage [...]

White House not considering three-month tariff deferral, top trade advisor Peter Navarro says

The White House’s top trade advisor denied on Tuesday that the Trump administration was considering a three-month deferral of tariff payments on imported goods to ease the pain of the economic shutdown caused by the coronavirus [...]

The Federal Reserve just pledged asset purchases with no limit to support markets

The Federal Reserve launched a barrage of programs aimed at helping markets function more efficiently amid the coronavirus [...]

Coronavirus stimulus bill fails in key Senate procedural vote

Republicans last week rolled out a roughly $1 trillion proposal, which is a bid to slow the potentially catastrophic impact of the coronavirus on the [...]

The government budget deficit is about to explode to fight the coronavirus

Remember when people were all worked up over trillion-dollar government budget deficits? Those might seem like the good old [...]

Airlines tell Congress they need cash coronavirus aid or thousands will be furloughed

Airlines warned Congress thousands of jobs were at risk without direct grants to fight impact of [...]

Financing programs for businesses hit by the coronavirus could amount to $4 trillion, Mnuchin says

Part of a bipartisan stimulus effort will include joint efforts between the Treasury and Federal Reserve to get liquidity to businesses that need it, Mnuchin told Fox News [...]

Fed’s Bullard: Coronavirus shutdown is not a recession but an investment in survival

Shutdown measures must be coupled with massive federal government support to sustain the population through isolation and prime the economy to pick up where it left off, Bullard [...]

Unprecedented spike in weekly jobless claims is just the start, as unemployment is set to double

Thursday’s spike in weekly jobless claims, considered the canary in the coal mine for labor, signals the start of a crush of [...]

Investor Ray Dalio estimates the corporate losses in the US from coronavirus will top $4 trillion

The Bridgewater Associates founder also estimated the global corporate losses will hit $12 trillion due to the [...]

US producer prices post biggest drop in five years

U.S. producer prices fell by the most in five years in February, pulled down by declines in the costs of goods such as gasoline and [...]

Weekly jobless claims jump to 281,000 ahead of surge in coronavirus layoffs

Jobless claims rose to 281,000 last week, reflecting only the first indications of the impact the coronavirus will have on the U.S. employment [...]

Economist: Next week’s jobless claims could hit 2 million as coronavirus halt slams labor market

“It looks to me like the order of magnitude in most states seems to be about 10 times higher than the normal weekly numbers before the crisis,” said Pantheon Macroeconomics’ Ian [...]

Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’

Bank of America issued a dire warning to investors on Thursday: a recession is [...]

From Boeing to Tennessee whiskey, coronavirus bailout requests top $1 trillion

As the coronavirus outbreak threatens to bring U.S. economic activity to a grinding halt, American businesses are jockeying for a financial lifeline from the administration of President Donald [...]

Federal Reserve to shore up prime money market funds amid Wall Street rout

The new Money Market Mutual Liquidity Fund will provide loans to financial institutions to buy assets from prime money market [...]

President Trump signs coronavirus relief plan to expand paid leave

President Donald Trump on Wednesday signed a $100 billion coronavirus aid package into law which includes provisions for emergency paid leave for workers as well as free [...]

Interest rates are rising, a bad sign as the economy slides toward recession

The Fed is throwing all its fire power at markets, but interest rates continue to rise, a troubling sign when the economy looks set to [...]

General Motors, Ford and Fiat Chrysler to temporarily close all US factories due to the coronavirus

Detroit’s Big Three automakers plan to temporarily close all U.S. factories as the coronavirus sweeps across the [...]

‘Hell is coming’ — Bill Ackman has dire warning for Trump, CEOs if drastic measures aren’t taken now

“America will end as we know it. I’m sorry to say so, unless we take this option,” Ackman [...]

The coronavirus crisis could inflict record-setting damage on the US jobs market

The first wave of bad economic news directly related to the coronavirus crisis is likely to come from weekly jobless claims [...]

US housing starts fall less than expected in February

U.S. homebuilding fell in February, pulled down by a sharp decline in the construction of multifamily housing units, and could continue to weaken as the coronavirus pandemic disrupts economic [...]

Mnuchin warns senators of 20% US unemployment without coronavirus rescue, source says

U.S. Treasury Secretary Steven Mnuchin warned Republican senators that the country’s unemployment rate could hit 20% if they failed to act on a proposed coronavirus rescue package and there was lasting economic damage, a person familiar with the closed-door meeting [...]

Paid leave, unemployment assistance: What the federal government is doing in response to the coronavirus pandemic

Some of the biggest policy proposals so far include an announcement from Treasury Secretary Steve Mnuchin that the government is looking at mailing Americans cash assistance and legislation passed by the House of Representatives that provides paid sick leave to some American workers this [...]

Nevada to close casinos, businesses and ban dining out to stem coronavirus spread

The order from Democrat Steve Sisolak Tuesday night follows similar moves by more than 10 other governors as states scramble to mitigate the risk of exposure to [...]

Bernie Sanders calls for monthly $2,000 payment to every US household during coronavirus crisis

Sanders also called for robust unemployment insurance, a moratorium on evictions and a waiver on all student loan [...]

Even with $1 trillion stimulus, hit to economy and employment from virus will be big

The double-barreled approach of a $1 trillion proposed fiscal stimulus program and Federal Reserve policy could help soften the blow of a [...]

The Federal Reserve is adding another program to keep money flowing for big financial institutions

In the central bank’s latest effort to keep credit markets flowing, the Fed announced a Primary Dealer Credit Facility, which will provide up to 90 [...]