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U.S. Jobless Claims Could Pass 40 Million: Live Business Updates U.S. Jobless Claims Could Pass 40 Million: Live Business Updates
(32 minutes later)
Forecasters expect the weekly Labor Department report on unemployment claims on Thursday morning to show another 2.1 million filings last week, according to MarketWatch, pushing the total past 40 million since the coronavirus pandemic began to devastate the U.S. economy in mid-March.Forecasters expect the weekly Labor Department report on unemployment claims on Thursday morning to show another 2.1 million filings last week, according to MarketWatch, pushing the total past 40 million since the coronavirus pandemic began to devastate the U.S. economy in mid-March.
The latest claims may not only be a result of fresh layoffs, but also evidence that states are working their way through a backlog. And overcounting in some places and undercounting in others makes it difficult to measure the layoffs precisely.The latest claims may not only be a result of fresh layoffs, but also evidence that states are working their way through a backlog. And overcounting in some places and undercounting in others makes it difficult to measure the layoffs precisely.
Under the Pandemic Unemployment Assistance program, Congress approved an expanded palette of jobless benefits that included freelancers, the self-employed, gig workers and others who would not normally qualify under state rules. But many states, flooded with applicants, were slow to put the program into effect, and those eligible may not yet be fully reflected.Under the Pandemic Unemployment Assistance program, Congress approved an expanded palette of jobless benefits that included freelancers, the self-employed, gig workers and others who would not normally qualify under state rules. But many states, flooded with applicants, were slow to put the program into effect, and those eligible may not yet be fully reflected.
“When we think about what to do when benefits expire, it would be helpful to know how many people are actually getting them,” said Elizabeth Pancotti, a research assistant at the National Bureau of Economic Research. The Labor Department reports may be the best source of information, she said, but they offer an “incomplete picture.”“When we think about what to do when benefits expire, it would be helpful to know how many people are actually getting them,” said Elizabeth Pancotti, a research assistant at the National Bureau of Economic Research. The Labor Department reports may be the best source of information, she said, but they offer an “incomplete picture.”
Global markets were largely higher on Thursday, despite rising tension between the United States and China and expectations of another bleak report on the U.S. jobs market. U.S. stock futures wavered and global markets were higher on Thursday amid rising tensions between the United States and China and expectations of another bleak report on the U.S. labor market.
Stocks in Frankfurt and London were up about 1 percent after a mixed day on Wall Street. Other indicators were similarly positive but restrained. Prices for U.S. Treasury bonds rose, signaling traders were seeking safer investments. Futures markets drifted, signaling Wall Street would open flat after two days of gains. European markets were up about 1 percent after a mixed day in Asia.
Futures markets were predicting that Wall Street would match European gains when U.S. markets opened later on Thursday. The U.S. Labor Department’s weekly report on unemployment claims, to be released Thursday morning, is expected to show more than 2 million filings last week as the surge of layoffs continues. Nearly 40 million claims have already been filed since the coronavirus pandemic took hold.
Investors dismissed the heated rhetoric between the United States and China over Hong Kong, which drove the Hang Seng Index in the semiautonomous Chinese city down 0.8 percent late in the trading day. Instead, they focused on efforts to shake off the effects of lockdowns intended to stop the coronavirus outbreak. Investors were also parsing heated rhetoric between the United States and China over Hong Kong, which drove the Hang Seng Index in the semiautonomous Chinese city down 0.8 percent late in the trading day. China’s legislature on Thursday approved a plan that would see many of mainland China’s security practices broadened to Hong Kong. The Trump administration signaled Wednesday that it was likely to end some or all of the U.S. government’s special trade and economic relations with Hong Kong because of the move.
In South Korea, the central bank slashed interest rates in an effort to rekindle growth. Philip Lowe, the governor of Australia’s central bank, suggested the downturn there may not be as bad as expected. Japanese stocks rose more than 2 percent, the biggest gain among major markets, one day after leaders approved a new stimulus package. Stocks on Wall Street have finished higher for the last two days as investors focused on the prospect of economic recovery. The S&P 500 rose 1.5 percent on Wednesday, after climbing 1.2 percent the day before. Companies that will benefit as shoppers are allowed back in stores and people begin to travel again were among the best performers in the S&P 500. Nordstrom, Gap and Kohl’s each rose more than 14 percent on Wednesday.
Not all market indicators were positive. Oil prices fell in futures markets on lingering worries about excess supply. The staggering unemployment figures — devastating as they are — do not fully capture the degree to which the coronavirus has disrupted professional life across the country.
Since March, when the crisis began to shut businesses en masse, a generation of professionals has seen careers enter a state of suspended animation. Hiring has dried up, advancement has ceased, job searches have been put on hold and new ventures are in jeopardy. As a result, even well-connected high earners are suddenly in unfamiliar territory.
“There is deep uncertainty,” said Alisa Cohn, an executive coach who works with companies including Google and Pfizer. “We’re not just in a holding pattern. We’re on our way somewhere new, but we don’t know what it looks like.”
In March, Hasti Nazem, 35, left a start-up she helped found. Two months later, the job market has imploded, promising leads have dried up, and she is stuck in limbo. She is mining her network for introductions, but still without a full-time job.
“I’m mostly having Zoom calls with strangers,” she said.
The Trump administration is preparing an executive order intended to curtail the legal protections that shield social media companies from liability for what gets posted on their platforms, two senior administration officials said early Thursday.
Such an order, which officials said was still being drafted and was subject to change, would make it easier for federal regulators to argue that companies like Facebook, Google, YouTube and Twitter are suppressing free speech when they move to suspend users or delete posts, among other examples.
The move is almost certain to face a court challenge and is the latest salvo by President Trump in his repeated threats to crack down on online platforms. Twitter this week attached fact-checking notices to two of the president’s tweets after he made false claims about voter fraud, and Mr. Trump and his supporters have long accused social media companies of silencing conservative voices.
White House officials said the president would sign the order later Thursday, but they declined to comment on its content. A spokesman for Twitter declined to comment.
Nissan said on Thursday it would close plants in Spain and Indonesia and cut global production by 20 percent as it seeks to remake itself into a smaller, more efficient automaker, an announcement that comes as it reported its first annual loss in 11 years.Nissan said on Thursday it would close plants in Spain and Indonesia and cut global production by 20 percent as it seeks to remake itself into a smaller, more efficient automaker, an announcement that comes as it reported its first annual loss in 11 years.
The Japanese automaker said it needed to cut 300 billion yen ($2.8 billion) in costs as it works to recover from a year marked by plunging sales, a drawn out legal fight with its former chairman Carlos Ghosn, and a bruising falling out with Renault, its partner in the world’s largest auto-making alliance.The Japanese automaker said it needed to cut 300 billion yen ($2.8 billion) in costs as it works to recover from a year marked by plunging sales, a drawn out legal fight with its former chairman Carlos Ghosn, and a bruising falling out with Renault, its partner in the world’s largest auto-making alliance.
In a statement, Nissan said it took a net loss of $6.2 billion, its worst performance since the 2008 financial crisis. It joined Japan’s other major automakers in declining to provide an earnings forecast for the coming year because of uncertainty surrounding the coronavirus’s economic effects.In a statement, Nissan said it took a net loss of $6.2 billion, its worst performance since the 2008 financial crisis. It joined Japan’s other major automakers in declining to provide an earnings forecast for the coming year because of uncertainty surrounding the coronavirus’s economic effects.
Nissan’s chief executive, Makoto Uchida declined to say how many jobs would be lost because of the plant closings in Spain and Indonesia.Nissan’s chief executive, Makoto Uchida declined to say how many jobs would be lost because of the plant closings in Spain and Indonesia.
Nissan was already struggling before the pandemic hit. Sales volume dropped by 10.6 percent through the end of the fiscal year in March, significantly outpacing the overall decline in the global market.Nissan was already struggling before the pandemic hit. Sales volume dropped by 10.6 percent through the end of the fiscal year in March, significantly outpacing the overall decline in the global market.
On Wednesday, Nissan and Renault said they had put their differences aside as they are forced to pull closer together to survive the worst economic crisis in a generation. To help achieve that goal, Nissan said it would need to winnow down its product lineup and reduce production capacity through restructuring and closures.On Wednesday, Nissan and Renault said they had put their differences aside as they are forced to pull closer together to survive the worst economic crisis in a generation. To help achieve that goal, Nissan said it would need to winnow down its product lineup and reduce production capacity through restructuring and closures.
The staggering unemployment figures — devastating as they are — do not fully capture the degree to which the coronavirus has disrupted professional life across the country.
Since March, when the crisis began to shut businesses en masse, a generation of professionals has seen careers enter a state of suspended animation. Hiring has dried up, advancement has ceased, job searches have been put on hold and new ventures are in jeopardy. As a result, even well-connected high earners are suddenly in unfamiliar territory.
“There is deep uncertainty,” said Alisa Cohn, an executive coach who works with companies including Google and Pfizer. “We’re not just in a holding pattern. We’re on our way somewhere new, but we don’t know what it looks like.”
In March, Hasti Nazem, 35, left a start-up she helped found. Two months later, the job market has imploded, promising leads have dried up, and she is stuck in limbo. She is mining her network for introductions, but still without a full-time job.
“I’m mostly having Zoom calls with strangers,” she said.
The British low-price airline easyJet said on Thursday that it planned to reduce staff by up to 30 percent and that it expected to fly in the July-September period at nearly 30 percent of the capacity a year earlier.The British low-price airline easyJet said on Thursday that it planned to reduce staff by up to 30 percent and that it expected to fly in the July-September period at nearly 30 percent of the capacity a year earlier.
“We are having to consider very difficult decisions which will impact our people,” said the airline’s chief executive, Johan Lundgren.“We are having to consider very difficult decisions which will impact our people,” said the airline’s chief executive, Johan Lundgren.
The announcement from easyJet, which mainly serves Europe and has over 15,000 employees, comes as the company aims to resume a small number of routes across Britain and France beginning June 15. “We expect demand to build slowly, only returning to 2019 levels in about three years’ time,” the statement said.The announcement from easyJet, which mainly serves Europe and has over 15,000 employees, comes as the company aims to resume a small number of routes across Britain and France beginning June 15. “We expect demand to build slowly, only returning to 2019 levels in about three years’ time,” the statement said.
When flights restart, staff and passengers will be required to wear masks and, at least initially, no onboard food service will be offered, the company said. EasyJet recently signed two loans totaling 400 million pounds, or about $490 million, maturing in 2022.When flights restart, staff and passengers will be required to wear masks and, at least initially, no onboard food service will be offered, the company said. EasyJet recently signed two loans totaling 400 million pounds, or about $490 million, maturing in 2022.
As airlines emerge from coronavirus lockdowns, low-cost airlines across Europe are pressuring airports to cut charges in return for resuming flights, as they contend with larger, traditional carriers. EasyJet, Wizz Air and Ryanair are among airlines demanding fee discounts or waivers from airports, Reuters reported Thursday.As airlines emerge from coronavirus lockdowns, low-cost airlines across Europe are pressuring airports to cut charges in return for resuming flights, as they contend with larger, traditional carriers. EasyJet, Wizz Air and Ryanair are among airlines demanding fee discounts or waivers from airports, Reuters reported Thursday.
The American division of the bakery chain Le Pain Quotidien filed for bankruptcy protection on Wednesday, a sign of the damage the pandemic has inflicted on the fast-casual industry. To keep some of its stores open, the company has proposed a sale to the restaurant company Aurify Brands.The American division of the bakery chain Le Pain Quotidien filed for bankruptcy protection on Wednesday, a sign of the damage the pandemic has inflicted on the fast-casual industry. To keep some of its stores open, the company has proposed a sale to the restaurant company Aurify Brands.
Social-distancing measures, put in place to help stop the spread of the coronavirus, have hurt sales of gum and mints, the Hershey Company said on Wednesday in a regulatory filing to announce a bond offering. Demand for some products increased when the pandemic began, but have since leveled off. The company said it expected the pandemic would have a significant impact on earnings in the second quarter, when lockdown orders were put in place.Social-distancing measures, put in place to help stop the spread of the coronavirus, have hurt sales of gum and mints, the Hershey Company said on Wednesday in a regulatory filing to announce a bond offering. Demand for some products increased when the pandemic began, but have since leveled off. The company said it expected the pandemic would have a significant impact on earnings in the second quarter, when lockdown orders were put in place.
Reporting was contributed by Ben Dooley, Geneva Abdul, Patricia Cohen, Mohammed Hadi, David Gelles, David Yaffe-Bellany, Carlos Tejada and Gregory Schmidt. Reporting was contributed by Patricia Cohen, Kate Conger, Maggie Haberman, Ben Dooley, Geneva Abdul, Mohammed Hadi, David Gelles, David Yaffe-Bellany, Carlos Tejada, Katie Robertson and Gregory Schmidt.