Page 42 - Us Economy
US economy improving, but a resurgence in Covid-19 cases pose a threat
Many states have reported record daily increases in Covid-19 infections, which health experts have blamed on local governments reopening their economies too soon
 "US economy improving, but a resurgence in Covid-19 cases pose a threat")
American lawmakers urge Trump to revoke temporary suspension of H-1B visas
Suspending this programme will only weaken our economy and our health care workforce at a time when the need to strengthen both is as clear as ever, Krishnamoorthi said
 "American lawmakers urge Trump to revoke temporary suspension of H-1B visas")
US economy to grow slowly than hoped due to Covid-19: Fed official
Since February, US employers have cut nearly 20 million jobs from payrolls, reversing almost 10 years of job gains, according to the Labor Department
 "US economy to grow slowly than hoped due to Covid-19: Fed official")
Economists warn of growing risk of second Covid-19 wave in the US
Federal Reserve Chairman warned that a second wave of Covid-19 infections could hurt public confidence and economic recovery
 "Economists warn of growing risk of second Covid-19 wave in the US")
US unemployment rate soars to post-WWII record high: Federal Reserve
The central bank's remarks were part of its Monetary Policy Report submitted to Congress on Friday
 "US unemployment rate soars to post-WWII record high: Federal Reserve")
IT companies jittery over Donald Trump's plan to suspend H-1B visa
The Indian information technology industry, which has long been a beneficiary of the H-1B visa regime, is likely to be directly impacted if such a suspension is announced for a longer term.
 "IT companies jittery over Donald Trump's plan to suspend H-1B visa")
Wall Street opens higher after previous session's big rout; Dow up over 2%
The Dow Jones Industrial Average rose 531.25 points, or 2.11%, at the open to 25,659.42.
 "Wall Street opens higher after previous session's big rout; Dow up over 2%")
S&P 500, Dow Jones slip ahead of Fed outlook; Nasdaq scales fresh high
The tech-heavy Nasdaq, by contrast, hit a record high for the fourth straight session, with gains for Apple Inc, Amazon.com Inc and Microsoft Corp driving rally
 "S&P 500, Dow Jones slip ahead of Fed outlook; Nasdaq scales fresh high")
US entered recession in February, ending record-long expansion: Economists
The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn
World Coronavirus Dispatch: A cancer drug offers hope to Covid-19 patients
Meanwhile India sixth most infected as it goes past Italy in overall count, US economy shows unexpected 2.5-million job additions in May
 "World Coronavirus Dispatch: A cancer drug offers hope to Covid-19 patients")
No 'silver lining': Donald Trump faces voter backlash amid crises
Some Republicans fear voters are simply worn out by Trump. People are just so disgusted with how things are
 "No 'silver lining': Donald Trump faces voter backlash amid crises")
US jobs report surprises analysts, raises hopes of faster economic recovery
Some of the jobs gains reported for May could be a reflection of the Paycheck Protection Program
 "US jobs report surprises analysts, raises hopes of faster economic recovery")
Trump hails US jobs report as 'greatest comeback in American history'
Says slain African-American George Floyd might be pleased by report, which shows over 2.5 mn jobs were added in May amid Covid-19, and predicts the battered economy will recover all jobs by next year
 "Trump hails US jobs report as 'greatest comeback in American history'")
No one really knows how many Americans need unemployment benefits
Another 1.9 million people filed for unemployment benefits for the first time last week, according to data released by the Labor Department on Thursday
 "No one really knows how many Americans need unemployment benefits")
US unemployment rate in May could hit highest level since World War II
Consumer confidence, manufacturing and services industries are also stabilising, though at low levels, hopeful signs that the worst was over
 "US unemployment rate in May could hit highest level since World War II")
US Fed likely to keep near zero rates for a few years to boost economy
Roberto Perli, a former Fed staffer and now head of global policy research at Cornerstone Macro, also expected the SEP to show that Fed officials would not want to raise rates before 2022
 "US Fed likely to keep near zero rates for a few years to boost economy")
Covid-19 could trim US GDP by $15.7 trn in next 10 yrs, says budget office
After adjusting for inflation, CBO said the lost output would total $7.9 trillion, a loss of 3 per cent of inflation-adjusted GDP
 "Covid-19 could trim US GDP by $15.7 trn in next 10 yrs, says budget office")
Second wave of Covid-19 could derail US economic recovery: Fed chief Powell
Powell believes that the second wave of coronavirus cases would dampen consumer confidence and hurt economic recovery
 "Second wave of Covid-19 could derail US economic recovery: Fed chief Powell")
US restaurants concerned over sales losses due to capacity constraints
A survey of 2,500 US consumers conducted this month found that three-quarters planned to avoid restaurants or dine out less frequently, according to Wall Street firm Cowen
 "US restaurants concerned over sales losses due to capacity constraints")
US economy shrank at 5% annual rate in Q1, higher than initial estimate
It was the biggest quarterly decline since an 8.4 per cent fall in the fourth quarter of 2008 during the depths of the financial crisis
 "US economy shrank at 5% annual rate in Q1, higher than initial estimate")
