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Citing a severe shortage of workers, half of the nation’s governors have decided to end extra federal jobless benefits months early. But an economist says that will set back households and businesses.
Another 1.5 million people file for unemployment benefits for the first time, but the number who are continuing to seek the payments continues to decline as workers return to their jobs.
Tensions between President Trump and Twitter escalate as he threatens to “strongly regulate” or shut down social media platforms, which he accuses of silencing conservative viewpoints.
The staggering number of people claiming jobless benefits set a new record for the second week in a row. Much of the country has been ordered to stay at home, bringing the economy to a lurching halt.
The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move.
Stock indexes rose nearly 5% after the market’s worst day since 2008. The jump followed President Trump’s call for a payroll tax cut and other steps to help the economy amid the coronavirus epidemic.
New York Stock Exchange trading was halted temporarily after indexes plunged 7% in reaction to Saudi Arabia’s oil price cut amid increasing fears over the coronavirus epidemic’s economic impact.
China says it will slap tariffs on autos and thousands of other U.S. goods. It’s an escalation of a trade war that has rippled through the world economy and raised U.S. recession fears.
The Trump administration announced Friday that it will delay tariffs on cars and auto parts imports while it negotiates trade deals with Japan and the European Union.
A major credit rating agency is warning that a prolonged government shutdown could mean that it will reconsider the nation’s AAA rating. That could lead to higher borrowing costs.
That’s slower than the second quarter’s blockbuster 4.2 percent but puts the economy on pace for the fastest annual growth in 13 years.
The economy continued to add jobs at a steady pace last month and the unemployment rate remained low. Analysts have been looking for signs that wage growth might pick up, but it held steady, too.
The Dow rebounded Friday morning before retreating in the early afternoon. Analysts say market participants are concerned about rising interest rates, inflation and ballooning government debt.
Major stock indexes dropped sharply Friday, with the Dow Jones industrial average tumbling 2.6 percent amid signs that wage growth is picking up. It was the Dow’s worst weekly performance in 2 years.