Tag Archives: Unemployment

Financial Daily Dose 7.30.2020 | Top Story: Fed Recommits to Covid Relief Efforts as US GDP Craters

BY: Michael D. Reif | July 30, 2020

As expected, the Fed left rates unchanged at near zero as the Open Market Committee broke on Wednesday but managed to buoy stocks by pledging to “keep supporting the United States economy as the pandemic continues to depress economic growth and sideline millions of workers” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace … Continue reading

Financial Daily Dose 7.27.2020 | Top Story: Goldman Sachs Settles Out of 1MDB Scandal for $3.9 B

BY: Michael D. Reif | July 27, 2020

Aaaand, we’re back. Let’s get to it. Goldman Sachs has reached a deal for $3.9 billion with the Malaysian government to resolve allegations of wrongdoing related to the massive 1MDB scandal. Goldman was the “main banker for the Malaysian fund” and raised “billions of dollars” for it, “much of which was allegedly stolen by people … Continue reading

Financial Daily Dose 6.23.2020 | Top Story: White House Suspends Work Visas for Hundreds of Thousands

BY: Michael D. Reif | June 23, 2020

On Monday, the White House announced its plan to extend a “freeze on ‘green cards’ for new immigrants” and to “suspend H-1B, L-1, J and other temporary work visas for skilled workers, managers and au pairs through the end of the year,” ostensibly to “protect 525,000 jobs as part of [its] response to job losses … Continue reading

Financial Daily Dose 6.18.2020 | Top Story: SEC Intervenes to Halt Bankrupt Hertz’s Planned Stock Sales

BY: Michael D. Reif | June 18, 2020

Some rare last-minute SEC intervention forced Hertz to suspend its planned sale of up to $500 million in shares of the bankrupt car-rental company while the agency undertakes a closer review of the offering- WSJ and Bloomberg and MarketWatch and Law360 PepsiCo’s Quaker Oats responded rapidly to the furor that followed a Monday TikTok post … Continue reading

Financial Daily Dose 6.15.2020 | Top Story: Reopening-Related COVID Surge Pauses Recent Market Rally

BY: Michael D. Reif | June 15, 2020

Rising infection rates around the U.S. and the globe are worrying markets, as fear of a second wave of cases linked with the reopening of the economy freaks out traders – WSJ and Bloomberg and MarketWatch Coronavirus-related litigation looks to be a hot topic in America for months and years to come, which is why … Continue reading

Financial Daily Dose 6.8.2020 | Top Story: Bureau of Labor Statistics Admits Massive Undercount of May Jobless Figures

BY: Michael D. Reif | June 8, 2020

So about those May jobs numbers . . . . The return of 2.5 million jobs in May was a welcome and largely unexpected surprise. But the Bureau of Labor Statistics admitted later on Friday that the unemployment rate—reported as falling from 14.7% in April to 13.3% in May—“would have been three percentage points higher … Continue reading

Financial Daily Dose 5.22.2020 | Top Story: U.S. Sees 2.4 Million More Unemployment Claims and Concerns Over Undercounting

BY: Michael D. Reif | May 22, 2020

This week’s latest initial unemployment filings numbered 2.4 million, a “slight drop-off in the wave of historically high weekly filings” since the pandemic hit the U.S. economy. Don’t get too excited, though. Continuing benefit payouts are in the 25 million range as states struggle to keep up with the surge in claims since early March … Continue reading

Financial Daily Dose 5.15.2020 | Top Story: US Unemployment Claims Top 36 Million in 2 Months, Poorest Americans Hit Hardest

BY: Michael D. Reif | May 15, 2020

This week’s addition of another 3 million to the jobless roll brings the two-month unemployment claim total to 36.5 million and highlights the “rolling shock” nature of the pandemic’s economic fallout—even as some businesses have begun reopening – NYTimes and WSJ and Bloomberg And those job losses are disproportionally hitting the poorest Americans hardest. New … Continue reading

Financial Daily Dose 4.23.2020 | Top Story: PE Firm Sycamore Partners Backs Out of Deal for Victoria’s Secret over COVID-19 Response

BY: Michael D. Reif | April 23, 2020

PE firm Sycamore Partners, which “agreed to buy a majority of Victoria’s Secret from its embattled owner, L Brands, in February,” is looking to back out of the deal “because of the retail chain’s response to the coronavirus pandemic,” including its alleged failure to “essentially conduct business as usual and to refrain from changing ‘any … Continue reading

Financial Daily Dose 4.16.2020 | Top Story: Pandemic life: retail sales plummet and jobless claims soar in U.S.

BY: Michael D. Reif | April 16, 2020

New numbers out this week show that retail sales fell 8.7% in March, a staggering figure that still “doesn’t capture the full impact of the sudden economic freeze on the retail industry.” The decline was “by far the largest in the nearly three decades the government has tracked the data” – NYTimes and WSJ and … Continue reading