Rappler's latest stories on US economy
Challenging Trump on economy, Biden unveils $700 billion recovery plan
Biden presents the sweeping 'Build Back Better' proposal, a contrast to Trump's 'America First' agenda, during a speech at a metal works plant in Pennsylvania
Another 1.3 million workers file for U.S. jobless benefits
The pace of layoffs in the United States continues to slow down, but the level remains far higher than any pre-pandemic week
U.S. services sector returned to growth in June 2020 – survey
The Institute for Supply Management's non-manufacturing index rises to 57.1% in June, well above expectations
Trump cheers U.S. jobs surge in June 2020 despite rising virus count
(UPDATED) The United States' unemployment rate drops to 11.1% in June 2020, but economists fear the spike in coronavirus cases could hurt recovery
U.S. trade deficit widens as virus hits exports
United States exports are down 4.4% to $144.5 billion, while imports fall 0.9% to $199.1 billion in May 2020
U.S. private hiring, manufacturing recover in June 2020 after virus plunge
Data from payroll services firm ADP show private firms in the United States hired 2.4 million workers, while the Institute for Supply Management's manufacturing index jumps to 52.6%
Officials cheer signs of U.S. rebound; ponder more aid
'We have entered an important new phase and have done so sooner than expected,' says US Federal Reserve Chair Jerome Powell, but he adds the economy cannot fully recover unless COVID-19 is kept in check
Goldman Sachs: Requiring masks could save U.S. economic recovery
Goldman Sachs says a national mask mandate could 'partially substitute' for renewed lockdowns that would otherwise subtract nearly 5% from US growth
U.S. income drops as CARES Act tapers but spending jumps
Income in the United States falls 4.2% in May 2020, while spending grows 8.2%
Virus, joblessness raise concerns of strangled U.S. recovery
Data released on Thursday, June 25, show layoffs in the United States have reached 47.2 million since the coronavirus lockdowns began
New U.S. layoffs show mixed impact of small business loans
The United States economy continues to bleed jobs, even as states reopen and despite federal initiatives like the Paycheck Protection Program
Virus layoffs top 45.7 million as U.S. economic distress persists
(UPDATED) Another 1.5 million workers file new claims for unemployment benefits in the United States from June 7 to 13
Fed chair warns of 'significant uncertainty' around U.S. recovery
Unless consumers feel confident COVID-19 has been defeated, 'a full recovery is unlikely,' warns United States Federal Reserve Chair Jerome Powell
U.S. retail sales surge 17.7% in May 2020
The $485.5 billion in United States retail sales in May 2020 is nearly double what analysts had forecast
U.S. Fed at last launches Main Street Lending Program
The Main Street Lending Program aims to support businesses in the United States that are too big to benefit from the Paycheck Protection Program
U.S. consumer sentiment jumps more than expected in June 2020 – survey
The University of Michigan consumer sentiment index jumps to 78.9 in June 2020, much better than economists had expected
Massive U.S. layoffs continue even as businesses reopen
Data show the coronavirus pandemic has caused 44.2 million layoffs in the United States since mid-March 2020
Fed warns of uncertain path for post-pandemic U.S. economy
The United States Federal Reserve confirms it will keep the benchmark interest rate at zero until economic recovery is underway
Spike in black unemployment 'heartbreaking' – Fed's Powell
While the United States posted a surprising decline in its overall unemployment rate in May 2020, for black workers it actually ticked up a notch
U.S. Fed again expands Main St loan program to reach more firms
The United States' Main Street Lending Program is available to businesses with up to 15,000 employees, or as much as $5 billion in annual revenue
U.S. recession started in February, ending 128-month expansion
'The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession,' says a committee
Black Americans suffer from generations of economic marginalization
From lower wages to longer commute times, the structure of the world's largest economy deeply marginalizes black people
U.S. shows surprising employment recovery in May 2020 despite pandemic
The United States' unemployment rate is down to 13.3% in May 2020, from 14.7% in April 2020
U.S. faces unemployment crisis amid record trade drop
(UPDATED) Data show more than 42 million workers in the United States have lost their jobs since mid-March 2020. The country's trade deficit also jumps to $49.5 billion.
U.S. workers face unequal future when virus recedes
The coronavirus pandemic is deepening inequality for workers in the world's largest economy
Badly hit California economy aims to reverse virus 'free fall'
California, the world's 5th largest economy, is heavily dependent on tourism, hospitality, and entertainment – industries that ground to a halt because of the coronavirus
Fed chair warns of widening inequality as U.S. consumption dives
United States consumer spending plunges by a record 13.6% in April 2020
U.S. layoffs exceed 40 million but some returning to work
New data also show the United States' gross domestic product fell 5% in the 1st quarter of 2020, slightly worse than the 4.8% drop originally reported
U.S. outlook highly uncertain, businesses 'pessimistic' – Fed
American firms now worry that generous unemployment benefits make it difficult to retain workers or to bring them back to their posts once they are able to reopen
White House economist sees double-digit jobless rate through U.S. elections
Kevin Hassett says the United States' unemployment rate could still be in double digits in November 2020 when US presidential elections are held
U.S. layoffs surpass 38.6 million as lawmakers debate stimulus
Another 2.43 million Americans are put out of work in the week ending May 16
Some business models won't survive post-pandemic – U.S. Fed
United States Federal Reserve officials worry that 'even after social distancing requirements were eased, some business models may no longer be economically viable'
U.S. risks 'permanent damage' from extended shutdown – Mnuchin
United States Treasury Secretary Steven Mnuchin tells senators the government is 'conscious of the health issues' involved with reopening and they want it done 'in a balanced and safe way'
U.S. facing severe crisis, but not a depression – Fed's Powell
United States Federal Reserve Chair Jerome Powell says the US economy could 'easily' collapse by 20% to 30% in the 2nd quarter of 2020, but 'it should be a much shorter downturn' than in the 1930s
Awful data show U.S. economy is in deep trouble
United States retail sales sink by 16.4% in April 2020, the largest one-month fall on record. Industrial production also drops a record 11.2%.
Jobless data show economic pain as Trump eyes U.S. reopening
The grim figures bring total US job losses since mid-March 2020 to a level rivaled only by the Great Depression 90 years ago
Wave of coronavirus bankruptcies poses next threat to U.S. economy
Many firms now bleeding cash are in for a tough ride until the economy fully rebounds, which likely will come only after a coronavirus vaccine is developed and widely used
Virus emergency spending costly but worth it – U.S. Fed's Powell
'Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,' says United States Federal Reserve Chairman Jerome Powell
U.S. Democrats unveil $3 trillion coronavirus relief package
The 1,815-page measure faces immediate opposition in the Republican-controlled Senate, where leaders say a new round of emergency funding is not yet needed
Virus, low oil prices take toll on April 2020 U.S. inflation
United States inflation drops to 0.8% in April 2020, its largest month-on-month fall since December 2008
Los Angeles stores take tentative steps in reopening for business
Some retailers are allowed to get back to business in California, but face uncertainty in the wake of economic losses caused by the coronavirus lockdown
Jobless Americans can only hang on as pandemic rages
Meet 3 Americans who are among the millions who have lost their jobs due to the coronavirus pandemic
U.S. suffers biggest job losses in history amid coronavirus
(3rd UPDATE) An unprecedented 20.5 million jobs are destroyed in April 2020, driving the United States' unemployment rate to 14.7%
U.S. jobless claims begin decline, but still high at 3.2 million
There are 3.2 million new claims for jobless benefits in the United States, bringing the number of claims filed since mid-March 2020 to 33.5 million
U.S. trade deficit widens on record export drop
United States exports post a record decline of 9.6% in March 2020
U.S. Treasury to borrow record $2.999 trillion in Q2 2020
The United States Treasury says the spike in borrowing is 'primarily driven by the impact of the COVID-19 outbreak'
U.S. Fed expanding Main Street loan program to aid more firms
The United States Federal Reserve seeks to help companies too big for the Paycheck Protection Program but too small to have routine access to capital markets to generate financing
Record number of U.S. workers receiving jobless benefits
Another 3.84 million United States workers file first-time claims for jobless benefits, bringing the total to 30 million in 6 weeks
Decade of U.S. growth ends as Fed warns of more virus hardship ahead
(3rd UPDATE) The United States suffers its biggest decline in gross domestic product in 12 years due to the coronavirus
Trump signs huge new economic relief spending package
The latest package signed by United States President Donald Trump will pump another $483 billion of government funds into the world's biggest economy
