A staggering 16.8 million Americans have filed for unemployment benefits in the last three weeks, with weekly new claims topping 6 million for the second straight time last week as the novel coronavirus outbreak relentlessly savages the economy.
The record unemployment insurance claims numbers are the result of businesses such as restaurants, bars and other social venues being shuttered as states and local governments implement tough measures to control the spread of COVID-19, the respiratory illness caused by the coronavirus. “Today’s report continues to reflect the purposeful sacrifice being made by America’s workers and their families to slow the spread of the coronavirus,” Labor Secretary Eugene Scalia said in a statement.
The Federal Reserve on Thursday rolled out a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the economy intact. Fed Chair Jerome Powell said the U.S. central bank would continue to use all the tools at its disposal until the economy started to fully rebound.
But with the recent package greatly enhancing unemployment benefits, some economists are concerned that businesses are encouraging their lowest paid hourly workers to take advantage of an extra $600 per week for up to four months.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US threatens to block China Telecom from American marketThe United States threatened Thursday to cut off Beijing-controlled China Telecom from serving the US market because of legal and security risks, the Justice Department announced Thursday. Now i know why in the past japanese invade china and keep it in check... History does'nt tell us the whole story. WHO And UN Make It CHINA! LIABLE! All The Way! The Worst Disaster Pandemic Virus COVID-19.
Source: manilabulletin - 🏆 25. / 51 Read more »
440 Filipino cruise ship workers from US repatriated amid COVID-19At least 440 Filipino seafarers of the Norwegian Pearl, Sky, and Sun cruise ships from the United States were repatriated Friday morning amid the COVID-19 pandemic. | IBiongINQ Hope this time they will notify the home province/city of each returning OFW for surveillance and monitoring purposes. Many who tested negative have turned positive, no?
Source: inquirerdotnet - 🏆 3. / 86 Read more »
US donates 1,300 cots to Philippines, part of $4 million health package
Source: ANCALERTS - 🏆 26. / 50 Read more »
US cautiously optimistic as coronavirus curve appears to flattenMakeChinaPay
Source: ABSCBNNews - 🏆 5. / 83 Read more »
US intelligence agencies started tracking coronavirus outbreak in China as early as NovemberUS spy agencies were tracking the rise of the novel coronavirus as early as November, weeks before that information was included in President Donald Trump's daily intelligence briefing, a former US military official told CNN. The truth is getting closer If that's true, it is looking very suspicious against the US gov't Oh wow interesting.
Source: CNN Philippines - 🏆 13. / 63 Read more »
U.S. Fed launches $2.3-trillion financing to support economyThe United States Federal Reserve announces more programs to help businesses, households, and state governments facing a cash crunch. coronavirus
Source: rapplerdotcom - 🏆 4. / 86 Read more »