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“#US retail sales smash expectations with 1.9 percent jump” US retail sales accelerated their recovery from the coronavirus crisis in September as consumers splurged on clothes, hobbies and restaurants, the feds said Friday. Retailers raked in a total of $549.2 billion last month, a 1.9 percent increase from August’s levels that smashed economists’ expectations for…
“#898,000 filed last week amid COVID-19 crisis” Some 898,000 Americans applied for unemployment benefits last week as the coronavirus pandemic kept the labor market in a chokehold, the feds said Thursday. The latest figure brought the seasonally adjusted number of initial jobless claims filed during the COVID-19 crisis to roughly 64.5 million — a total…
“#Luxury cruise ships being scrapped for metal amid ongoing pandemic” These ships are currently worth more for their parts than they are as luxury voyages. As the cruise ship industry continues to be battered by the ongoing coronavirus pandemic, boats once considered to be opulent, top-of-the-line vessels are now being sold for scraps. This month,…
“#COVID-19 pandemic hits retailers, causing holiday hiring slump” When the pandemic blew a hole in the US labor market last spring, the hope was for a quick return to normal. It’s clear that hasn’t happened, and with the critical holiday shopping season approaching workers face a new drag on their prospects. Companies appear to be…
“#De Blasio’s ‘fiscal savings’ a loss to taxpayers, a gift to teachers union” That was fast. Last Thursday, Mayor de Blasio informed the United Federation of Teachers that the city couldn’t afford a $900 million bonus for union members. It took 24 hours for the union to knock this threat down — and wring a…
“#840,000 workers seek unemployment benefits” Another 840,000 American workers applied for unemployment benefits last week as the coronavirus continued to threaten the US economy, the feds said Thursday. The US Department of Labor’s latest seasonally adjusted figures brought the number of initial jobless claims filed amid the COVID-19 crisis to about 63.6 million — the…
“#Wells Fargo lays off 700, sees deeper cuts to come” Charlie Scharf is kicking more folks off the stagecoach. The Wells Fargo chief has resumed layoffs after his plans were stymied by the onset of the coronavirus, and will move forward with deeper job cuts as he gets back to cutting costs at the scandal-plagued…
“#De Blasio’s small steps aren’t enough to fix NYC’s fiscal woes” Last week, the Moody’s agency slashed the credit rating on New York City’s debt. Just like with your credit score, the lower it goes, the higher an interest rate the city pays, putting us further in the hole. Gotham owes $116.1 billion in various…
“#Cuomo’s options for avoiding spending cuts this year worse than COVID-19” Forces looking to avoid the major budget cuts that state government needs to make will tell you that Gov. Andrew Cuomo has saved enough to avoid the need for big cutbacks. But that relies on some truly creative accounting. The pandemic and lockdowns have…
“#US adds 661,000 jobs, unemployment at 7.9 percent” The US economy added 661,000 jobs in September as the American labor market’s rebound from the coronavirus pandemic hit yet another snag, new data show. Last month’s growth in non-farm payrolls helped push the unemployment rate down to 7.9 percent but marked a continued slowdown in hiring…