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Business and Economic News

10 years of spectacular U.S. job growth nearly wiped out in 4 weeks

10 years of spectacular U.S. job growth nearly wiped out in 4 weeks

The number of people filing for unemployment climbed by another 5.2 million, as the toll of the nation's economic dive continues to mount. In the past four weeks, 22 million have filed claims.
by Jim Zarroli

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Smithfield Foods closes plants in Wisconsin, Missouri

Smithfield Foods closes plants in Wisconsin, Missouri

Smithfield Foods will temporarily close its plants in Cudahy, Wis., and Martin City, Mo., because of the coronavirus pandemic. Smithfield said a small number of employees at both plants have tested positive for COVID-19. The company’s Sioux Falls, S.D., plant is closed indefinitely after an outbreak there.
by The Associated Press

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What's it going to take to end the shutdown? 5 keys to containing coronavirus

What's it going to take to end the shutdown? 5 keys to containing coronavirus

Political leaders want to reopen the economy soon but public health experts say we first need to set up systems to prevent new flare-ups of the coronavirus. Here's what needs to get done.
by Allison Aubrey and Selena Simmons-Duffin

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Unemployment money not reaching millions of people who applied

Unemployment money not reaching millions of people who applied

Nearly 17 million Americans have filed for unemployment benefits in recent weeks, but a large portion have yet to receive any money. Freelancers and gig workers face some of the longest delays.
by Chris Arnold

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Experts on reopening the economy: ‘There’s so much uncertainty’

Experts on reopening the economy: ‘There’s so much uncertainty’

There are more questions than answers when it comes to the future of the economy post-pandemic. We turned to the president of the Federal Reserve Bank of Minneapolis for his views on federal stimulus funding and who is hardest hit right now.
by Kerri Miller, MPR News Staff and Breann Schossow

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Report: Adding Trump's name to checks will delay them. IRS says they're on schedule

Report: Adding Trump's name to checks will delay them. IRS says they're on schedule

The IRS said the economic relief payments "are going out on schedule, as planned, without delay." “The Washington Post” reported that Trump's name would be included on the checks, an unprecedented step.
by Danielle Kurtzleben

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Best Buy to furlough more than 50,000 workers due to COVID-19

Best Buy to furlough more than 50,000 workers due to COVID-19

Company CEO Corie Barry announced the job cuts Wednesday, saying nearly all part-time workers were being laid off, although eligible employees are keeping health insurance coverage at no cost for three months.
by Tim Nelson

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Oil prices keep slipping as demand drops by record amounts

Oil prices keep slipping as demand drops by record amounts

The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.
by Camila Domonoske

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Retail spending just fell off a cliff

Retail spending just fell off a cliff

Americans are still spending a fair amount on food and online deliveries, but the shutdowns of stores, malls and restaurants led to a record 8.7 percent sales drop in March.
by Alina Selyukh

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WHO sets 6 conditions for ending a coronavirus lockdown

WHO sets 6 conditions for ending a coronavirus lockdown

The easing of shutdowns is a hot topic, as economic output is now stalled in many countries — including the U.S. But ending a shutdown too soon could backfire, the World Health Organization says.
by Bill Chappell

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