boutons_deux
07-11-2020, 09:16 PM
United Airlines announced plans to lay off more than one-third of its 95,000 workers.
Brooks Brothers, which first opened for business in 1818, filed for bankruptcy.
And Bed Bath and Beyond said it will close 200 stores.
Welcome to the recovery.
If there were still hopes of a “V-shaped” comeback from the novel coronavirus (https://www.washingtonpost.com/health/2020/02/28/what-you-need-know-about-coronavirus/?itid=lk_inline_manual_5) shutdown, this past week should have put an end to them.
appears instead to be settling into a traditional, self-perpetuating recession.
But without a uniform federal strategy, many governors rushed to reopen their economies before bringing the virus under control.
the economy could begin shedding jobs again this month and in August,
Many small businesses that received forgivable government loans have exhausted their funds while
some larger companies are starting to thin their payrolls in preparation for a longer-than-expected downturn.
“ ‘Stalling’ is the word I’m using,”
“But the risk there is that the numbers start turning negative again.”
Several regional Federal Reserve officials last week expressed concerns about the recovery petering out.
Trump: “I created the greatest economy we’ve ever had. :lol
And now we’re creating it again,” :lol
The economy did regain a total of 7.5 million jobs in May and June, faster than many economists anticipated. But that
was just one-third of the number lost to the pandemic.
layoffs are spreading beyond companies that provide services requiring direct human contact.
the job loss is starting to feed on itself in a classic recessionary spiral
the pandemic ... is prompting companies to rethink their operations and to trim fat that accumulated while the economy was growing.
Wells Fargo, the nation’s fourth-largest bank, is drawing up plans to cut “tens of thousands” of jobs later this year,
layoffs that initially were described as a temporary response to a health crisis are hardening into something more permanent,
leaving millions of workers scrambling to regain their footing in a changed economy.
The labor market remains a ruin.
First-time claims for unemployment benefits have exceeded the previously unheard of figure of 1 million for 16 consecutive weeks.
https://www.washingtonpost.com/business/2020/07/11/after-fastest-recession-us-history-economic-recovery-may-be-fizzling/
Brooks Brothers, which first opened for business in 1818, filed for bankruptcy.
And Bed Bath and Beyond said it will close 200 stores.
Welcome to the recovery.
If there were still hopes of a “V-shaped” comeback from the novel coronavirus (https://www.washingtonpost.com/health/2020/02/28/what-you-need-know-about-coronavirus/?itid=lk_inline_manual_5) shutdown, this past week should have put an end to them.
appears instead to be settling into a traditional, self-perpetuating recession.
But without a uniform federal strategy, many governors rushed to reopen their economies before bringing the virus under control.
the economy could begin shedding jobs again this month and in August,
Many small businesses that received forgivable government loans have exhausted their funds while
some larger companies are starting to thin their payrolls in preparation for a longer-than-expected downturn.
“ ‘Stalling’ is the word I’m using,”
“But the risk there is that the numbers start turning negative again.”
Several regional Federal Reserve officials last week expressed concerns about the recovery petering out.
Trump: “I created the greatest economy we’ve ever had. :lol
And now we’re creating it again,” :lol
The economy did regain a total of 7.5 million jobs in May and June, faster than many economists anticipated. But that
was just one-third of the number lost to the pandemic.
layoffs are spreading beyond companies that provide services requiring direct human contact.
the job loss is starting to feed on itself in a classic recessionary spiral
the pandemic ... is prompting companies to rethink their operations and to trim fat that accumulated while the economy was growing.
Wells Fargo, the nation’s fourth-largest bank, is drawing up plans to cut “tens of thousands” of jobs later this year,
layoffs that initially were described as a temporary response to a health crisis are hardening into something more permanent,
leaving millions of workers scrambling to regain their footing in a changed economy.
The labor market remains a ruin.
First-time claims for unemployment benefits have exceeded the previously unheard of figure of 1 million for 16 consecutive weeks.
https://www.washingtonpost.com/business/2020/07/11/after-fastest-recession-us-history-economic-recovery-may-be-fizzling/