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News & Articles By Franz Walker
04/16/2020
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By Franz Walker
Federal Reserve warns coronavirus will continue to ravage US economy
The Federal Reserve warned Wednesday the impact from the coronavirus outbreak could sink the economy even further. In its Beige Book, which contains anecdotal information on current economic conditions in each of the Fed’s districts, industries affected by the lockdown said that they expect “conditions to worsen in the next several months.” Businesses surveyed in the report said […]
04/15/2020
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By Franz Walker
Coronavirus to cause Australia’s unemployment to soar to 10 percent by June
The unemployment rate in Australia will likely hit 10 percent for the June quarter because of the global coronavirus pandemic. However, early investigations have shown that unemployment levels would have been 5 percent higher had the government not introduced the $130 billion JobKeeper stimulus package. At least 1.37 million Australians will be out of work by June, according […]
04/12/2020
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By Franz Walker
Bankruptcies, unemployment “imminent” as coronavirus continues to batter the US
Economists from the Federal Reserve predict a wave in coronavirus-related bankruptcies in the next 12 months as the U.S. government continues to struggle with when to reopen the economy, and record numbers of people continue to file jobless claims. The claim was made by no less than three economists from The Fed — Juan Sanchez in […]
04/07/2020
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By Franz Walker
Debt-ridden millennials are vulnerable to the economic crisis from the coronavirus outbreak
While often thought of as mostly affecting older generations such as baby boomers, the ongoing coronavirus outbreak looks to bring consequences for millennials. Studies are showing that the latter generation is much more vulnerable to the economic halt caused by measures to slow the outbreak. “Even going into this situation, young adults were in a very precarious […]
04/03/2020
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By Franz Walker
Jobless claims spike to 6.6 million, doubling last week’s record, as layoffs mount amid coronavirus pandemic
A record-shattering 6.6 million jobless claims were filed last week, according to the Department of Labor’s (DOL) weekly jobless claims report. This is more than double the number reported in the previous week, which itself also broke records. The week before, the DOL already reported a then record-setting 3.2 million jobless claims for the week, thanks to […]
04/02/2020
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By Franz Walker
The Fed WARNS more lay-offs are coming as the coronavirus continues to spread
The social distancing measures being put up to try to stop the spread of the coronavirus pandemic have resulted in the worst level of unemployment that the U.S. has seen in a long time. As bad as things are, however, a new estimate by the Federal Reserve is showing that they’re going to get much worse. A […]
03/28/2020
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By Franz Walker
Coronavirus cost nearly ONE IN FOUR Americans their jobs as the economic damage from the pandemic continues to mount
Almost one out of every four American adults say that they’ve either been laid off or furloughed because of the coronavirus outbreak, a recent poll says. However, the same poll also shows that most Americans are fine with keeping businesses closed down to help fight the coronavirus outbreak. The Reuters/Ipsos March 26-27 opinion poll, released Friday, showed […]
03/27/2020
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By Franz Walker
Coronavirus causes record-breaking 3.2 million Americans to file for unemployment
A total of 3.2 million people filed for unemployment benefits last week as the economic slowdown caused by the coronavirus outbreak forced layoffs around the U.S. last week. The seasonally adjusted total reported by the Department of Labor (DOL) shattered records, surpassing the previous one of 695,000 initial jobless claims in a single week set in 1982. […]
03/13/2020
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By Franz Walker
Coronavirus fears continue to crush the Dow: US stocks suffer worst losses since 1987 market crash
The Dow Jones Industrial Average sank by 10 percent Thursday, the worst one-day drop since the 1987 “Black Monday” market crash which sent the Dow tumbling to more than 22 percent, plunging the index deeper into bear market territory. The slide comes despite efforts from both President Donald Trump and the Federal Reserve to quell investors’ concerns over […]
03/12/2020
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By Franz Walker
Coronavirus sinks Dow into bear market territory, other major indices down 5% – the bear is back with a vengeance
The coronavirus crushed U.S. stock markets anew, with the Dow Jones Industrial Average falling by 5.9 percent by closing bell on Wednesday. The 20.3 percent decline from its most recent high on February 12, 2020, also signals the end of the market’s decade-long bull run. This also marks a bear market, suggesting that investors have changed their view of the […]
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