Virus cost may top $4 trillion; Americans arm up on guns
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus.
3M fires back at Trump over order to produce more face masks
Manufacturing giant 3M pushed back Friday against criticism from President Donald Trump over production of face masks that are badly needed by American health care workers.
Stocks fall on Wall Street, heading for another weekly loss
NEW YORK (AP) — Stocks are falling in early afternoon trading Friday, putting Wall Street on track for its third losing week in the last four.
Scramble for virus supplies strains global solidarity
ROME (AP) — San Marino needed medical masks. Badly. The tiny republic, wedged next to two of Italy’s hardest-hit provinces in the COVID-19 outbreak, had already registered 11 deaths by March 17 — a sizeable number in a country of just 33,000, and a harbinger of worse to come.
US sheds most jobs in a decade, ending record hiring streak
WASHINGTON (AP) — A record-long streak of U.S. job growth ended suddenly in March after nearly a decade, as employers slashed hundreds of thousands of jobs because of the viral outbreak that has all but shut down the U.S.
US service sectors slows in March
WASHINGTON (AP) — Growth in the U.S. service sector slowed in March with a much bigger decline expected in coming months from all the shutdowns and job layoffs that have occurred because of efforts to contain the coronavirus.
Jobs report Friday is expected to end record hiring streak
WASHINGTON (AP) — After a record 113 straight months of hiring, the government's monthly jobs report Friday is expected to show that the American jobs machine came to a sudden halt in March as a result of the coronavirus.
Local newspapers are facing their own coronavirus crisis
NEW YORK (AP) — Just when Americans need it most, a U.S. newspaper industry already under stress is facing an unprecedented new challenge.
Boost the schmooze? Trump wants tax dining deduction back
WASHINGTON (AP) — It may be an odd gesture at a time of social distancing, but President Donald Trump is leaning into his plea to Congress to restore full tax benefits prized by business for fine dining and schmoozing.
Asian stocks mixed after Wall Street rises on pricier oil
BEIJING (AP) — Asian stocks were mixed Friday after Wall Street gained for the first time in three days on stronger oil prices despite enduring uncertainty about how long the global economic decline due to the coronavirus pandemic will last.
Outbreak: bankruptcies, layoffs, quiet skies and empty rails
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Thursday related to the global economy, the work place and the spread of the virus.
Record jobless claims but Dems, GOP divide over rescue bill
WASHINGTON (AP) — Fresh data on Thursday that detailed a record avalanche of unemployment claims offered no signs of easing the rift between Democrats and Republicans over the need for new legislation financing infrastructure and other job-creation programs.
Drop in sales mean Powerball jackpots will get even smaller
DES MOINES, Iowa (AP) — Look for Powerball jackpots to get even smaller as the new coronavirus keeps more people at home, not out buying lottery tickets, officials said Thursday.
You've just lost your job? Here's what you need to know
WASHINGTON (AP) — Nearly 10 million Americans have lost their jobs and applied for unemployment benefits in the past two weeks — a stunning record high that reflects the near-complete shutdown of the U.S.
World Bank OKs first $1.9B for poor countries battling virus
WASHINGTON (AP) — The World Bank on Thursday approved its first funds to help some of the globe's poorer countries combat the coronavirus outbreak.
Trump says he expects Russia, Saudis to cut oil production
DUBAI (AP) — President Donald Trump said Thursday that he expects Saudi Arabia and Russia will dramatically cut production and end an oil war that sent energy prices to record lows.
Stimulus aid for 'small business' will go to some big chains
IOWA CITY, Iowa (AP) — As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out.
US allowing longer shifts at nuclear plants in pandemic
WASHINGTON (AP) — U.S. nuclear plants will be allowed to keep workers on longer shifts to deal with staffing problems in the coronavirus pandemic, raising worries among watchdogs and some families living near reactors that employee exhaustion will increase the risks of accidents.
AP-NORC poll: About half of workers lose income due to virus
WASHINGTON (AP) — About half of all working Americans report some kind of income loss affecting themselves or a member of their household due to the coronavirus pandemic, with low-income Americans and those without college degrees especially likely to have lost a job, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.
A record 10 million sought US jobless aid in past 2 weeks
WASHINGTON (AP) — More than 6.6 million Americans applied for unemployment benefits last week — doubling a record high set just one week earlier — a sign that layoffs are accelerating in the midst of the coronavirus outbreak.
With business vaporizing, Europe focuses on avoiding layoffs
BRUSSELS (AP) — As the new coronavirus spreads across Europe, ravaging economies and killing thousands, governments and the European Union are focusing much of their economic rescue efforts on containing a boom in joblessness, particularly by helping companies not fire workers.
US trade gap falls to $39.9 in February, lowest since 2016
WASHINGTON (AP) — The U.S. trade deficit tumbled in February to the lowest level since 2016 as exports fell and imports fell more.
Q&A: How to get aid for a small business hit by virus crisis
NEW YORK (AP) — Millions of small business owners will be turning to the government, seeking help for an individual and nationwide cataclysm, the economic devastation caused by the coronavirus outbreak.
Toyota, China's BYD announced electric car venture
BEIJING (AP) — Toyota Motor Co. and Chinese electric automaker BYD Co. announced a partnership Thursday to develop battery-powered vehicles, adding to a flurry of industry tie-ups to share soaring development costs.