Economy

Nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired.

Housing advocates fear that they could see a wave of evictions in the coming months, as states end moratoriums put in place during the coronavirus pandemic.

The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. Any reading above 50 signals that U.S. manufacturing is expanding.

Frustrated congressional negotiators of a massive coronavirus relief bill are facing new pressure with Thursday's brutal economic news and the approaching lapse in a $600 per-week COVID-19 jobless benefit.

The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

Restaurants, bars and other merchants struggling to stay afloat during the coronavirus pandemic are desperately reaching out for a lifeline from insurers who say they are being miscast as potential saviors.

A report from the Office of Inspector General of the U.S. Small Business Administration details complaints of thousands of instances involving suspected fraud from financial institutions apparently receiving economic assistance from Coronavirus relief aid.

The GOP unveiled details for a second round of direct payments to American households on Monday, in legislation that has been dubbed the HEALS Act.

The framework is expected to extend — but reduce substantially — just-expired expanded unemployment benefits, send a fresh round of $1,200 stimulus check to American adults earning less than $75,000 in August and funnel tens of billions of dollars in aid to schools and universities.

The $600 weekly boost in jobless aid that millions of people have received since early in the pandemic is set to expire.

Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic believe those jobs are lost forever.

The Commerce Department reported Friday that the June gain pushed sales of new homes to a seasonally adjusted annual rate of 776,000. The increase follows a 19.4% jump in May.

The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package.

The number of laid-off Americans seeking unemployment benefits rose last week for the first time since the pandemic struck in March, evidence of the deepening economic pain the outbreak is causing to the economy.

Ascena Retail Group, the parent company of Lane Bryant, Ann Taylor and Justice, announced Thursday that it has filed for Chapter 11 bankruptcy protection after its business was "severely disrupted by the COVID-19 pandemic."

The Federal Reserve has seen a significant decline of coins in circulation because people are not spending them as regularly at businesses, many of which are either temporarily closed or not accepting cash.

Remote job roles in engineering, communications and marketing are hiring at these companies during the COVID-19 pandemic.

A major source of income for roughly 30 million unemployed people is set to end, threatening their ability to meet rent and pay bills and potentially undercutting the fragile economic recovery.