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US economy posts its worst drop on record

[CNN] New York — The US economy contracted at a 32.9% annual ratefrom April through June, its worst drop on record, the Bureau of Economic Analysis said Thursday. Business ground to a halt during the pandemic lockdown in the spring of this year, and America plunged into its first recession in 11 years, putting […]

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Lots of companies are saying they have ‘operating leverage’ — that’s just code for firing people

[CNBC, GETTY IMAGES] KEY POINTS One reason the stock market is holding up well is because investors believe many corporations are going to fire a lot of people and replace them with technology that will make the companies more efficient and improve profits.There’s a fancy accounting term for this. It’s […]

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The Dollar Is Dropping. What It Means and Which Stocks Might Gain.

[Barrons, Bloomberg] The dollar has been weakening in recent months and currency strategists see more declines ahead. That could call for a different playbook for investors, including more foreign holdings. In a note to clients on Monday, Goldman Sachs ’s currency strategists forecast a 5% weaker dollar in trade-weighted terms during the next […]

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‘The fun of getting dressed is gone.’ As consumers adjust to the pandemic, retailers feel the strain

[NBC NEWS] Yes. Your shoes miss you, too. “I loved doing my hair and getting ready, picking out a nice pair of pants and a dressy blouse or a dress and heels,” said Ashley Krasnoff, who used to go to her Los Angeles-area office every weekday. “With that came jewelry […]

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American Airlines is in Deep Financial Stress

[The Street, Getty Images] American Airlines does not have the financing for Boeing 737 Max aircraft it ordered. Repercussions are many. In addition to not having financing, The company does not have sufficient passengers. So AA Threatens to Cancel Some Orders. American executives told their Boeing counterparts in recent weeks they […]

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Texas seeks millions from unemployed workers after state ‘overpaid’ benefits

[Houston Chronicle] The state is trying to claw back tens of millions of dollars in unemployment benefits that it mistakenly paid to thousands of Texans, many of whom have already spent the money and face difficulties paying it back. The Texas Workforce Commission has sent 46,000 notices to jobless workers seeking repayment […]

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The US economy created 4.8 million jobs in June. But that’s not the whole story

[CNN] The US unemployment rate fell to 11.1% as the economy added a record 4.8 million jobs in June, the Bureau of Labor Statistics reported on Thursday. The data was far better than economists predicted, and the unemployment rate also fell more than expected. It was the second-consecutive month of growth after more than 20 […]

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Stimulus checks, back-to-work bonuses, bigger jobless benefits? What the next relief bill might look like

[CNBC, Reuters] KEY POINTS Washington negotiations over the next coronavirus relief package will likely get serious later this month.Many Americans are hoping for more direct financial relief through stimulus checks and enhanced unemployment. Meanwhile, some lawmakers have also discussed implementing back-to-work bonuses.One political analyst says that all three options could […]

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U.S. Home-Mortgage Delinquencies Reach Highest Level Since 2011

[Bloomberg, Getty Images] U.S. home-mortgage delinquencies climbed in May to the highest level since November 2011 as the pandemic’s toll on personal finances deepened. The number of borrowers more than 30 days late swelled to 4.3 million, up 723,000 from the previous month, according to property information service Black Knight Inc. […]

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