The unemployment numbers continue to grow. 🔐
Another 5.2 million people were rushed onto the U.S. unemployment rolls last week as the coronavirus shutdown clamped down on the economy.
Over the past four weeks, a total of 22 million people have applied for jobless benefits as businesses close to slow the spread of COVID-19 and people hunker down at home. In reporting the figures, the Labor Department placed the “insured unemployment rate” for the week ended April 4 at 8.2 percent.While Walmart, Target, pharmacies and other companies remain open because they sell essential goods — from canned tuna to medicines — most fashion retailers have closed and sent workers home. Retailers generally held on to workers for a few weeks, but then moved to furloughs.
The shutdown has underscored just how tight retail finances are and how dependent companies are on a steady flow of cash week to week. Now the companies that were on watch lists as financially strained are hitting the wall. J.C. Penney Co. Inc. missed an interest payment Wednesday and is using its 30-day grace period to rush for options. Neiman Marcus Group is also said to have alerted vendors that it wouldn’t make a similar interest payment.
J.C. Penney, Neiman’s, Rite Aid Corp., J. Crew Group Inc., Ascena Retail Group Inc. and Academy together account for 77 percent of the $24 billion of apparel and retail debt that Moody’s Investor Service deemed to be of “poor standing” heading into the shutdown.How Executive Teams Will Evolve in the Post-COVID-19 Era Tensions Rise Between Retailers and Landlords In U.K.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Jobless claims total 5.245 million as 22 million positions have been lost due to coronavirusFirst-time claims for unemployment insurance last week likely totaled 5 million, according to economists surveyed by Dow Jones.
Consulte Mais informação »
Dow futures fall more than 100 points as investors await key jobless claims dataFutures contracts tied to the major U.S. stock indexes opened flat at the start of the overnight session Wednesday.
Consulte Mais informação »
U.S. stock futures slide as investors brace for jobless-claims reportU.S. stock index futures fell late Wednesday, following losses on Wall Street and ahead of a sure-to-be-ugly U.S. jobless-claims report due Thursday. Dow...
Consulte Mais informação »
Jobless claims might top 5 million for third straight week, push unemployment to 15%Some 5 million Americans likely applied for jobless benefits for the third week in a row in mid-April as the coronavirus took an even bigger bite out of the...
Consulte Mais informação »
Treasury yields slightly lower ahead of key jobless claims dataU.S. government debt prices were slightly higher Thursday morning as investors await key U.S. jobless claims figures for last week.
Consulte Mais informação »
Stock market live updates: Dow futures up, bracing for jobless claimsStocks are coming off a major sell-off on Tuesday from dismal earnings and economic data.
Consulte Mais informação »