COVID-19 and the Economy

The Dow Jones Industrial Average was down 629 points, or 2.5%, at 24,975, as of 9:48 a.m. Eastern time, and the Nasdaq composite was down 1.5%. The losses were widespread, with 98% of the stocks in the S&P 500 lower

For the fourth time in its history, the Oscars are being postponed. The Academy of Motion Picture Arts and Sciences and the ABC Television Network said Monday that the 93rd Academy Awards will now be held April 25, 2021, eight weeks later than originally planned because of the pandemic’s effects on the movie industry.

The California-based company is the latest casualty of the outbreak, announcing the Chapter 11 bankruptcy filing on June 15.

Earlier this week, Treasury Secretary Steven Mnuchin suggested the Trump administration was considering sending Americans another round of stimulus checks to offset the financial pain caused by the coronavirus pandemic and the related economic lockdown.

Stocks are falling sharply on Wall Street Thursday as coronavirus cases increase again, deflating recent optimism that the economy could recover quickly as lockdowns ease.

Riverside County officials have announced that Coachella and Stagecoach have been canceled for 2020.  This comes after the two music festivals were earlier postponed until October as the global coronavirus outbreak spread into major cities across the U.S. 

U.S. employers laid off 7.7 million workers in April _ a sign of just how deep the economic hole is after the closure of thousands of offices, restaurants, stores and schools during the pandemic.

The unemployment rate dropped to a better-than-expected 13.3%, but that is still on par with what the nation witnessed during the Great Depression.

The U.S. unemployment rate fell unexpectedly in May to 13.3% — still on par with what the nation witnessed during the Great Depression — as states loosened their coronavirus lockdowns and businesses began recalling workers.

The Federal Trade Commission (FTC) is warning of a “large-scale scam erupting in the midst of the coronavirus pandemic” involving impostors who are filing claims for unemployment benefits using the personal information of people who have not filed any claims. 

Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace of layoffs.

Private employers slashed 2.7 million jobs in May as the coronavirus-induced lockdown devastated the U.S. economy and labor market, according to the ADP National Employment Report released Wednesday.

CBO expects a 'significant markdown' in GDP over the coming decade.

Two months after the federal government rolled out the Paycheck Protection Program, small business owners that tapped the coronavirus aid can officially have their loans forgiven.