U.S. hiring races to record high in May, layoffs abate

WASHINGTON (Reuters) – U.S. hiring surged to a record high in May and layoffs declined as businesses reopened, but the signs of improvement in the labor market have been overshadowed by a resurgence in COVID-19 cases that has forced some enterprises to shut down again. The Labor Department said on Tuesday in its monthly Job Openings and Labor Turnover Survey, […]

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U.S. job growth accelerates in June; unemployment rate falls

WASHINGTON (Reuters) – The U.S. economy created jobs at a record clip in June as more restaurants and bars resumed operations, further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery. Nonfarm payrolls increased by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment showed on […]

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U.S. employers announced more job cuts in June: report

WASHINGTON (Reuters) – U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57% from May, they jumped 306% compared to June last year. The job cuts […]

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China's factory activity expands, but job losses quicken amid weak exports: Caixin PMI

BEIJING (Reuters) – China’s factory activity grew at a faster clip in June after the government lifted coronavirus lockdown measures and ramped up support steps, but the health crisis continues to pressure exports and jobs, a private business survey showed on Wednesday. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 last month, the fastest pace of growth since […]

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Fed Chair Powell says economy faces 'new challenges' from virus

Fed’s 2nd most powerful voice says there’s no limit to Fed’s balance sheet bloat Federal Reserve Vice Chairman Richard Clarida discusses economic stimulus, sustaining the flow of credit in the country, opening new facilities, the Fed’s balance sheet and adjusting interest rates. Federal Reserve Chairman Jerome Powell said the reopening of the U.S. economy — and the accompanying upturn in […]

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RPT-UPDATE 1-China industrial firms' May profits post first monthly rise in 6 months

(Repeats story from Sunday with no changes to text) SHANGHAI, June 28 (Reuters) – Profits at China’s industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction and brightening the outlook for manufacturing investment and jobs. China’s national bureau of statistics said profits at China’s industrial firms in May rose […]

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Consumer sentiment tepid in U.S. South as COVID-19 cases spike

WASHINGTON (Reuters) – Consumers in southern U.S. states where COVID-19 infections spiked to record levels after authorities rushed to reopen businesses were less optimistic about economic conditions in June than residents in areas that proceeded more cautiously and followed the advice of health experts. The University of Michigan said on Friday its measure of consumer sentiment rose only 0.5 point […]

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