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Articles written by Christopher Rugaber

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Retailers brace as virus bears down on consumers and economy

WASHINGTON (AP) — LaTonya Story is every retailer's worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season,...

 

Mnuchin denies trying to hinder incoming administration

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve....

 

Unemployment drops to 6.9% and US adds a solid 638,000 jobs

WASHINGTON (AP) — The U.S. job market showed a burst of strength in October, with employers adding 638,000 jobs and the unemployment rate tumbling to 6.9%. Still, the pace of hiring isn't enough to rapidly soak up the millions of Americans who...

 

Blowout US economic growth in summer is already fading

WASHINGTON (AP) — Americans may feel whiplashed by a report Thursday on the economy's growth this summer, when an explosive rebound followed an epic collapse. The government will likely estimate that the economy grew faster on an annualized basis l...

 

Bleak outlook without stimulus: More layoffs, anemic growth

WASHINGTON (AP) — President Donald Trump's move Tuesday to cut off talks on another government aid package will further weaken an economy straining to recover from an epic collapse, economists say, and deepen the hardships for jobless Americans and...

 

Long-term jobless caught in a squeeze that imperils recovery

WASHINGTON (AP) — This spring, Magdalena Valiente was expecting her best year as a Florida-based concert promoter. Now, she wonders if the career she built over three decades is over. Back in March, Valiente had been busy planning three tours and...

 

Pre-election economy: Unemployment falls, but hiring slows

WASHINGTON (AP) — The final jobs report before Election Day a month from now showed hiring slowed in September even as the U.S. unemployment rate fell to 7.9% — a mixed result for President Donald Trump, who has staked his reelection in part on...

 

5 takeaways from NY Times report on Trump's tax returns

WASHINGTON (AP) — A New York Times report that President Donald Trump paid just $750 in federal income tax the year he entered the White House — and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed...

 

Zuckerberg says Facebook erred in not removing militia post

WASHINGTON (AP) — Facebook made a mistake in not removing a militia group's page earlier this week that called for armed civilians to enter Kenosha, Wisconsin, amid violent protests after police shot Jacob Blake, CEO Mark Zuckerberg says. The page...

 

How can Wall Street be so healthy when Main Street isn't?

NEW YORK (AP) — The stock market is not the economy. Rarely has that adage been as clear as it is now. An amazing, months long rally has put the S&P 500 back to where it was before the coronavirus slammed the U.S, even though millions of workers...

 

US retail sales rise for 3rd month but slowdown expected

WASHINGTON (AP) — Americans increased their spending at retail stores and restaurants in July for a third straight month, but some evidence suggests that sales are weakening with the expiration of government rescue aid that had previously put more...

 

Fed's Main Street pandemic support program off to slow start

WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report...

 

US hiring slows amid signs of longer-lasting economic damage

WASHINGTON (AP) — U.S. hiring slowed in July as the coronavirus outbreak worsened, and the government's jobs report offered signs Friday that the economic damage from the pandemic could last far longer than many observers originally envisioned....

 

Gone for good? Evidence signals many jobs aren't coming back

WASHINGTON (AP) — Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the... Full story

 

Senate panel approves Trump's controversial Fed nominee

WASHINGTON (AP) — The Senate Banking Committee on Tuesday approved President Donald Trump's choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the...

 

AP FACT CHECK: Trump team's false comfort on schools, virus

WASHINGTON (AP) — President Donald Trump's aides are misrepresenting the record on kids and the coronavirus as they push for schools to reopen. White House press secretary Kayleigh McEnany on Monday inaccurately characterized what the chief of the...

 

Layoffs stuck at high level as 1.3 million seek jobless aid

WASHINGTON (AP) — More than 1.3 million Americans applied for unemployment benefits last week, a historically high pace that shows that many employers are still laying people off in the face of a resurgent coronavirus. The persistently elevated lev...

 

Richmond Fed chief: With outlook hazy, economy needs support

WASHINGTON (AP) — As president of the Federal Reserve Bank of Richmond since 2018, Tom Barkin is a member of the Fed's powerful committee that sets interest rates. The committee has been engaged this year in an extraordinary drive to support the...

 

Can job market sustain its gains? Uncertainties cloud future

WASHINGTON (AP) — Layoffs are slowing, unemployment is declining and hiring is gradually rising, suggesting that a steady rebound may be afoot in the U.S. job market. Or is it? So many uncertainties are overhanging the economy that no one knows...

 

Fed to keep providing aid and sees no rate hike through 2022

WASHINGTON (AP) — Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022. At the same time, the Fed said it will...

 

Fed acts to broaden appeal of 'Main Street' lending program

WASHINGTON (AP) — The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great...

 

A distinct possibility: 'Temporary' layoffs may be permanent

WASHINGTON (AP) — In late March, Britney Ruby Miller, co-owner of a small chain of steakhouse restaurants, confidently proclaimed that once the viral outbreak had subsided, her company planned to recall all its laid-off workers. Now? Miller would...

 

US unemployment surges to a Depression-era level of 14.7%

WASHINGTON (AP) — The coronavirus crisis has sent U.S. unemployment surging to 14.7%, a level last seen when the country was in the throes of the Depression and President Franklin D. Roosevelt was assuring Americans that the only thing to fear was...

 

Lost your job? Here's what you need to know

WASHINGTON (AP) — Nearly 33.5 million Americans have lost their jobs and applied for unemployment benefits in the past 7 weeks — a stunning record high that reflects the near-complete shutdown of the U.S. economy. On Friday, the government said...

 

Economic figures show grim toll in Europe and US from virus

NEW YORK (AP) — Bleak new figures Thursday underscored the worldwide economic pain inflicted by the coronavirus: The number of Americans filing for unemployment benefits has climbed past a staggering 30 million, while Europe's economies have gone...

 

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