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Articles written by Paul Wiseman

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Stocks sink on new COVID variant; Dow loses 905 points

NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain...

 

Key reason for supply shortages: Americans keep spending

DETROIT (AP) — Take a step back from the picked-over store shelves, the stalled container ships and the empty auto showrooms, and you'll find a root cause of the shortages of just about everything. Even as the pandemic has dragged on, U.S....

 

'Pandora Papers' bring renewed calls for tax haven scrutiny

WASHINGTON (AP) — Calls grew Monday for an end to the financial secrecy that has allowed many of the world's richest and most powerful people to hide their wealth from tax collectors. The outcry came after a report revealed the way that world leade...

 

EXPLAINER: Why World Bank is under fire over set of rankings

WASHINGTON (AP) — Under fire for allegations that it bowed to pressure from China and other governments, the World Bank has dropped a popular report that ranked countries by how welcoming they are to businesses. The report is important to many...

 

Shortages of supplies and workers will delay Gulf rebuilding

Joe Sobol, owner of Big Easy Construction in New Orleans, has bad news for homeowners who've been calling about roofs damaged by Hurricane Ida or to get an update on renovations that were scheduled before the storm ripped through the area. The job...

 

US likely enjoyed hiring spree in July as economy rebounds

WASHINGTON (AP) — Despite an uptick in COVID-19 cases and a shortage of available workers, the U.S. economy likely enjoyed a burst of job growth last month as it bounced back with surprising vigor from last year's coronavirus shutdown. The Labor...

 

US hiring surges in July, but the variant is the wild card

WASHINGTON (AP) — U.S employers added 943,000 jobs in July and drove the unemployment rate down to 5.4% in another sign the economy is bouncing back with surprising vigor from COVID-19. But there is growing fear the fast-spreading delta variant...

 

Musk on trial: Defends SolarCity, calls lawyer 'bad human'

WILMINGTON, Del. (AP) — Tesla founder Elon Musk took to a witness stand Monday to defend his company's 2016 acquisition of a troubled company called SolarCity against a lawsuit that claims he's to blame for a deal that was rife with conflicts of...

 

US jobless claims fall to 712,000 as pace of layoffs eases

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell last week to 712,000, the lowest total since early November, evidence that fewer employers are cutting jobs amid a decline in confirmed coronavirus cases and signs of an...

 

EXPLAINER: 5 key takeaways from the February jobs report

WASHINGTON (AP) — America's job market delivered a burst of strength in February. It lifted hopes that the rollout of viral vaccines, the distribution of federal aid and the increasing willingness and ability of consumers to go out and spend will...

 

Biden's $15 wage proposal: Job killer or a boon for workers?

WASHINGTON (AP) — President Joe Biden's effort to raise the federal minimum wage to $15 an hour could provide a welcome opportunity for someone like Cristian Cardona, a 21-year-old fast food worker. Cardona would love to earn enough to afford to...

 

EXPLAINER: 5 key takeaways from the January jobs report

WASHINGTON (AP) — The struggles that have afflicted the American job market since the viral pandemic tore through the economy nearly a year ago are keeping a tight lid on hiring. The Labor Department's report Friday that employers added a meager...

 

As small businesses await new US aid, it's too late for some

NEW YORK (AP) - Clay Reynolds is starting to make peace with a gut-wrenching reality: He may have to once again close his business, Arrichion Hot Yoga and Circuit Training. The $900 billion pandemic relief package that Congress has just approved...

 

US layoffs remain elevated as 803,000 seek jobless aid

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into...

 

From restaurants to retailers, virus transformed economies

NEW YORK (AP) — It would be just a temporary precaution. When the viral pandemic erupted in March, employees of the small insurance firm Thimble fled their Manhattan offices. CEO Jay Bregman planned to call them back soon — as soon as New York...

 

EXPLAINER: 5 key takeaways from the November jobs report

WASHINGTON (AP) — Evidence was abundant in the November jobs report that the U.S. economy's tentative recovery is sputtering as coronavirus cases accelerate and federal aid runs out. Hiring slowed sharply. Hundreds of thousands of people gave up...

 

US jobless claims rise to 778,000 as pandemic worsens

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week to 778,000, evidence that the U.S. economy and job market remain under strain as coronavirus cases surge and colder weather heighten the risks. The Labor De...

 

Top CEOs met to plan response to Trump's election denial

WASHINGTON (AP) — Only a few of America's CEOs have made public statements about President Donald Trump's refusal to accept his election loss, but in private, many are alarmed and talking about what collective action would be necessary if they see...

 

Insider Q&A: Why US economy needs more aid from Washington

WASHINGTON (AP) — The U.S. economy is expected to rebound from a disastrous spring. Paralyzed by the coronavirus, economic output collapsed at a 31.4% annual pace from April through June — the worst such plunge on records dating to 1947. Growth...

 

Trump trade policy: 4 years of high drama. Limited results.

WASHINGTON (AP) — President Donald Trump spent four years upending seven decades of American trade policy. In what became his defining economic act, Trump launched a trade war with China. On another front, he taxed the steel and aluminum of U.S....

 

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...

 

AP Explains: US debt will soon exceed size of entire economy

WASHINGTON (AP) — The U.S. government's war against the coronavirus is imposing the heaviest strain on the Treasury since America's drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago. The Congressional Budget Office...

 

US relief checks begin arriving as economic damage piles up

WASHINGTON (AP) — Government relief checks began arriving in Americans' bank accounts as the economic damage to the U.S. from the coronavirus piled up Wednesday and sluggish sales at reopened stores in Europe and China made it clear that business...

 

Virus-related shutdowns bringing US economy to grinding halt

AUSTIN, Texas (AP) — It took 15 minutes for the coronavirus to wreck Shelley Hutchings' carefully calculated financial plans. Hutchings, a bartender and performer, had lined up gigs in advance of the South by Southwest film, music and technology...

 

Anxiety grips companies across the world as virus spreads

WASHINGTON (AP) — Since breaking out of China, the coronavirus has breached the walls of the Vatican. It's struck the Iranian holy city of Qom and contaminated a nursing home in Seattle. And around the world, it's carrying not just sickness and...

 

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