Coronavirus
Oil Slips as Looming OPEC Supply Surge Adds to Demand Woes
Oil snapped its two-day rally amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to taper production cuts and U.S. economic data signaling a slowing recovery in the labor market.
Americans Take Up New Eating Habits, Forcing Farms to Raze Crops
Americans have rapidly changed the ways they buy, cook and eat food in just four months, leaving everyone from farmers to restaurants unable to match their pivot.
Number of Laid-Off Workers Seeking Jobless Aid Stuck at 1.3 Million
The number of laid-off workers seeking unemployment benefits remained stuck at 1.3 million last week, a historically high level that indicates many companies are still cutting jobs as the viral outbreak intensifies.
Fed Survey Shows Tepid Recovery in Early July
Optimism about a nascent recovery in the U.S. economy was dampened by increased uncertainty over the path of the coronavirus, according to a new report from the Federal Reserve.
Economic Recovery Threatened by COVID-19 Resurgence, Experts Say
The U.S. economy, which had begun to improve, is now in jeopardy of stalling amid rising cases of COVID-19 infections.
Extension of Airline Payroll Aid Sought by Unions, Lawmakers
A bipartisan group of House lawmakers along with airline unions are calling for an extension of federal aid to prevent an expected wave of layoffs starting in October.
US Industrial Output Surges by Most Since 1959 on Reopening
U.S. industrial production in June posted the largest monthly gain since 1959, indicating manufacturing is stirring to life after coronavirus-related shutdowns.
Boeing Loses 60 Max Jet Orders in June With Virus Crimping Buyers
Boeing Co.’s order stockpile shrank further last month as airlines and lessors backed out of commitments for the grounded 737 Max jetliner in a market devastated by the coronavirus pandemic.
OPEC Sees Demand for Its Crude Above Pre-Virus Levels in 2021
OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.
Spiking Cost of Gasoline Pushes June Consumer Prices Up 0.6%
U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain.