Tag: coronavirus

Coronavirus: Number of Americans filing jobless claims spikes to a record 3.28 million – National

The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.

The weekly jobless claims report from the Labor Department on Thursday offered the clearest evidence yet of the coronavirus’ devastating impact on the economy, which has forced the Federal Reserve to take extraordinary steps and the U.S. Congress to assemble a record $2 trillion stimulus package.

Economists say the economy is already in recession. Weekly claims are the most timely labor market indicator. With nearly half the country’s population under some form of a lockdown and reports of state employment websites overwhelmed, economists are bracing for further increases in jobless claims.


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Coronavirus: Nearly 1 million Canadians

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Dirty money: The case against cash in times of the coronavirus outbreak

On Friday, South Korea’s central bank said it was taking all banknotes out of circulation for two weeks — and burning some — to reduce the spread of the virus, according to Reuters. It follows China’s massive initiative around deep cleaning potentially infected cash with ultraviolet light and high temperatures, and in some cases, destroying it. The treated cash comes from high-risk infection areas, such as hospitals.
Meanwhile, the Louvre museum in Paris this week banned cash amid the outbreak. Its decision to accept only credit card payments was part of an effort to make staffers feel more comfortable about returning to work, according to the Associated Press.
The concerns over cash come as the global number of people infected by the coronavirus nears 100,000, mostly in China. The outbreak may just drive up adoption of mobile payments, a newer technology that has long trailed behind cash in the US,
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