By (Reuters) - The United States saw the widest gap in unemployment rates for African Americans and whites in five years in June, underscoring an uneven nascent recovery from historic job losses triggered by the coronavirus pandemic.Jobless rates for both groups fell in June, but the rate for whites came down at a much faster rate. The white unemployment rate fell 2.3 percentage points to 10.1% from 12.4%, while the rate for Blacks dropped 1.4 points to 15.4% from 16.8%, according to data released by the Labor Department on Thursday.At 5.3 percentage points, the gap is now the widest since...…By (Reuters) - The United States saw the widest gap in unemployment rates for African Americans and whites in five years in June, underscoring an uneven nascent recovery from historic job losses triggered by the coronavirus pandemic.Jobless rates for both groups fell in June, but the rate for whites came down at a much faster rate. The white unemployment rate fell 2.3 percentage points to 10.1% from 12.4%, while the rate for Blacks dropped 1.4 points to 15.4% from 16.8%, according to data released by the Labor Department on Thursday.At 5.3 percentage points, the gap is now the widest since...WW…

By (Reuters) - When Jessica Rosner saw the $1,200 coronavirus relief payment from the U.S. government was deposited into her bank account Wednesday morning, the furloughed behavioral therapist knew immediately how she would spend the cash.Slideshow The unemployment benefits she applied for two weeks ago have yet to come through. And Rosner, 23, who lives near Fort Lauderdale, Florida, still owed nearly $1,500 for April’s rent and about $200 for car insurance.The “Economic Impact Payments” being issued under the $2.3 trillion CARES Act passed by Congress last month started landing in...…By (Reuters) - When Jessica Rosner saw the $1,200 coronavirus relief payment from the U.S. government was deposited into her bank account Wednesday morning, the furloughed behavioral therapist knew immediately how she would spend the cash.Slideshow The unemployment benefits she applied for two weeks ago have yet to come through. And Rosner, 23, who lives near Fort Lauderdale, Florida, still owed nearly $1,500 for April’s rent and about $200 for car insurance.The “Economic Impact Payments” being issued under the $2.3 trillion CARES Act passed by Congress last month started landing in...WW…

By , (Reuters) - The U.S. economy is “much improved,” Federal Reserve Chair Jerome Powell said on Monday, crediting Congress and the central bank both for providing “unprecedented” support, but at the same time warning that the recovery is still “far from complete.”Slideshow “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in remarks prepared for delivery to a congressional hearing on Tuesday morning. Household spending has risen, he said, and the housing sector has more than fully recovered.“However, the sectors of the economy...…By , (Reuters) - The U.S. economy is “much improved,” Federal Reserve Chair Jerome Powell said on Monday, crediting Congress and the central bank both for providing “unprecedented” support, but at the same time warning that the recovery is still “far from complete.”Slideshow “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in remarks prepared for delivery to a congressional hearing on Tuesday morning. Household spending has risen, he said, and the housing sector has more than fully recovered.“However, the sectors of the economy...WW…

By , (Reuters) - The share of Americans working more than one job to make ends meet has been growing over the past two decades, and the pay from second jobs make up a substantial share of workers’ earnings, according to a paper published by the U.S. Commerce Department on Wednesday.An estimated 7.8% of U.S. workers had more than one job as of the first quarter of 2018, up from 6.8% in 1996, according to new data unveiled by the Census bureau, which provides a more detailed analysis of multiple job holders than was previously available. The findings were based on data from 18 states.The...…By , (Reuters) - The share of Americans working more than one job to make ends meet has been growing over the past two decades, and the pay from second jobs make up a substantial share of workers’ earnings, according to a paper published by the U.S. Commerce Department on Wednesday.An estimated 7.8% of U.S. workers had more than one job as of the first quarter of 2018, up from 6.8% in 1996, according to new data unveiled by the Census bureau, which provides a more detailed analysis of multiple job holders than was previously available. The findings were based on data from 18 states.The...WW…

By (Reuters) - The $1.9 trillion fiscal relief package lawmakers are considering is appropriately large given the pandemic’s effects on the labor market and policymakers will have time to pull back support as the economy approaches full employment, Boston Federal Reserve Bank President Eric Rosengren said on Friday.“It is a big fiscal package that is being considered right now - I think it’s appropriately big,” Rosengren said in an interview with Reuters. “I am much less concerned than some commentators about it being a problem of overheating the economy.”His comments were in line with...…By (Reuters) - The $1.9 trillion fiscal relief package lawmakers are considering is appropriately large given the pandemic’s effects on the labor market and policymakers will have time to pull back support as the economy approaches full employment, Boston Federal Reserve Bank President Eric Rosengren said on Friday.“It is a big fiscal package that is being considered right now - I think it’s appropriately big,” Rosengren said in an interview with Reuters. “I am much less concerned than some commentators about it being a problem of overheating the economy.”His comments were in line with...WW…

By (Reuters) - The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve.Total household debt last year increased by $414 billion to $14.56 trillion at the end of December, the New York Fed found in its quarterly household debt and credit report.“The COVID pandemic and ensuing recession have marked an end to the dynamics in household...…By (Reuters) - The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve.Total household debt last year increased by $414 billion to $14.56 trillion at the end of December, the New York Fed found in its quarterly household debt and credit report.“The COVID pandemic and ensuing recession have marked an end to the dynamics in household...WW…

By (Reuters) - Hundreds of cars line up before dawn on weekly distribution days for the Forgotten Harvest’s partner food pantries in the metro Detroit area, where visits are up by 50% this year.The need has grown as the coronavirus pandemic has shut down offices and other businesses. So has the response.Monetary donations to the food bank are on pace to top last year’s contributions, helping to fund a larger storage space and new mobile distribution sites required to distribute food safely during the crisis.“The only good thing about this pandemic is that it’s made people care a little bit...…By (Reuters) - Hundreds of cars line up before dawn on weekly distribution days for the Forgotten Harvest’s partner food pantries in the metro Detroit area, where visits are up by 50% this year.The need has grown as the coronavirus pandemic has shut down offices and other businesses. So has the response.Monetary donations to the food bank are on pace to top last year’s contributions, helping to fund a larger storage space and new mobile distribution sites required to distribute food safely during the crisis.“The only good thing about this pandemic is that it’s made people care a little bit...WW…

By , The $900 billion pandemic aid package expected to win Congressional approval on Monday will deliver support to a recession-ravaged economy slowing under a deadly coronavirus surge, and set it up for a stronger recovery next year as vaccines become more widely available, economists said.But it comes months after the last big fiscal aid package was passed and lacks direct help to struggling states and cities, as millions remain unemployed and businesses suffer anew from fresh restrictions to slow spread of the virus.“While the deal is months late and will likely fall short of what is...…By , The $900 billion pandemic aid package expected to win Congressional approval on Monday will deliver support to a recession-ravaged economy slowing under a deadly coronavirus surge, and set it up for a stronger recovery next year as vaccines become more widely available, economists said.But it comes months after the last big fiscal aid package was passed and lacks direct help to struggling states and cities, as millions remain unemployed and businesses suffer anew from fresh restrictions to slow spread of the virus.“While the deal is months late and will likely fall short of what is...WW…

By (Reuters) -Millions of people have moved out of New York City during the pandemic, but at the same time, millions of others with lower incomes have taken their place, according to a study released on Tuesday.All told, a net 70,000 people left the metropolitan region this year, resulting in roughly $34 billion in lost income, according to estimates from Unacast , a location analytics company.About 3.57 million people left New York City this year between Jan. 1 and Dec. 7, according to Unacast, which analyzed anonymized cell phone location data. Some 3.5 million people earning lower...…By (Reuters) -Millions of people have moved out of New York City during the pandemic, but at the same time, millions of others with lower incomes have taken their place, according to a study released on Tuesday.All told, a net 70,000 people left the metropolitan region this year, resulting in roughly $34 billion in lost income, according to estimates from Unacast , a location analytics company.About 3.57 million people left New York City this year between Jan. 1 and Dec. 7, according to Unacast, which analyzed anonymized cell phone location data. Some 3.5 million people earning lower...WW…

By , , WASHINGTON (Reuters) - President-elect Joe Biden is expected to name Neera Tanden, who was an adviser to former President Barack Obama, as director of the White House budget office, and economist Cecilia Rouse as chair of the Council of Economic Advisers as soon as Monday, according to a person familiar with the process.Biden is also expected to pick Wally Adeyemo, senior international economic adviser in the Obama administration, to serve as Janet Yellen’s top deputy at the Treasury Department. Economists Jared Bernstein and Heather Boushey are expected to be named as members of the...…By , , WASHINGTON (Reuters) - President-elect Joe Biden is expected to name Neera Tanden, who was an adviser to former President Barack Obama, as director of the White House budget office, and economist Cecilia Rouse as chair of the Council of Economic Advisers as soon as Monday, according to a person familiar with the process.Biden is also expected to pick Wally Adeyemo, senior international economic adviser in the Obama administration, to serve as Janet Yellen’s top deputy at the Treasury Department. Economists Jared Bernstein and Heather Boushey are expected to be named as members of the...WW…