The Rich Have Stopped Spending And That's Tanked The Economy: New Study While retail sales bounced back in May after a deep drop in March and April, the wealthiest Americans are not spending as freely as they did before the pandemic. And that could limit the recovery.Heard onToggle more optionsThe wealthiest American households are keeping a tight grip on their purse strings even as their lower-income counterparts are spending a lot more freely when they emerge from weeks of lockdown. That decline in spending by the wealthy could limit the whole country's economic recovery. Researchers...…The Rich Have Stopped Spending And That's Tanked The Economy: New Study While retail sales bounced back in May after a deep drop in March and April, the wealthiest Americans are not spending as freely as they did before the pandemic. And that could limit the recovery.Heard onToggle more optionsThe wealthiest American households are keeping a tight grip on their purse strings even as their lower-income counterparts are spending a lot more freely when they emerge from weeks of lockdown. That decline in spending by the wealthy could limit the whole country's economic recovery. Researchers...WW…

Congress Fails To Reach Agreement On New COVID-19 Relief Bill Congress is stalled in the latest round of stimulus talks, as they try to negotiate another round of pandemic relief payments. What are the economic consequences for Americans?Heard onToggle more optionsCongress is stalled in the latest round of stimulus talks, as they try to negotiate another round of pandemic relief payments. What are the economic consequences for Americans?DAVID GREENE, HOST:There has been a whole lot of talking in Washington but still no agreement on getting more help to millions of unemployed Americans in...…Congress Fails To Reach Agreement On New COVID-19 Relief Bill Congress is stalled in the latest round of stimulus talks, as they try to negotiate another round of pandemic relief payments. What are the economic consequences for Americans?Heard onToggle more optionsCongress is stalled in the latest round of stimulus talks, as they try to negotiate another round of pandemic relief payments. What are the economic consequences for Americans?DAVID GREENE, HOST:There has been a whole lot of talking in Washington but still no agreement on getting more help to millions of unemployed Americans in...WW…

$600 Unemployment Benefits Are About To End, Hitting Households And The Economy : Coronavirus Updates Millions of Americans who lost jobs during the pandemic are in danger of having their incomes cut for a second time. The sudden halt in payments would be felt in households and throughout the economy.Heard onToggle more optionsFor Lorena Schneehagen, the additional $600 unemployment payment each week during the coronavirus pandemic has held her family's expenses together. She's an out-of-work preschool teacher in Ann Arbor, Mich., whose son is about to start college. "I need that to help...…$600 Unemployment Benefits Are About To End, Hitting Households And The Economy : Coronavirus Updates Millions of Americans who lost jobs during the pandemic are in danger of having their incomes cut for a second time. The sudden halt in payments would be felt in households and throughout the economy.Heard onToggle more optionsFor Lorena Schneehagen, the additional $600 unemployment payment each week during the coronavirus pandemic has held her family's expenses together. She's an out-of-work preschool teacher in Ann Arbor, Mich., whose son is about to start college. "I need that to help...WW…

Federal Deficit Balloons Due To Coronavirus Rescue Spending : Coronavirus Updates The federal deficit is ballooning as the government tries to cushion the blow from the coronavirus pandemic. June's shortfall totals $864 billion — more than in an entire typical year.The federal deficit ballooned last month as the U.S. government tried to cushion the blow from the coronavirus pandemic. The red ink in June alone totaled . The federal government ran a bigger deficit last month alone than it usually does all year. Washington spent hundreds of billions of dollars trying to prop up small...…Federal Deficit Balloons Due To Coronavirus Rescue Spending : Coronavirus Updates The federal deficit is ballooning as the government tries to cushion the blow from the coronavirus pandemic. June's shortfall totals $864 billion — more than in an entire typical year.The federal deficit ballooned last month as the U.S. government tried to cushion the blow from the coronavirus pandemic. The red ink in June alone totaled . The federal government ran a bigger deficit last month alone than it usually does all year. Washington spent hundreds of billions of dollars trying to prop up small...WW…

Coronavirus Layoffs Mount And Hopes Fade That Jobs Will Return Quickly : Coronavirus Updates Applications for jobless benefits are up again. "What we're seeing now is that lots more people who are unemployed are going to be unemployed for a longer period of time," economist Nick Bunker says.Heard onToggle more optionsUpdated at 8:44 a.m. ET From airlines to paper mills, the job news is grim, and there are growing signs it won't be getting better anytime soon. On Thursday, the Labor Department reported last week. And United Airlines is warning that it may have to furlough as many as this...…Coronavirus Layoffs Mount And Hopes Fade That Jobs Will Return Quickly : Coronavirus Updates Applications for jobless benefits are up again. "What we're seeing now is that lots more people who are unemployed are going to be unemployed for a longer period of time," economist Nick Bunker says.Heard onToggle more optionsUpdated at 8:44 a.m. ET From airlines to paper mills, the job news is grim, and there are growing signs it won't be getting better anytime soon. On Thursday, the Labor Department reported last week. And United Airlines is warning that it may have to furlough as many as this...WW…

The Latest Economic And Health Effects Of Pandemic COVID-19 cases are surging in several states. In some places, officials are urging people to stay home and enjoy July 4th celebrations, like fireworks, from their houses.Heard onToggle more optionsCOVID-19 cases are surging in several states. In some places, officials are urging people to stay home and enjoy July 4th celebrations, like fireworks, from their houses.SACHA PFEIFFER, HOST:On this holiday this year, the country is facing a serious health emergency. COVID-19 cases are surging in several states and in some cases are setting new...…The Latest Economic And Health Effects Of Pandemic COVID-19 cases are surging in several states. In some places, officials are urging people to stay home and enjoy July 4th celebrations, like fireworks, from their houses.Heard onToggle more optionsCOVID-19 cases are surging in several states. In some places, officials are urging people to stay home and enjoy July 4th celebrations, like fireworks, from their houses.SACHA PFEIFFER, HOST:On this holiday this year, the country is facing a serious health emergency. COVID-19 cases are surging in several states and in some cases are setting new...WW…

Surge In Coronavirus Cases Could Short-Circuit Economic Recovery Restaurants, retail shops, and other service industries are starting to bounce back from the deep recession. But those gains could be jeopardized by a rise in new coronavirus infections.Heard onToggle more optionsRestaurants, retail shops, and other service industries are starting to bounce back from the deep recession. But those gains could be jeopardized by a rise in new coronavirus infections.DAVID GREENE, HOST:Analysts at Goldman Sachs are warning that the economic gains from reopening could now be in real jeopardy for...…Surge In Coronavirus Cases Could Short-Circuit Economic Recovery Restaurants, retail shops, and other service industries are starting to bounce back from the deep recession. But those gains could be jeopardized by a rise in new coronavirus infections.Heard onToggle more optionsRestaurants, retail shops, and other service industries are starting to bounce back from the deep recession. But those gains could be jeopardized by a rise in new coronavirus infections.DAVID GREENE, HOST:Analysts at Goldman Sachs are warning that the economic gains from reopening could now be in real jeopardy for...WW…

Economic Crisis Is Historic, Not Another Great Depression, Experts Say The speed and scale of the economic crash have drawn comparisons to the Great Depression. But this downturn should be shorter, former Fed Chairman Ben Bernanke and other economic historians say.Heard onToggle more optionsWith the U.S. economy in free-fall, a lot of forecasters have been digging deep into the history books, looking for a guideposts of what to expect. Often, they've turned to the chapter on the 1930s. "Clearly people have made comparisons to the Great Depression," said former Federal Reserve Chairman Ben...…Economic Crisis Is Historic, Not Another Great Depression, Experts Say The speed and scale of the economic crash have drawn comparisons to the Great Depression. But this downturn should be shorter, former Fed Chairman Ben Bernanke and other economic historians say.Heard onToggle more optionsWith the U.S. economy in free-fall, a lot of forecasters have been digging deep into the history books, looking for a guideposts of what to expect. Often, they've turned to the chapter on the 1930s. "Clearly people have made comparisons to the Great Depression," said former Federal Reserve Chairman Ben...WW…

President Trump Announces Economic Relief Measures Responding To Coronavirus Outbreak President Trump spoke Monday night about the coronavirus outbreak, announcing a payroll tax cut, help for hourly wage earners and loans for small businesses. Vice President Mike Pence also spoke.Heard onToggle more optionsPresident Trump spoke Monday night about the coronavirus outbreak, announcing a payroll tax cut, help for hourly wage earners and loans for small businesses. Vice President Mike Pence also spoke.AUDIE CORNISH, HOST:President Trump spoke this evening about the ongoing coronavirus outbreak....…President Trump Announces Economic Relief Measures Responding To Coronavirus Outbreak President Trump spoke Monday night about the coronavirus outbreak, announcing a payroll tax cut, help for hourly wage earners and loans for small businesses. Vice President Mike Pence also spoke.Heard onToggle more optionsPresident Trump spoke Monday night about the coronavirus outbreak, announcing a payroll tax cut, help for hourly wage earners and loans for small businesses. Vice President Mike Pence also spoke.AUDIE CORNISH, HOST:President Trump spoke this evening about the ongoing coronavirus outbreak....WW…

Interest In Baking Bread At Home May Be Waning For Some The price of baking flour has fallen along with the price of eggs, suggesting an easing in the baking craze that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic.Toggle more optionsOur national fascination with sourdough starter appears to have stopped. Or at least slowed down a bit. The price of baking flour fell last month along with the price of eggs, suggesting that the that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic has cooled. "Sourdough is...…Interest In Baking Bread At Home May Be Waning For Some The price of baking flour has fallen along with the price of eggs, suggesting an easing in the baking craze that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic.Toggle more optionsOur national fascination with sourdough starter appears to have stopped. Or at least slowed down a bit. The price of baking flour fell last month along with the price of eggs, suggesting that the that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic has cooled. "Sourdough is...WW…