U.S. Weekly Jobless Claims Hit 2.4 Million, Bringing 9-week Total to Nearly 39 Million

May 21, 2020 5 min read This story originally appeared on Business Insider The number of Americans who have filed for unemployment insurance during the coronavirus pandemic has continued to grow. U.S. jobless claims totaled 2.4 million last week, the Labor Department said on Thursday. That matched the median economist estimate. The figure raised the nine-week total to nearly 39 million. That’s more than the roughly 37 million people who filed unemployment-insurance claims during the year and a half of the Great Recession. “The coronavirus crisis continues to inflict swift and deep impacts on the labor market at a near unprecedented clip,” said Daniel Zhao, an economist at Glassdoor. Still, unemployment filings last week fell from nearly three million in the previous week. The number of new filings has now declined for seven straight weeks. Related: The Future of Internships Is Mostly, But Not Entirely, Virtual In addition, there were 2.23 million initial claims […]

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Unemployment Surged to 14.7 Percent in April

May 8, 2020 7 min read This story originally appeared on Business Insider The coronavirus pandemic led to record jobs lost in April and sent the unemployment rate to its highest reading in nearly a century. Employers cut 20.5 million payrolls in April, marking the largest-ever one-month contraction, the Bureau of Labor Statistics said on Friday. That’s roughly 25 times the worst monthly decline seen during the last recession, from 2007 to 2009. It also dwarfs the record set in 1945 around the end of World War II. Meanwhile, the unemployment rate surged to 14.7 percent. That’s the highest since the Great Depression of the 1930s, according to Labor Department data dating back to the 1940s and National Bureau of Economic Research figures before that. Two months ago, in February, the unemployment rate was 3.5 percent, a roughly 50-year low. The dismal report showed just how rapidly the coronavirus pandemic […]

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Tesla Slides After Walmart Sues the Company, Claiming Its Solar Panels Caught Fire

On Tuesday, Walmart sued Tesla’s solar-energy unit alleging that gross negligence by employees in installing solar panels lead to fires in seven stores. August 21, 2019 3 min read This story originally appeared on Business Insider Walmart is going after Tesla, and it’s putting downward pressure on the stock.  Shares of Tesla fell as much as 2% in early trading Wednesday. On Tuesday, Walmart sued the company’s solar-energy unit in New York state, claiming that its solar panels caught fire at seven stores. The lawsuit alleges that the fires were caused by the solar panels that Tesla’s solar-energy group had installed on the roofs of some Walmart stores. Walmart alleges that the fires were a result of “widespread negligence” by Tesla and the employees who installed the systems.  Related: Tesla Snapshot on the Entrepreneur Index™ “As of November 2018, no fewer than seven Walmart stores had experienced fires due to Tesla’s solar system,” the company said […]

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