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Home / Business / Gig workers get unemployment in Senate law, outbreak pushes unemployed people to record claims

Gig workers get unemployment in Senate law, outbreak pushes unemployed people to record claims

This is CNBC’s live blog with the latest news about the coronavirus outbreak. All times below are in Eastern time. This blog will be updated later in the day once the news is released.

  • Global cases: More than 492,000
  • Worldwide deaths: At least 22,000
  • US cases: At least 69,000
  • US deaths: At least 1,000

The above data has been compiled by Johns Hopkins University.

11:41 am: The streets in India are incredibly empty amid the Corona virus

This aerial photo, taken on March 25, 2020, shows an abandoned road as a nationwide blockade will continue after the outbreak of the corona virus on March 25, 2020 in Kolkata, East India.

Debajyoti Chakraborty | NurPhoto | Getty Images

The streets in India, which are usually full of people and traffic, remained empty on Wednesday when the country, with 1.3 billion inhabitants, experienced the first day of a national closure triggered by the coronavirus pandemic.

Prime Minister Narendra Modi announced the new measure on Tuesday, saying that people would have to stay in their homes for the next 21 days, leaving only the essential services open. The move is designed to curb the spread of the virus and prevent the country’s already fragile health system from collapsing under a flood of critically ill patients. – –Adam Jeffery, Hannah Miller

11:24: The markets accept 3 million claims and are now preparing for the “tsunami of negative news”.

The first wave of 3.28 million workers applying for unemployment benefits is expected to be followed by millions more in the coming weeks as the effects of virus-related shutdowns affect the US economy.

Economists had expected between 1 and 4 million new applications to be made in the week to March 21, given the impact of the first state placement orders on workers. The 3.28 million is a record, outperforming the previous record of nearly 700,000 applications submitted in a week in 1982.

The shares rose after the loss report. Yields on government bonds moving against the price rose higher, but were still lower during the day.

“The rise in unemployment claims this week was well announced before printing,” said Art Hogan, chief market strategist at National Securities. “People were talking about the potential of 6 or 7 million. The focus of the market now is on the fact that we are likely to sign a historically large fiscal incentive bill in-house by Friday Just the start of a tsunami of negative news … Everything at the front of economic data will look horrible. “- –Patti Domm

11:17 a.m .: Senators will leave Washington by April 20 – but the coronavirus crisis could force them to return

Senate majority leader Mitch McConnell said the chamber would adjourn for almost a month after it passed a historically huge $ 2 trillion coronavirus aid package late Wednesday night.

However, with the outbreak affecting the health and financial wellbeing of the United States, the unprecedented crisis could force Congress to act again earlier than the scheduled Senate return date on April 20. McConnell acknowledged the reality on Wednesday night and promised that the chamber would remain “agile” as the pandemic spreads.

“If circumstances require the Senate to return to vote earlier than April 20, we will let you know at least 24 hours in advance,” he said. – –Jacob Pramuk

11:00 am: The “patchwork” efforts by the United States to curb the spread of the coronavirus are not enough, says the former Obama adviser

“Patchwork” efforts by local and state officials in the US to curb the spread of the coronavirus are insufficient, former White House health advisor Dr. Ezekiel Emanuel, opposite CNBC.

Government and local officials have implemented a variety of “shelter-in-place” contracts and closed non-essential shops, bars, and restaurants to curb the spread of the coronavirus. Without a national ban, states that have issued protection orders will bear the brunt of the economic damage, Emanuel said. Worst of all, however, these efforts are being undermined by other regions that are not doing the same.

“If we don’t have a complete national ban … you will have these roller coasters. They contain them in a certain area. Then we try to loosen it, then it just blooms again and we will never get it.” across the country under control, “said Emanuel, vice provost for global initiatives at the University of Pennsylvania, in an interview about CNBC’s Squawk Box. – William fire

10:40 am: Gig workers for companies like Uber, Lyft would receive unemployment benefits under the Senate Act

Gig workers have received groundbreaking protection in the $ 2 trillion bill unanimously passed in the Senate on Wednesday at 96-0. The bill is now going into the house, which is expected to vote on Friday.

The bill would allow gig workers such as Uber and Lyft drivers, as well as freelancers and the self-employed, to claim unemployment benefits. It would also add $ 600 a week for up to four months compared to what the beneficiaries normally receive.

Protection is also an asset for the companies that employ gig people and who rely on their companies to function. – Laura Feiner

10:08 a.m .: Dow collects 600 points and faces a three-day winning streak

The shares traded significantly higher on Thursday even after the release of the record-breaking first unemployment claims triggered by the coronavirus pandemic. The Dow Jones Industrial Average rose 650 points, or more than 3%. The S&P 500 gained almost 3%, while the Nasdaq Composite gained 2.6%. These wins put the most important averages for a three-day winning streak on the right track. – Fred Imbert, Pippa Stevens, Eustance Huang

9:41 am: The coronavirus stimuli will be checked within three weeks, says Mnuchin

Secretary of Treasury Steven Mnuchin speaks during the daily briefing on the novel coronavirus COVID-19 at the White House on March 25, 2020 in Washington, DC.

Almond Ngan | AFP | Getty Images

Treasury Secretary Steven Mnuchin said Thursday that people will receive relief controls within three weeks of the country’s coronavirus pandemic.

Mnuchin spoke to CNBC the morning after the Senate passed a $ 2 trillion stimulus package to mitigate the economic damage from the spread of the coronavirus. The house is expected to vote on legislation on Friday.

The massive relief bill offers direct cash payments of up to $ 1,200 for individuals and $ 2,400 for couples, with $ 500 added for each child, based on tax returns for 2019 for those who submitted them and information for 2018 if not Case is. The benefit begins for those earning $ 75,000 and ends completely for those earning $ 99,000 or more. Kevin Breuninger

9:35 a.m .: Shares rise for a third day and shake off a record rise in unemployment claims due to the corona virus

The shares opened higher on Thursday even after the release of the record-breaking first unemployment claims triggered by the coronavirus pandemic. The Dow Jones Industrial Average rose 500 points, or more than 2%. The S & P 500 together with the Nasdaq Composite grew by more than 1.5%.

Boeing, JPMorgan Chase and Intel drove the Dow by at least 3%. Industry and healthcare were the best performing sectors in the S&P 500 as both traded more than 2% higher. – Fred Imbert, Pippa Stevens, Eustance Huang

9:30 a.m .: Trump’s claim that malaria medication can treat the coronavirus gives hope, but there is little evidence that it will work

Hopes of coronavirus treatment were raised after President Donald Trump announced at a White House press conference last week that two antimalarials were a “game changer” that had “very, very encouraging results”.

However, scientists and infectious disease experts say Trump’s claims about the drugs – chloroquine and hydroxychloroquine – may be somewhat premature. While some small studies give doctors hope, large clinical trials are needed to determine whether the drugs are really effective in fighting COVID-19.

To pass FDA screening and receive approval for widespread use, chloroquine and azithromycin must undergo rigorous clinical trials with thousands of participants – not a few dozen according to agency guidelines. – Berkeley Lovelace Jr.

9:18 a.m .: The Senate’s $ 2 trillion coronavirus package includes a delay in employer income tax

The $ 2 trillion stimulus package from the Senate, designed to contain the economic damage caused by coronavirus, will postpone wage tax for employers, a major source of social security and Medicare income.

With the law passed late Wednesday, companies can pay their wage tax for 2020 through the end of 2022. They will have to pay 50% by the end of 2021.

The Senate law, which has been called the greatest bailout law in history, must be approved by the Democratically controlled House of Representatives and signed by the President to become law. The house is expected to vote on the matter on Friday. – Tucker Higgins

8:57 am: Udacity offers free technical training to dismissed workers

Online learning platform Udacity responds to the COVID 19 pandemic with free technical training for workers who have been fired as a result of the crisis.

On Thursday, California-based Mountain View announced that after layoffs and vacations by major US companies, including Marriott International, Hilton Hotels and GE Aviation, it would offer its courses – so-called Nanodegrees – to individuals in the United States free of charge because of of the corona virus have been released. The average price for a person signing up for a nanodegrad is around $ 400 a month, and the deals take between four and six months, according to the company. – Susan Caminiti

8:47 a.m .: Ford plans to resume production in the main auto factories from early April

8:30 a.m .: Weekly unemployment benefits rise to 3.28 million

Americans displaced by the coronavirus crisis submitted record numbers of jobless claims. The Department of Labor reported an increase to 3.28 million for the week ending March 21.

The number rocked the peak of the Great Recession of 665,000 in March 2009 and the all-time high of 695,000 in October 1982. Companies across the country have closed under a social distancing policy to keep the virus growth at bay. Individual states have reported that websites are hurrying to file. – Jeff Cox

8:19 a.m .: The German employment index reached its lowest level since January 2010

The Ifo Economic Institute’s German employment barometer fell in March to its lowest level since January 2010, the Handelsblatt reported, adding that the decline was the largest since records began in 2002.

“German companies are slowing down personnel planning,” said Ifo expert Klaus Wohlrabe on the data that the Munich-based institute calculates monthly for the Handelsblatt based on the employment intentions of around 9,000 companies.

“An increase in unemployment will be inevitable despite short-time work,” said Wohlrabe, referring to a government-sponsored program that enables companies to put workers on shorter hours. – Reuters

8:18 a.m .: Swiss coronavirus cases exceed 10,000 with 161 deaths

Switzerland has 10,714 confirmed coronavirus infections and 161 people have died from the disease, the Federal Office of Public Health said. The numbers are current from 0715 GMT, it said. – Reuters

8:01 a.m .: Dow futures fall 300 points as traders prepare for the unemployment claims report

People gather at the entrance to the New York State Department of Labor offices, which were closed to the public due to the outbreak of coronavirus disease (COVID-19) in the New York City borough of Brooklyn on March 20, 2020.

Andrew Kelly | REUTERS

US equity futures fell early in the morning as investors looked at national weekly jobless claims data, which is expected to record a surge.

Dow futures showed a decline in opening of more than 300 points when the market opened. S&P 500 futures and Nasdaq 100 futures pointed to opening losses of more than 1%. The national weekly data on initial jobless claims are published at 8:30 a.m.CET. Economists forecast record-breaking numbers. – Fred Imbert, Pippa Stevens, Eustance Huang

7:45 am: Fed chief Powell’s message to the Americans: “The Federal Reserve is working hard to support you.”

Federal Reserve chairman Jerome Powell told the Americans that the central bank is working hard to support them under these unprecedented financial conditions.

“The Federal Reserve is working hard to support you now, and our policies will be very important when the recovery comes to make that recovery as strong as possible,” Powell said in NBC’s Today.

“The message really is: this is a unique situation, it is not a typical downturn. We asked people to pull out of business to really invest in our public health. They are doing this for the common good and this bill, that just passed, will try to provide relief and stability to these people, “Powell added. – Maggie Fitzgerald

7:23 p.m .: US cases are steeper than most others

In the United States, the rapid spread of coronavirus test kits has likely accelerated the pace of reported and confirmed cases. The cumulative number of cases also does not take into account how many patients have recovered or delays in reporting cases and differences in reporting methods.

Nevertheless, researchers say that even incomplete data are critical to current efforts to “flatten the curve” of the pandemic’s spread – from a steep increase in the early stages to a more gradual increase as the outbreak containment efforts take effect. – John Schoen

7:00 a.m .: Here’s what’s in the $ 2 trillion US economic statement

The Senate has approved an unprecedented stimulus package that is estimated to cost $ 2 trillion as Congress tries to reduce the human and economic toll of the pandemic. The chamber passed legislation Wednesday night when workers faced widespread layoffs, hospitals and states were starving for resources, and small and large companies were concerned about their survival. The house wants to say goodbye by Friday. The bill is designed to provide relief to individuals, the healthcare system, and even an entire corporate sector hit by the outbreak. Here’s what’s in it. – Jacob Pramuk

6:57 am: Spain reports over 8,000 new cases as the death toll increases

In this leaflet from the Comunidad de Madrid, health workers are preparing to admit the first patients with coronavirus on March 22, 2020 at the Ifema exhibition complex in Madrid, Spain.

Comunidad de Madrid | Getty Images

The number of confirmed coronavirus cases in Spain has increased by 8,578 in the last 24 hours, the country’s health ministry said. This brings the total number of cases in Spain to 56,188.

The death toll in Spain rose from 3,434 the previous day to 4,089 on Thursday. The death toll in Spain has exceeded that in China, where the official death toll is 3,291. – Holly Ellyatt

5:59 a.m .: Iran begins with intercity travel ban

Iran has introduced an intercity travel ban, an Iranian official said in a televised press conference, Reuters reported. The ban comes a day after the Iranian government spokesman warned the country of an increase in COVID-19 cases. Officials criticized Iranians for ignoring appeals to stay at home and cancel travel plans for Persian New Year holidays that started on March 20. Iran has registered 27,017 confirmed cases of the virus and reports slightly more than 2,000 deaths from Johns Hopkins University. – Holly Ellyatt

5:40 am: Retail sales in the UK were unable to grow in February

A shopper with a striped bag in front of the window of the Superdry fashion brand on April 18, 2017 in London, England.

Richard Baker | In pictures via Getty Images

UK retail sales failed to grow at all in February, marking their weakest performance since 2013, as official figures show. Retail sales in the UK remained unchanged in February 2020 compared to the same month of the previous year. According to the National Statistics Office, this is the lowest growth rate since March 2013 compared to the previous year. The lackluster data reflects poor sales even before most retailers had to close due to the corona virus lock. – Holly Ellyatt

5:30 a.m .: US envoy accuses China of endangering the world with corona virus

The US ambassador to London said China had put the world at risk by suppressing information about the outbreak of the corona virus.

“The first attempt was to suppress the news,” wrote Ambassador Woody Johnson in an article for The Times newspaper. “If China had done the right things at the right time, more of its own population and the rest of the world could have been spared the most serious effects of the disease,” said the ambassador. – Holly Ellyatt

4:50 p.m .: European stocks fall ahead of upcoming US employment data

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