Weekly jobless claims rise by 27,000
New jobless claims jumped higher during the first week of June, according to data released Thursday by the Labor Department. In the week ending June 4, initial applications for unemployment insurance totaled 229,000, a gain of 27,000 from the previous week’s revised total of 202,000 claims. The U.S. has seen an average of 215,000 claims per week over the past four months, rising from an average of 207,000 claims in May. Jobless claims have remained low for most of 2022 as employers struggle to fill a record number of open jobs from a workforce still smaller than it was b
Read MoreEV tax credits ‘on the table’ as Democrats try reviving parts of Build Back Better
Sen. Joe Manchin (D-W.Va.) recently threw another wrench into the Biden administration’s economic agenda by saying it was “ludicrous” to pursue tax credits for electric vehicles (EVs), which would make up half of all cars on the road by 2030 if White House economic planners get their way. But Democratic lawmakers looking to revive elements of President Biden’s Build Back Better plan say that EV tax credits are still under consideration as part of broader legislation to make the economy more environmentally friendly. “There’s a lot of promise with EV tax credits, and I be
Read MoreSmall business owners urge Senate to expand background checks on gun sales
A coalition of nearly 900 small business owners, executives and entrepreneurs on Thursday pressed senators to pass a bipartisan bill to expand background checks on gun sales, citing the damage gun violence inflicts on their communities. “Businesses like ours lose $1.4 million every day in productivity, revenue, and costs related to gun violence. And we know that communities that experience gun violence are less likely to attract new business, investment, customers, and talent,” the business leaders
Read MoreUN warns of food catastrophe
The United Nations is warning of the potentially devastating impact of Russia’s invasion of Ukraine on global access to food. U.N. Secretary-General António Guterres said on Wednesday during remarks in New York that “for people around the world, the war, together with the other crises, is threatening to unleash an unprecedented wave of hunger and destitution.” “Food prices are at near-record highs. Fertilizer prices have more than doubled, sounding an alarm everywhere,” Guterres continued.
Read MoreZelensky: Fate of eastern Ukraine being decided in Severodonetsk
Ukrainian President Volodymyr Zelensky said on Thursday that the fate of the eastern part of the country is being decided in the Severodonetsk region as Russia’s invasion of Ukraine still rages on. In his daily presidential address, Zelensky said that Severodonetsk remains the epicenter of the ongoing conflict with Russia in the Donbas region, adding that Ukraine has defended its positions in the region and caused mass casualties among Russian forces. “According to the results of this day, the 105th day of the full-scale war, Severodonetsk remains the epicent
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