$600 unemployment boost ends July 31 without extension in sight

spike

People wait for their numbers to be called at an unemployment event in Tulsa, Oklahoma, on July 15, 2020.

Photo by Nick Oxford for The Washington Post via Getty Images

93% drop

Americans started receiving an extra $600 a week in April as a result of a federal coronavirus relief law. 

The federal subsidy came on top of states’ typical weekly payments. As a result, the average American got $921 a week in May, according to an analysis of Labor Department data.

But those checks will fall 65% after July 31, to about $321 a week.

The experience will

Read More

Beyond Meat shares fall after McDonald’s ends Canadian trial of meatless burger

spike

The “P.L.T.” sandwich is arranged for a photograph at a McDonald’s Corp. restaurant in London, Ontario, Canada, on Wednesday, Jan. 8, 2020.

Cole Burton | Bloomberg | Getty Images

McDonald’s has stopped testing a burger made with a Beyond Meat patty in Canada.

Shares of Beyond fell 7% in morning trading, while McDonald’s stock was trading down 1%.

In a tweet to a consumer asking about the burger, McDonald’s Canada said that the test ended April 6. The chain has no plans to bring back the item at this time.

“We can only comment generally and share that we were

Read More

Wall Street ends mixed as China-U.S. tensions weigh

spike

(Reuters) – Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus.

President Donald Trump’s warning on Thursday that the U.S. would react strongly to China’s plan for a national security law in Hong Kong has raised concerns over Washington and Beijing’s possibly reneging on their Phase 1 trade deal.

Late in the session, stocks edged lower after the U.S. Commerce Department said it was adding 33 Chinese companies and other institutions to an economic

Read More

Wall Street ends up after swings on reopening hopes, weak data, trade woes

spike

NEW YORK (Reuters) – Wall Street’s three major indexes closed higher after swinging between gains and losses on Friday as investors weighed worries about Sino-U.S. trade relations and weaker-than-expected U.S. economic data against growing optimism that easing coronavirus restrictions would boost activity this month.

FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon

Economic data painted a grim picture on Friday as U.S. retail sales and manufacturing output showed record declines in April due

Read More