Business News Weekly ─ May 10, 2020
The coronavirus is driving the economy down. As a result, it’s extremely difficult to find good news from various companies,
Here are the numbers for the week as infections past 1.2 million people in the US:
- Updated numbers
- US cases 1.22 million
- US deaths 73,000
- US recoveries 190,000
Jobless claims continue to increase above $30 million and spending, personal income drops.
The big drop in TV ad spending is hurting profit, although the number of people using social media is increasing.
Amazon sales are soaring but the profit is taking a hit. This is because homebound customers flooded with online shopping orders.
Even in companies like Costco at sales falling for the first time since the recession.
Students gain leverage in college choice from an article in the Wall Street Journal. They are able to wait for longer for making a commitment to college. For instance, Fordham University said they had to have signed agreements by Monday, May 1, but then that got delayed.
Buffet says economy will regain its footing, from an article in the Wall Street Journal. He said, “you can bet on America, but you are going to have to be careful on how you bet.”
“Tesla’s Musk Suing California County for Blocking Reopening” ─ from Newsmax. Tesla CEO Elon Musk said he was “immediately” filing a lawsuit against a California county that is not allowing his company’s headquarters to reopen because of the coronavirus pandemic.
“Treasury Deposits Nearly 130M Stimulus Checks Totaling $218B” ─ from Newsmax. Nearly 130 million Americans have received their stimulus checks, the U.S. Department of the Treasury and Internal Revenue Service reported Friday.