Welcome to the twilight of late capitalism. The shutdown has now been ongoing, erratically and incompletely, for about six weeks in the United States. In the last five weeks, around 26 million people have lost their jobs.
World stocks inched higher on Monday, adding to a 42% surge from their March lows, as a surprise jump in last week’s US employment data fuelled hopes of a quicker global economic recovery from the coronavirus pandemic.
Luxury brand Burberry said that it would cut about 500 jobs globally, including 150 British-based office roles, as it forecast no quick recovery in demand, particularly from high-spending tourists.
Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The company will pay more than $1 billion in severance benefits.
Britain’s high street faces more than 5,000 job cuts after two of its biggest names said that customers were unlikely to return to their old shopping habits after the coronavirus crisis, in the latest blow to the country’s ailing economy.
The news that the micro-blogging platform is building a subscription platform with a team codenamed "Gryphon" resulted in Twitter stock rose over 8 per cent on Wednesday.
The various stimulus packages being administered by governments to stimulate consumer demand, need to be tailored to the needs of each country and the economic distress being faced by citizens (“UK retail to lose further 5,000 jobs in blow to economy,” July 9, Gulf Today).
Millions are unemployed, public budgets are falling apart, the economy is struggling, and the COVID-19 epidemic is raging anew — and most of the $2.7 trillion floor Congress put beneath that misery will soon be gone.
"Today, the unemployment rate matches the lowest it's been in more than 50 years: 3.5 per cent," US President Joe Biden said in a statement.