economy Archives | Northwest Public Broadcasting

Boeing Cuts More Than 12,000 Jobs Due To Drop In Air Travel

By NPR News May 27, 2020

A line of Boeing 737 MAX jets sit parked on the airfield adjacent to a Boeing production plant last month in Renton, Wash. Boeing now says it is cutting thousands of jobs

The number of people traveling by air has plummeted more than 90% since the beginning of March. More than half of the employees losing their jobs are being laid off involuntarily. Continue Reading Boeing Cuts More Than 12,000 Jobs Due To Drop In Air Read More

Eastern Washington Small Businesses Get Coronavirus Relief Through State Grants

By Doug Nadvornick May 21, 2020

Owen's Grocery and Deli in Newport is one of nearly 200 eastern Washington small businesses to receive state coronavirus relief grants from the state. Courtesy of Owen's Grocery and Deli

Washington’s Commerce Department has announced about $10 million in coronavirus relief grants for some of the state’s smallest businesses. Nearly 200 businesses in rural eastern Washington towns are among the recipients. Continue Read More

California Gov. Gavin Newsom: Federal Government Has Responsibility To Help States Recover

By NPR News May 20, 2020

Gov. Gavin Newsom announced new criteria related to coronavirus hospitalizations and testing that could allow counties to open faster than the state during a news conference in Napa, Calif., on Monday.

California led the nation in issuing a statewide stay-at-home order. And it's paying an economic price: a $54 billion deficit. As the state reopens, it seeks to balance the economy and public health. Continue Reading Read More

About Half Of U.S. Homes Lost Wages During Pandemic, Census Bureau Finds

By NPR News May 20, 2020

People wait in a long line to receive a food bank donation at the Barclays Center on May 15 in Brooklyn, N.Y. Across the country, cities and towns are dealing with the highest unemployment rates since the Great Depression.

Because of the COVID-19 crisis, 47% of adults say their households have lost employment income and close to 40% have delayed getting medical care, according to early results of a Census Bureau survey. Continue Reading About Half Of U.S. Read More

Target’s Average Day In April Was Bigger Than Cyber Monday

By NPR News May 20, 2020

Target said it relied on its physical stores to fill 80% of online sales in the past three months.

Though its stores remained open, Target saw its online sales jump 141% in the past three months, with 5 million shopping on the retailer chain's website for the first time. Continue Reading Target’s Average Day In April Was Bigger Than Cyber Read More

Senators Clash Over How Soon To Reopen The Economy

By NPR News May 19, 2020

Lawmakers squabbled over how quickly the economy can rebound from the coronavirus shutdown and whether the government is doing enough to support struggling families and businesses. Continue Reading Senators Clash Over How Soon To Reopen The EconomyRead More

10 More Washington Counties, Including Larger Ones Like Spokane, Eligible For Earlier Reopening

By NWPB News May 19, 2020

Washington Gov. Jay Inslee said May 19 that his office is finishing guidelines for more populous counties to allow more businesses to open. CREDIT: TVW

Gov. Jay Inslee on Tuesday said that 10 additional counties are eligible to apply to loosen some social distancing restrictions in place to mitigate the spread of the coronavirus. Continue Reading 10 More Washington Read More

Businesses Are Reopening, But Many Customers May Not Be Ready To Go Back

By NPR News May 18, 2020

Shoppers began showing up earlier this month at the International Plaza mall in Tampa, Fla. Mall business has been slow to pick up because a lot of people remain reluctant to venture out.

Governors around the country have begun slowly allowing stores, restaurants and malls to serve customers again. But it won't count for much if people are afraid to venture out again. Continue Reading Businesses Are Reopening, But Many Read More

Pandemic Hits Spending Hard; 79% Dive In Clothing Sales Leads A Record Plunge

By NPR News May 15, 2020

Month-by-month change in U.S. retail spending since January 2007.

Retail sales saw record drops for the second month in a row. Other categories with huge declines included a 59% dive in furniture sales and 29% decreases in department stores and gas stations. Continue Reading Pandemic Hits Spending Read More

Idaho Soon Moves To Next Reopening Phase; Washington Denies Spokane County’s Phase 2 Request

By NWPB News May 14, 2020

Idaho Governor Brad Little at state medical supplies stockpile in Boise - April 14 2020

Idaho Gov. Brad Little says the Gem State will move to the second phase of state’s four-part coronavirus recovery plan on Saturday. That means businesses such as gyms and hair salons will be able to reopen with the appropriate precautions. Little made his announcement Thursday and threw in a surprise as well. Read More

We’re Eating More At Home, And It’s Costing Us More

By NPR News May 13, 2020

The latest inflation data offers a snapshot of Americans' new pandemic spending habits. Prices are down for most goods and services but up sharply for groceries. Continue Reading We’re Eating More At Home, And It’s Costing Us MoreRead More

Here’s Who’s Being Hit Hardest By The Economic Downturn

By PBS Newshour May 11, 2020

A pedestrian walks past a sign in a shop window reading "We Will Return Boston Strong" after Massachusetts Governor Charlie Baker extended his stay-at-home advisory and his order closing non-essential businesses

The current estimated unemployment rate far exceeds the 10 percent peak reached in the Great Recession in 2009. It is the most devastating loss of jobs since the Great Depression, when economists estimate the unemployment rate reached 25 percent in 1933. Read More

For The History Books: 14.7% Unemployment, 20.5 Million Jobs Wiped Away, At Least Temporarily

By NPR News May 8, 2020

Notes: All values are seasonally adjusted. In the bar chart, figures for the two most recent months are preliminary and may be revised later. Source: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis (unemployment rate, payrolls, wages)

U.S. employers shed a record number of jobs in April, as the unemployment rate climbed to the highest since the Great Depression. The coronavirus crisis has locked down much of the economy. Continue Reading For The Read More

Can George Washington Buy Wooden Teeth With This Washington Town’s New Wooden Money?

By NWPB News May 8, 2020

The design for wooden money Tenino, Washington, plans to print in response to the COVID-19 crisis, modeled after a Depression-era effort.

Tenino, a small town in Thurston County, Washington, has approved a plan to print its own money on strips of wood. Again. It’s a response to the COVID-19 crisis that’s modeled after how the town responded to a prior crisis — the Great Depression. Read More

Jay Inslee Extends Coronavirus Closures Through May, Outlines Phased Plan To Reopen

By NWPB News May 1, 2020

Washington Gov. Jay Inslee announced an extension of the state's stay home, stay healthy measures through May, while unveiling a four-phase economic reopening and recovery plane. CREDIT: TVW

Washington's 'stay home' order will extend until at least May 31. On Friday, Gov. Jay Inslee announced the new time frame and that businesses will be able to open over four phases. Continue Reading Jay Inslee Extends Read More

Idaho Gov. Brad Little Begins Lifting Stay-Home Measures To ‘Re-open’ Economy

By Nicholas Deshais April 30, 2020

File photo. Gov. Brad Little speaks March 13, 2020 at a news conference. On Wednesday, April 15, he extended a stay-at-home order to the end of April, saying it’s needed to slow the spread of the coronavirus. CREDIT: Darin Oswald/Idaho Statesman via AP

Idaho Governor Brad Little kicked off the process Thursday of “re-opening” the state after five weeks of “stay home, stay healthy” measures to help stem the spread of coronavirus. Continue Reading Idaho Gov. Brad Little Begins Lifting Read More

A Staggering Toll: 30 Million Have Filed For Unemployment

By NPR News April 30, 2020

A County Library employee hands unemployment paperwork to residents in Tampa, Fla.

Another 3.8 million people filed claims for unemployment last week, as the coronavirus pandemic continues to weigh on the U.S. job market. That brought the total for the past 6 weeks to 30.3 million. Continue Reading A Staggering Toll: 30 Million Have Read More

‘Tip Of The Iceberg’: Economy Shrinks At 4.8% Pace, But Worst Is Yet To Come

By NPR News April 29, 2020

The U.S. economy shrank in the first quarter, as the coronavirus lockdown began.

The economy contracted in the first quarter of 2020 as the coronavirus began to take its toll and spending dived. It's the first quarterly drop in six years and a likely precursor to a deep recession. Continue Reading ‘Tip Of The Read More

Small Business Loans Site Crashes On First Day Of Reopening

By NPR News April 27, 2020

Banks reported struggling to get through to the Small Business Administration on Monday to enter loan application information to the newly replenished small business relief program

Bankers tell NPR that the SBA's portal wouldn't allow them to enter the loan application information that is needed to access the PPP program. Continue Reading Small Business Loans Site Crashes On First Day Of ReopeningRead More

When Is It Safe To Ease Social Distancing? Here’s What One Model Says For Each State

By NPR News April 26, 2020

South Carolina has permitted retail stores to reopen to customers. It's one of a handful of states easing up on some social distancing restrictions. Dustin Chambers/Bloomberg via Getty Images

Some states are moving forward, but many would be wise to wait, according to experts at the University of Washington. Here's their estimate for each state's safe date to reopen. Continue Reading When Is It Safe To Ease Social Read More

President Trump Signs New Coronavirus Bill For Small Businesses And Hospital Relief

By NPR News April 24, 2020

President Trump a new coronavirus economic aid package, largely targeted to support small businesses, in the Oval Office on Friday. CREDIT: Olivier Douliery/AFP via Getty Images

The biggest item in the $484 billion measure is roughly $321 billion in additional funding for a small-business loan program. President Trump signed the legislation on Friday. Continue Reading President Trump Signs New Read More

Gov. Brad Little Announces 4-Stage Reopening And Recovery Plan For Idaho

By Doug Nadvornick April 23, 2020

Idaho has created a new website to share details of its new four-stage coronavirus reopening plan.

Idaho Gov. Brad Little has announced a four-stage plan for re-opening the state’s businesses and communities after closures due to the coronavirus. The first stage is scheduled to take effect May 1. Continue Reading Gov. Brad Little Read More

Economic Deluge Continues With 26 Million Jobs Lost In Just 5 Weeks

By NPR News April 23, 2020

many states say they are seeing the trust funds used to pay unemployment benefits

The number of people forced out of work during the coronavirus lockdown keeps soaring. Last week, 4.4 million people filed for jobless benefits, boosting the total since last month to 26 million. Continue Reading Economic Deluge Continues Read More

President Trump Says He’ll Suspend Immigration For 60 Days Over Coronavirus Fears

By NPR News April 22, 2020

President Trump said he plans to "temporarily suspend immigration into the United States," in an attempt to protect American workers from the coronavirus' economic toll. Continue Reading President Trump Says He’ll Suspend Read More

What Happens If U.S. Reopens Too Fast? Documents Show Federal Coronavirus Projections

By NPR News April 22, 2020

As coronavirus surges in some communities, some health care systems are overloaded

As some states move to lift social distancing restrictions, government documents reveal how much more lethal the pandemic could still be without careful mitigation efforts. Continue Reading What Happens If U.S. Reopens Too Read More

Surge In Unemployment Continues As Clunky State Systems Await Upgrades

By Tom Banse April 17, 2020

Shavonne Maes paints a mural onto the boarded up facade of Some Random Bar on March 26, 2020, in Seattle.

Fresh numbers of initial claims for jobless benefits showed some moderation in the past week in the staggering wave of layoffs across the Northwest caused by the coronavirus pandemic. But the level of unemployment claims continues to hover at record levels, as reported Thursday by the state labor and employment departments of Washington, Idaho and Oregon. Read More

Sen. Richard Burr’s Pre-Pandemic Stock Sell-Offs Highly Unusual, Analysis Shows

By NPR News April 16, 2020

Sen. Richard Burr "has relatively lousy performance over the broad period," according to a Dartmouth professor who reviewed his trading history. Al Drago/Bloomberg via Getty Images

The recent stock sales by the North Carolina Republican were a market-beating anomaly that didn't match his typically middling trading history, according to a new Dartmouth College analysis. Continue Reading Sen. Richard Read More

10 Years Of Spectacular U.S. Job Growth Nearly Wiped Out In 4 Weeks

By NPR News April 16, 2020

People who lost their jobs wait in line to file for unemployment benefits at an Arkansas Workforce Center in Fayetteville, Ark., on April 6. CREDIT: Nick Oxford/Reuters

The number of people filing for unemployment climbed by another 5.2 million, as the toll of the nation's economic dive continues to mount. In the past four weeks, 22 million have filed claims. Continue Reading 10 Years Of Spectacular U.S. Job Read More

Report: Adding President’s Name To Checks Will Delay Them. IRS Says They’re On Schedule

By NPR News April 15, 2020

Direct-deposit economic relief money is expected to be weeks ahead of physical checks. NoDerog/Getty Images

The IRS said the economic relief payments "are going out on schedule, as planned, without delay." The Washington Post reported that Trump's name would be included on the checks, an unprecedented step. Continue Read More

Washington-Oregon-California Governors Announce ‘Pact’ For Reopening Economies

By NWPB News April 14, 2020

File photo. Porter Hahn makes an iced coffee drink in November 2019 in a Seattle coffee shop. U.S. services companies grew at a faster pace in February 2020 than the previous month. Then the coronavirus outbreak in the region shut down much of the service industry. CREDIT: Elaine Thompson/AP

With President Donald Trump suggesting he has authority to unilaterally re-open businesses around the country, West Coast governors on Monday presented a united front, saying they’ll only lift restrictions when public health data suggests they can. Read More

Great Recession Recovery Effort Shaped A Key Part Of Joe Biden’s Record

By NPR News April 12, 2020

In 2010, Vice President Joe Biden speaks to construction workers at the Brooklyn Bridge, marking a renovation project which was partly funded by money from the 2009 Recovery Act. Spencer Platt/Getty Images

Facing economic peril in 2009, "Sheriff Joe" Biden was in charge of how federal stimulus dollars were spent. It's experience he may compare with President Trump's response to the coronavirus. Continue Reading Great Recession Recovery Read More

Massive Job Losses Continue As 17 Million File For Unemployment In 3 Weeks

By NPR News April 9, 2020

A man collects unemployment forms at a drive-through collection point outside of a library in Hialeah, Fla., on Wednesday. CREDIT: Chandan Khanna/AFP via Getty Images

The number of people seeking jobless benefits shot up again last week, as 6.6 million more of the unemployed filed first-time claims. Much of the economy has shut down, leaving millions out of work. Continue Reading Massive Job Losses Read More

4 Of 5 Workers Are Affected By COVID-19 Worldwide, U.N. Agency Says

By NPR News April 7, 2020

A worker cleans along the Las Vegas Strip, which is nearly empty without the usual crowds as casinos and other businesses are shuttered during the coronavirus outbreak on March 31. John Locher/AP

The COVID-19 pandemic is taking a terrible toll on the world's economy, with lockdown measures now affecting the livelihood of almost 2.7 billion workers, according to a new report. Continue Reading 4 Of 5 Workers Are Affected By COVID-19 Read More

Boeing And Airbus Halt Production Temporarily, Continuing Global Change In Operations

By NPR News April 6, 2020

Employees work on Airbus SE A321 fuselages at the company's final assembly line facility in Mobile, Ala. in 2017. CREDIT: Bloomberg/Bloomberg via Getty Images

Airbus and Boeing halt production of its jets because of the coronavirus. Orders for new planes have fallen as air travel has plummeted due to the pandemic. Continue Reading Boeing And Airbus Halt Production Temporarily, Read More

Jay Inslee Vetoes $235M In Washington Spending As Coronavirus-Caused Fiscal Cliff Looms

By Austin Jenkins April 3, 2020

Gov. Jay Inslee signs Washington's supplemental operating budget into law on April 3, 2020. Before doing so, he vetoed more than $200 million in new spending in anticipation of the fiscal impacts of the COVID-19 pandemic. CREDIT: Office of the Governor

In anticipation of state revenues cratering because of the COVID-19 pandemic, Washington Gov. Jay Inslee on Friday vetoed more than $200 million of new spending from the supplemental budget passed by state lawmakers last month. Read More

Why Insurers May Not Cover Business’ Coronavirus Losses

By NWPB News April 3, 2020

Carlo Lamagna, the owner and chef of Magna Kusina in Portland, Ore., poses for a portrait inside his closed restaurant on Friday, March 27, 2020. Lamagna laid off his entire staff and closed the business following Oregon Gov. Kate Brown’s order to halt dine-in eating at restaurants in response to the coronavirus outbreak. CREDIT: Bryan M. Vance/OPB

As coronavirus pandemic shutters small businesses across the Northwest, business owners are bracing for a wave of insurance denials. That’s because insurers have been telling businesses that coronavirus losses don’t count. Continue Reading Why Insurers Read More

Stimulus Cash Payments May Take Up To 20 Weeks To Reach Some Americans Without Direct Deposit

By NPR News April 2, 2020

Treasury Secretary Steven Mnuchin previously estimated that payments to qualifying Americans would go out by mid-April. CREDIT: Drew Angerer/Getty Images

This time frame is longer than the estimate that Treasury Secretary Mnuchin gave when he negotiated the program for cash payments with congressional leaders. Continue Reading Stimulus Cash Payments May Take Up To Read More

Lost Work Because Of Coronavirus? How To Get Unemployment, Skip Loan Payments And More

By NPR News March 30, 2020

Stock photo - final notice - bills unpaid - unemployment Fanatic Studio/Getty Images

The federal government is throwing $2 trillion at the coronavirus problem. Banks and other lenders are doing things to assist people on top of that. Here's your survival kit for how to get the help that's available and be in the best financial shape possible as you weather this storm. Read More

Show Me The Relief Money – No Promises On When Coronavirus Checks Are Coming

By NPR News March 27, 2020

About 90% of households — approximately 165 million — will benefit from direct payments, according to the Tax Policy Center. CREDIT: Xinhua News Agency/Getty Images

Under the plan, single people earning incomes below $75,000 will receive as much as $1,200. The White House says it will issue funds in three weeks but experts say it could take months for some. Continue Reading Show Me The Relief Read More

Washington High Schoolers Won’t Get Litter Crew Jobs This Summer — But Adults Can Apply

By Courtney Flatt March 27, 2020

Washington high school students won't get the chance to get job skills in outdoor litter crews this summer. But the Dept. of Ecology will hire adults for the crews. CREDIT: Washington DOE

The state Dept. of Ecology will bring the student crews back next summer. But the agency will will hire more adult crews, ages 18 and up, to pick up litter. There won’t be as many openings as with youth workers because the adults will work longer than three weeks. Read More

Governor Says Washington ‘Stay-At-Home’ Order May Be Extended Beyond Initial 2 Weeks

By NWPB News March 27, 2020

On Monday, March 23, Washington Gov. Jay Inslee addressed the state and issued a 'stay-at-home' order in a further attempt to slow the spread of the coronavirus outbreak. CREDIT: Governor's Office

Gov. Jay Inslee says people should prepare to stay home beyond the initial April 6 order, as officials work to flatten the COVID-19 curve. Continue Reading Governor Says Washington ‘Stay-At-Home’ Order May Be Read More

‘It’s A Difficult Place To Be’: Yakima Construction Firm Preps For Mass Layoff — Just Like 2008

By Enrique Pérez de la Rosa March 26, 2020

PaintSmith does business in Yakima (pictured) and Seattle with around 130 employees. Most have been laid off since Washington Gov. Jay Inslee mandated stringent measures to slow coronavirus spread. Courtesy ofPaintSmith does business in Yakima (pictured) and Seattle with around 130 employees. Most have been laid off since Washington Gov. Jay Inslee mandated stringent measures to slow coronavirus spread. Courtesy of PaintSmith Co. PaintSmith Co.

Like many decades-old businesses, Yakima and Seattle-based PaintSmith has had experience with layoffs. After the 2008 recession, the company went from 80 employees to just 10. It taught Smith that his company can survive financial downturns. Read More

Northwest States See Unprecedented Surge In Unemployment Claims

By NWPB News March 26, 2020

Mirroring the national trend, Washington, Idaho and Oregon are experiencing an unprecedented spike in unemployment claims caused by the COVID-19 pandemic. Continue Reading Northwest States See Unprecedented Surge In Unemployment ClaimsRead More

How To Avert Economic Catastrophe: Ideas From 5 Top Economists

By NPR News March 24, 2020

Economists say helping the health care sector, including through emergency financing to states and cities, is one of the steps urgently needed to weather the coronavirus crisis. CREDIT: Michael Conroy/AP

Avoid layoffs at any cost. Set up emergency financing for states and cities to help health systems. Cut regulations to speed medical response. Those are some recommendations from leading economists. Continue Reading How To Avert Economic Read More

U.S. Economic Slowdown In Coming Months May Be Worst On Record

By NPR News March 21, 2020

Forecasters say the government's aggressive efforts to slow the spread of the coronavirus will trigger the sharpest slowdown in the U.S. economy on record. John Minchillo/AP

Forecasters say the government's aggressive efforts to curtail the spread of the virus will trigger the sharpest slowdown on record. Some see the economy shrinking a staggering 24%. Continue Reading U.S. Economic Slowdown In Coming Months May Be Read More

From Symphony Orchestras To Wedding Bands, Musicians Cope With The Coronavirus Cancellations

By NPR News March 18, 2020

Left to right: Jennifer Koh, Molly Kirk Palier and Rory Ferreira Juergen Frank, Liz Rhode/Courtesy of the artists

Bigger artists may count on fan support and labels to carry them through canceled tours, but working musicians — from orchestra members and wedding singers to indie rappers — are looking elsewhere. Continue Reading From Symphony Read More

White House Pushes For Quick, Direct Payments To Americans In Response To Coronavirus

By NPR News March 17, 2020

President Donald Trump speaks Tuesday during a press briefing with the coronavirus task force at the White House. Evan Vucci/AP

"We want to go big," President Trump said as his administration seeks to boost the now stalled economy. Continue Reading White House Pushes For Quick, Direct Payments To Americans In Response To CoronavirusRead More

Fed Cuts Rates To Near Zero As Coronavirus Rips Through Economy

By NPR News March 15, 2020

Federal Reserve Chairman Jerome Powell has been a frequent target of President Trump, who has urged the central bank to slash interest rates more aggressively. CREDIT: Eric Baradat/AFP via Getty Images

The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move. Continue Reading Fed Cuts Rates To Near Zero As Read More

Dow Plunges 2,300 Points, Market Moves Into Bear Territory With Biggest One-Day Drop Since ’87

By Scott Leadingham March 12, 2020

After weeks of turmoil over the economic toll of the coronavirus, U.S. stock indexes entered a bear market, signaling an end to their 11-year winning streak. CREDIT: Bryan R. Smith/AFP via Getty Images

The Dow Jones Industrial Average fell nearly 10% — its biggest one-day drop since 1987 — as the coronavirus pandemic continued to rattle markets. Trading was temporarily halted earlier in the day. Continue Reading Dow Read More

‘Gives Me Hope’: How Low-Paid Workers Rose Up Against Stagnant Wages

By NPR News February 26, 2020

Low-paid workers push back and speak out against stagnant wages. Continue Reading ‘Gives Me Hope’: How Low-Paid Workers Rose Up Against Stagnant WagesRead More