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The Dow Jones Industrial Average sank more than 900 points on Wednesday , mirroring drops in European markets.The Dow Jones had its worst day since June 11. U.S. stocks recorded historic losses in February and March, fueled by shutdown measures to prevent the spread of COVID-19. However, since the shutdowns, U.S. markets have recovered to nearly the levels that were at prior to the pandemic.Despite stock recoveries, other important economic measuring sticks like unemployment remain historically high.Recent losses come as COVID-19 cases spike again across the country. Health experts warn that the U.S. is at a perilous point in the pandemic with rising hospital and death rates ahead of winter months. 715
The cost of sending a letter might be going up next year.On Friday, the United States Postal Service issued a press release stating that they had filed notice with the Postal Regulatory Commission (PRC) about its plan to increase prices.The new proposal would raise the price of first-class mail by 1.8% and 1.5% for other categories, the agency said.The additional ounce price for a single-piece letter would increase to 20 cents, the price for a metered mail 1-ounce would increase to 51 cents, and the cost of sending a postcard would increase to 36 cents.Items that will remain unchanged are the single-piece 1-ounce flat prices, which will stay , and the forever stamp will stay at 55 cents.The Postal Service Board of Directors believes the price increase will provide revenue for the agency and keep them competitive.The price increase will take effect on Jan. 24 after a review by the PRC. 907

The City of San Diego was awarded a million state grant that will help save food, save the planet, and save people. The city will use a majority of the grant to convert its composting system at the Miramar Landfill into a closed system. A news release from the city said that will reduce air emissions and continue to divert tons of food waste from the landfill.The City of San Diego currently keeps more than 100,000 tons of food waste out of the landfill by composting or making sure it’s diverted to food rescue non-profits before it’s thrown away.“It’s getting tossed because people don’t find the need for it or it’s got a slight cosmetic defect,” said Aviva Paley of Kitchens for Good, a food rescue that feeds hundreds of people a day by using food that could have been thrown away.“You can still make really good food with stuff that you just have to clean it up a little bit,” said Kitchens for Good Chef Trainer Theron Fisher.“It is so heartbreaking to see how much food goes to waste in this country,” said Paley.A portion of the state grant will allow Kitchens for Good to expand its operation. It fed 35,000 people in 2016. It would like to feed more than 50,000 by 2018.It would keep more food out of the landfill and feed more people who need meals. Paley said one in six San Diegans go hungry every day.Another benefit for the Kitchens for Good program: The cooks who prepare the meals are going through a 12-week training program to prepare them for culinary careers. Paley said most of the participants have overcome obstacles from crime and drugs to mental disabilities. The program opens them to a career they could otherwise never reach. 1718
The coronavirus vaccine has been administered to 1 million Americans in the last 10 days, the CDC reported on Wednesday.The first vaccinations were administered to Americans early last week after Pfizer’s coronavirus vaccine received an emergency use authorization. Pfizer said last week that it had distributed 2.9 million doses of the vaccine throughout the United States.Earlier this week, Moderna’s coronavirus vaccine candidate began being administered to Americans.So far, there have been over 9.4 million doses of the vaccine distributed throughout the US. Getting them administered is taking some time.Although 1 million vaccinations is a significant milestone, it is a fraction of the vaccinations needed to stop the spread of the virus. The first round of vaccinations are intended for 24 million Americans who work in health care settings or who live or work assisted living facilities. The next step will be to vaccinate 21 million Americans over the age of 75 and 30 million front-line workers, such as teachers, first responders and grocery store employees.“While we celebrate this historic milestone, we also acknowledge the challenging path ahead,” CDC director Robert Redfield said in a statement. “There is currently a limited supply of COVID-19 vaccine in the U.S., but supply will increase in the weeks and months to come. The goal is for everyone to be able to easily get vaccinated against COVID-19 as soon as large enough quantities are available.”Those who have received their first dose of the vaccine will need to return for a booster in 21 to 28 days, depending on the vaccine administered. 1625
The Department of Labor reported Thursday that 1.5 million Americans filed initial claims for unemployment during the week ending June 20, bringing a 14-week total to about 46.5 million claims.Thursday's figures were down about 20,000 from last week's unemployment filings. It marked the third straight week where unemployment claims have hovered at about 1.5 million.Weekly claims for unemployment have been falling for about three straight months after peaking at about 6 million a week in late March. But weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that initial weekly claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even attempt to due to states' overwhelmed and antiquated unemployment systems.The economy has improved slightly since the virus first arrived in the U.S. earlier this year. Every state had begun the process of restarting its economy as of earlier this month.However, new cases of COVID-19 are currently on the rise in many states, with reports of new infections nearing record levels — re-igniting fears that more lockdown restrictions could be on the way. 1560
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