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The United States is at the beginning of a second wave of significant job loss.“We are seeing a resurgence in layoffs that has been quite clearly indicated in the last couple of weeks,” said Daniel Alpert, an adjunct professor and senior fellow at Cornell University.Cornell University recently published a study showing about a third of the people who went back to work during the pandemic have now been laid off for a second time. Another 26 percent of workers have been warned by their employers that future furloughs and layoffs may soon come.“The problem is that you get an echo,” said Alpert. “So, if you have a resurgence in layoffs, a decrease in spending, that creates more contraction on the part of businesses, which creates more layoffs. The question is, when can you put a floor under this spiraling situation? It is a classic economic spiral.”The cycle--of job loss eventually leading to more job loss--is causing some to fear it could lead to a third wave of unemployment in a few months. Experts, like Alpert, believe the only way to stop the cycle would be a vaccine or for Congress to come together on another stimulus bill that props up households and businesses until a vaccine is released.“We are very concerned about the current rollercoaster effect on resumed layoffs, but longer term, we are really scared about seeing huge numbers, tens of millions of businesses vanish,” said Alpert.The more waves of unemployment we see, the higher likelihood of that. 1486
The Washington Post has settled a libel lawsuit with Kentucky high school student Nicholas Sandmann, who was at the center of a viral video controversy in 2019.Sandmann sued several news media outlets after their coverage falsely painted his as a racist, wearing a ‘Make America Great Again’ hat during an interaction with a Native American activist near the Lincoln Memorial in Washington D.C. Judge William O. Bertelsman previously dismissed the lawsuit, but later reinstated the case, after he reviewed an amended complaint.On Friday, Sandmann celebrated the settlement on Twitter. 592
The Synthetic Turf Field Recycled Tire Crumb Rubber Research Under the Federal Research Action Plan (FRAP) Final Report: Part 1 - Tire Crumb Characterization has been released. It summarizes the first part of the research study that was conducted under the FRAP. The second part, Exposure Characterization, which will include information from a biomonitoring study that CDC/ATSDR is conducting, will be released later. For more information about the study and timeline, see our website on the Federal Research on Recycled Tire Crumb Used on Playing Fields at 567
The stock market is on the comeback trail.After another wobbly session, the Dow soared 287 points, or 1.2%, on Friday. It was the index's best day since August.The Dow had soared 400 points at the open before giving up most of those gains and then resuming its rally. The Dow lost 1,378 points over Wednesday and Thursday.The broader S&P 500 jumped 1.4% on Friday. The Nasdaq, which has taken the brunt of the recent stock market turbulence, spiked 2.3%.Despite Friday's rebound, all three major indexes suffered their worst weeks since March. And the S&P 500 is down three straight weeks. That hasn't happened since the Brexit referendum of June 2016.Investing experts weren't exactly sure what turned stocks negative by midday. The driving forces behind this week's downturn -- trade war and interest rate fears -- were around before this week, and yet market volatility is spiking."The sellers have control right now," said Justin Walters, co-founder of Bespoke Investment Group. "The scariest sell-offs are the ones you can't tie to a specific reason."Stocks had turned sharply south over the past week because investors are concerned about rising interest rates. As the Federal Reserve raises rates to keep the economy from overheating, investors have been getting out of bonds, driving down their price and driving up their yields. Suddenly, the return on bonds has become competitive with some stocks — particularly risky tech stocks.Rising interest rates also increase borrowing costs for households and businesses, eating into corporate profits."What we are seeing now is changing sands. The ground isn't stable and people are figuring out where to go next," said JJ Kinahan, chief market strategist with TD Ameritrade.Tech stocks have come under fire because they are some of the riskiest and most expensive parts of the market. Investors fear that tech companies may not hold up well in a downturn, particularly as interest rates spike. A proxy for the tech sector had its sharpest plunge in seven years on Wednesday.But Big Tech on Friday regained some of its losses. Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Google (GOOGL) were all up.Asian and European markets also came back Friday. The Hang Seng soared 2.2%. Stocks in Shanghai rose 0.9% and the Nikkei rose 0.5%. Stocks in London, Germany and France all rose about a half percentage point.Markets had bounced back Friday morning following news that President Donald Trump plans to meet next month with Chinese leader Xi Jinping at the G-20 summit. That eased some of the investors' fears about another trade war escalation. China also reported its exports rose nearly 15% in September, stronger than expected. That suggests China is weathering the first waves of new tariffs that the Trump administration imposed on billion of Chinese exports this summer.But Kinahan is still worried about US-China trade talks. He thinks that a deal is key in order for the markets to get back on track, adding that a full-blown trade war could undo much of the positives from the Trump administration's pro-business policies."The concern is that if nobody blinks, it could negate all the tax cuts we had," he said.Earnings season also kicked off Friday morning, with JPMorgan (JPM) and Citigroup (C) reporting their quarterly finances before the bell. Wall Street analysts expected the financial sector to post another incredibly profitable quarter — and JPMorgan managed to?beat their already lofty expectations.In times of market turbulence, there's nothing like soaring profits to calm investors' nerves.Rebounds after disastrous market selloffs are common. Investors who think the market may be oversold look to buy stocks they think are suddenly cheap.But markets are fickle. 3804
The Women’s National Basketball Association plans to pay respect to Vanessa Guillen in their upcoming 2020 season.The WNBA and the Women’s National Basketball Players Association (WNBPA) announced the launch of a new platform, The Justice Movement, and the creation of the WNBA/WNBPA Social Justice Council.The mission of the Social Justice Council is to be a driving force of necessary and continuing conversations about race, voting rights, LGBTQ+ advocacy, and gun control amongst other important societal issues.The WNBA will begin its season in late July with a weekend of competition centered around the Black Lives Matter movement, during which teams will wear special uniforms to seek justice for the women and girls, including Sandra Bland, Breonna Taylor, Vanessa Guillen and many more who have been the forgotten victims of police brutality and racial violence.Throughout the season, players will wear Nike-branded warm-up shirts that display “Black Lives Matter” on the front.Additionally, “Say Her Name” will adorn the back of the shirts. “Black Lives Matter” will also be prominently displayed on courts during games.KXXV first reported this story. 1170