U.S. Retail Sales Jumped 7.5% in June

07/22/2020

706,309

During the week ending July 11, unemployment insurance claims in the United States remained high. A total of 706,309 initial claims have been made per week in the U.S (40,466 regular unemployment insurance, 9,349 pandemic unemployment assistance (PUA), 9,573 PEUC, and 646,921 continues/ongoing weekly claims). According to the Employment Security Department, California recorded the most affected state, with 287,732 initial claims, Georgia (136,336), Florida (129,408), Texas (105,590), and New York with 91,583 initial claims made during that week. The data shows that 50.5% of the initial regular claims were filed by women while 49.1 % were filed by men. Click here to see your state unemployment insurance initial claims in the week ended July 11, 2020.

75%

Nearly 32% of American workers said they’d prefer to ditch their commutes & work remotely and a stunning 75% said they would ideally work remotely at least 1–2 days a week once the pandemic is under control. The new survey found that 8 in 10 current remote workers are satisfied with how their company has handled the transition. And 41% believe that virtual meetings are at least as effective as in-person meetings and 11% said virtual meetings are more effective than in-person meetings. Meanwhile, 34% of U.S adults said they’re enjoying remote working and would be more likely to apply for a job where remote work was an option, the survey conducted among a nationally representative sample of 2,200 U.S. adults.

$600

The extra $600 in weekly jobless benefits provided by the federal government is scheduled to end after July 31 in some states as the COVID-19 pandemic pushed unemployment toward the highest levels recorded since the Great Depression, the U.S. Department of Labor said. According to estimation, more than 25 million workers are set to be impacted by this benefit loss, the Century Foundation reports.

A study found that 68% of unemployed workers who are eligible for benefits receive more in jobless payments than their lost earnings — with the median payment 34% more than their former weekly paychecks. Mitch McConnell, the Senate majority leader stated that discussions about the next COVID-19 relief bill are expected to be coming to a head sometime within the next three weeks, CNN reports.

$599

As coronavirus pandemic drags on, Zoom targets prolonged remote-work era. Zoom announced that it was launching a new standalone video-conferencing device called “Zoom for Home –DTEN ME” — allowing users to create a more immersive workspace in their home offices. The DTEN ME is a 27-inch touchscreen device with 3 smart webcams and an array of 8 microphones to provide crystal clear audio. The device provides quick access to Zoom’s various features, including meetings, whiteboards, and contacts. It also syncs with your calendar and displays your upcoming meetings in a menu. The appliance is priced at $599. However, DTEN ME works right out of the box and seamlessly connects for anyone with a Zoom Meeting license, the company said.

130

Twitter announced that 130 accounts were targeted in cyber-attack in which profiles of many high-profile personalities and organizations were compromised. The hack of high-profile accounts included those of Microsoft founder Bill Gates, Amazon.com Inc. founder Jeff Bezos, U.S. presidential candidate Joe Biden and former President Barack Obama were all affected, as well as corporate accounts of Apple Inc. and Uber. Twitter says that for a small subset of these accounts, the hackers were able to gain control of the targeted accounts, and send tweets from them. The company reiterated that it was working with impacted account owners. However, the FBI is now investigating the Twitter attacks, according to The Wall Street Journal.

7.5%

The Census Bureau reported Thursday that U.S. retail sales jumped 7.5% in June — a measure of purchases at stores, at restaurants and spending on clothing doubled as consumers visited stores following reopening. The report on retail sales in June totaled $524.3 billion, an increase of 7.5% in May and 1.1% higher than their levels from a year ago. Total sales for the April through June 2020 period were down 8.1% from the same period a year ago. April 2020 to May 2020 percent change was revised from up 17.7% to up 18.2%. Meanwhile, sales on gasoline also increased by 15.3% from the prior month. Receipts at bars and restaurants also jumped 20% from May, the report shows.

3

Meanwhile, we have a new Guinness World Record. The man from Idaho named David Rush, who has broken more than 150 of the records, recently shared a video showing that he kept 3 balloons in the air for 1 hour, 12 minutes and 50 seconds — the task completed inside an empty gym. During this attempt, He controlled the balloons with his hands, head, and feet long enough to beat the previous record of 39 minutes and 49 seconds. At the age of 30, David Rush had no Guinness World Records, Now 35, he has holds more than 150 records.

5.4%

Industrial production in the United States increased by 5.4% in June –the second straight monthly gain after a 1.4% uptick in May. But it was remained 10.9% below its pre-pandemic February level, the Federal Reserve announced in a report. The June performance was a better increase than the 4% rise forecasts by economists surveyed by The Wall Street Journal. Still, despite the recent gains, the index fell 42.6% at an annual rate, it’s the largest quarterly decrease since the industrial sector retrenched after World War II. The manufacturing production was 7.2% in June — the largest gain of 105% registered in motor vehicles and parts sector. Factory production elsewhere rose by 3.9%. Mining production fell 2.9 percent, and the output of utilities increased 4.2 percent, the Fed said.

0.6%

In June, the U.S. consumer price index rose 0.6% — the first increase since COVID-19 hit, the U.S Bureau of Labor Statistics reported. The total consumer price index was up 0.6% year-on-year, an acceleration from only 0.1% in May. The report showed that about half of the increase traced to higher gas prices. The energy prices jumped 5.1% in June– an increase for the first time in six months as the gasoline index rose 12.3%. The index for all items less food and energy rose a more modest 0.2% in June, its first monthly increase since February, according to the report.