Global RiskNews Briefs

U.S. Jobless Claims Pass 40 Million

As US jobless claims surpass 40 million as a result of lockdown measures combatting the spread of COVID-19, Nordstrom sales dropped 40% in the first quarter. Other companies are also trying to relieve economic pressure, with airlines such as Delta and American offering buyouts to their employees. Delta has offered two programs, early retirement, and a general buyout package to much of its workforce. American’s buyout program applies to management and support staff, hoping to support employees and relieve economic stress.

On Thursday, the Treasury Department announced a $10 billion reserve in funds from a $660 billion small business lending program that will be allocated to a group of lenders focusing specifically on disadvantage or at-risk communities. Unemployment claims continue to rise, as an additional 2.1 million were filed last week, according to the Labor Department. This raises the total number of Americans who have filed for unemployment since the start of the COVID-19 pandemic to 40 million, or one in four American workers.

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