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Persistently high layoffs suggest a slow US economic rebound

WASHINGTON (AP) — Three months after the viral outbreak shut down businesses across the country, U.S. employers are still shedding jobs at a heavy rate, a trend that points to a slow and prolonged recovery from the recession. The number of laid-off workers seeking unemployment benefits barely fell last week to 1.5 million. That figure was down from a peak of nearly 7 million in March, and it marked an 11th straight weekly drop. But the number is still more than twice the record high that existed before the pandemic. And the total number of people receiving jobless aid remains a lofty 20.5 million.

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UK’s recession ‘less bad’ than feared, Bank of England

LONDON (AP) — The Bank of England has unveiled another big stimulus for the U.K. economy as it tries to limit the scale of the coronavirus recession. The central bank said Thursday that it would increase its bond-buying program by 100 billion pounds ($125 billion) in its latest effort to deal with the economic threat of the pandemic. The meeting of the bank’s monetary policy committee took place in the wake of figures showing that the U.K. economy shrank by a fifth in April alone as a result of the country’s lockdown, which brought economic activity to a standstill. However, the bank now thinks will be “less severe” than it thought it would be last month.

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Pandemic gives businesses lessons in survival, innovation

NEW YORK (AP) — Business owners around the world have learned lessons in how to survive a pandemic and hopefully prosper in the future over the past few months. In Nashville, Tennessee, the owner of a recording studio learned that mobile equipment can both help staffers keep producing while sheltering in place and expand the number of projects they do when the studio reopened. In Jacksonville, Florida, a restaurant owner has realized that social distancing steps are now as important the items on his menu. And owners who are engineers and designers, in places like Paris and Sri Lanka, have used their talents to develop products that people need in a pandemic.

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Cream of Wheat, Mrs. Butterworth confront race in packaging

NEW YORK (AP) — Colgate, Cream of Wheat and Mrs. Butterworth are the latest brands reckoning with racially charged logos. New York-based Colgate-Palmolive say it’s reviewing its Darlie toothpaste brand, which is popular in Asia. Prior to 1989, the brand was known as Darkie and featured a singer in blackface as its logo. New Jersey-based B&G Foods, which makes Cream of Wheat hot cereal, said it’s reviewing its logo, which features a smiling black chef holding a bowl of cereal. And Chicago-based Conagra Brands says its female-shaped Mrs. Butterworth’s bottles are intended to evoke a “loving grandmother.” But the company said the packaging could be misinterpreted. The soul-searching comes in the wake of PepsiCo’s announcement that it’s renaming its Aunt Jemima syrup brand.

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NYT, WaPo launch new diversity efforts after staff protests

NEW YORK (AP) — The New York Times and Washington Post both outlined new measures on Thursday aimed at improving diversity in their coverage and newsrooms. It’s the latest action taken by media organizations to address employees protesting racial inequities in hiring as well as in coverage — how stories are framed, and which stories are told. High-ranking editors have left at several media organizations, with some outlining plans for improvement in how race is addressed. The Post said it would add new positions to cover race, among other initiatives, while the Times plans to develop strategies to improve diversity and evolve coverage.

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US mortgage rates fall; 30-year at all-time low of 3.13%

WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low. Mortgage buyer Freddie Mac reports that the average rate on the key 30-year loan declined to 3.13% from 3.21% last week. It was the lowest level since Freddie began tracking average rates in 1971. The average rate on the 15-year fixed-rate mortgage eased to 2.58% from 2.62%. In recent weeks, signs have pointed to the economy appearing to be slowly recovering from the devastation of the coronavirus pandemic, with more businesses partially reopening. The housing market has shown strength, notes Freddie Mac’s chief economist.

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Wall Street holds in neutral after wobbly day; yields fall

NEW YORK (AP) — Wall Street held at a near standstill on Thursday, and indexes were split as caution about rising coronavirus infections in hotspots around the world washed over hopes for a coming economic recovery. The S&P 500 edged up by 0.1% after flip-flopping repeatedly between small gains and losses through the day. Slightly more stocks fell in the index than rose, but most of the moves were modest. Earlier, stocks slipped in European and Asian markets, while Treasury yields faded in another sign of increased caution. Markets have slowed following a tremendous, nearly 40% rally for U.S. stocks that began in late March.

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The S&P 500 index rose 1.85 points, or 0.1%, to close at 3,115.34. The Dow Jones Industrial Average slipped 39.51, or 0.2%, to 26.080.10, and the Nasdaq composite rose 32.52, or 0.3%, to 9,943.05. The Russell 2000 index of smaller company stocks 0.54 of a point to 1,427.08.