Twenty-two million Americans filed for unemployment benefits since the coronavirus pandemic started






The Fed Paycheck Protection Program Liquidity Facility is up and running and ready to lend to banks participating in the federal govt’s small-business rescue efforts, the central bank said Thursday. the Fed has announced 9 emergency lending programs to help keep credit flowing as the U.S. economy went into lockdown to limit the spread of the coronavirus. The Paycheck program is the fourth to become operational, following facilities that support money-market funds, primary dealers and the commercial paper market. (Bloomberg)

More than 5 million Americans filed for unemployment benefits last week, bringing the total in the month since the coronavirus pandemic throttled the U.S. economy to 22 million and effectively erasing a decade worth of job creation. Initial jobless claims of 5.25 million in the week ended April 11 followed 6.62 million the prior week, according to Labor Department figures Thursday. (Bloomberg)

Half of the world’s countries have approached IMF for emergency loans to weather the financial crisis sparked by the global coronavirus pandemic, IMF’s managing director told. She said the IMF is ready to use its “full toolbox and $1 trillion firepower” of lending capacity, noting that 10 countries have so far received emergency funding, and half of the remaining countries should receive their requested financial lifelines by the end of April. (CNN)

Source: Danareksa Sekuritas Debt Research

Image:
Article in the newspaper detailing the layoffs that continue to happen around the world.
Photo by James Yarema on Unsplash