Despite the second straight weekly decline reported by the Labor Department on Thursday, claims are hovering near a five-month high. There have been job cuts in sectors like technology and housing amid fears of a recession as the Federal Reserve aggressively tightens monetary policy to quell price pressures.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden's plan to unveil a package to spur recovery in Latin America, help stem immigration and counter China's growing regional economic clout has been marred by Washington's decision to exclude Cuba, Venezuela and Nicaragua from the summit.
June 08, 2022 06:48 AM
By Dave Graham, Matt Spetalnick and Daina Beth Solomon / Reuters
The message, sent on Thursday and titled "pause all hiring worldwide," came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession.
TOKYO — U.S. President Joe Biden said on Monday he would be willing to use force to defend Taiwan, capping a series of critical comments about China while in Asia that an aide said represented no change in U.S. policy toward the self-ruled island.