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U.S. Jobless Claims Top 1 Million for 14th Week: Live Updates	U.S. Jobless Claims Top 1 Million for 14th Week: Live Updates
2020-06-25 15:28:37 UTC	2020-06-25 16:00:19 UTC (32 minutes later)
	The Trump administration delivered more than a million stimulus payments worth about $1.4 billion to dead people in a rush to pump money into the economy this year, the Government Accountability Office said on Thursday.
	The improper payments reflect some of the wasteful government spending that occurred in the wake of the rapid economic stabilization effort that was undertaken after Congress passed a $2.6 trillion bailout package in March, as the Treasury Department, working with the Internal Revenue Service, raced to deliver nearly $270 billion in payments to Americans.
	“The agencies faced difficulties delivering payments to some individuals, and faced additional risks related to making improper payments to ineligible individuals, such as decedents, and fraud,” the report said.
	The report noted that while the I.R.S. typically uses death records maintained by the Social Security Administration to prevent improper payments, that did not happen with the first three batches of stimulus payments. Treasury and the I.R.S. “did not use the death records to stop payments to deceased individuals for the first three batches of payments” because of a legal interpretation.
	G.A.O. recommended that the Internal Revenue Service find ways to notify ineligible recipients of the payments how to return them, though it did not explain how that would work with regard to those who are deceased. It also suggested that Congress ensure that the Treasury and its Bureau of the Fiscal Service, which distributed the payments, gain full access to the Social Security Administration’s full set of death records to help prevent money from being paid to the deceased.
	In its report, the G.A.O. also warned that the $660 billion Paycheck Protection Program was vulnerable to fraud because the Small Business Administration is relying on borrower certifications to determine if the loans are needed and how they are being used.
1.5 million workers filed new claims for state unemployment insurance last week, the Labor Department reported Thursday, the 14th week in a row that the figure has topped one million.	1.5 million workers filed new claims for state unemployment insurance last week, the Labor Department reported Thursday, the 14th week in a row that the figure has topped one million.
An additional 728,000 filed for benefits from Pandemic Unemployment Assistance, a federally funded emergency program aimed at covering the self-employed, independent contractors and other workers who don’t qualify for traditional unemployment insurance.	An additional 728,000 filed for benefits from Pandemic Unemployment Assistance, a federally funded emergency program aimed at covering the self-employed, independent contractors and other workers who don’t qualify for traditional unemployment insurance.
The total number of people collecting state unemployment insurance is 19.5 million, down from nearly 25 million in early May.	The total number of people collecting state unemployment insurance is 19.5 million, down from nearly 25 million in early May.
The latest data come amid conflicting signals for the economy. On the one hand, New York and some other places that were hard hit are starting to get back to business.	The latest data come amid conflicting signals for the economy. On the one hand, New York and some other places that were hard hit are starting to get back to business.
But a spike in cases in states that reopened earlier has raised fears of new setbacks. On Tuesday, Gov. Greg Abbott of Texas urged residents to stay home and warned that the state might have to impose new restrictions if the virus could not be contained. And California and Florida have each posted record numbers of new cases in recent days.	But a spike in cases in states that reopened earlier has raised fears of new setbacks. On Tuesday, Gov. Greg Abbott of Texas urged residents to stay home and warned that the state might have to impose new restrictions if the virus could not be contained. And California and Florida have each posted record numbers of new cases in recent days.
“The renewed outbreak will hinder the recovery,” said Carl Tannenbaum, chief economist at Northern Trust in Chicago. “I can’t help but think that the willingness of consumers to be in crowded places has diminished. It’s going to be a long haul to get back to where we were before the pandemic.”	“The renewed outbreak will hinder the recovery,” said Carl Tannenbaum, chief economist at Northern Trust in Chicago. “I can’t help but think that the willingness of consumers to be in crowded places has diminished. It’s going to be a long haul to get back to where we were before the pandemic.”
Macy’s said on Thursday that it would cut about 3,900 corporate and management jobs, 25 percent of those staff, as the struggling department store chain fights through the effects of the coronavirus pandemic on its business. The company also said that it had reduced staffing in stores, its supply chain and customer support network “which it will adjust as sales recover,” without providing the number of employees affected.	Macy’s said on Thursday that it would cut about 3,900 corporate and management jobs, 25 percent of those staff, as the struggling department store chain fights through the effects of the coronavirus pandemic on its business. The company also said that it had reduced staffing in stores, its supply chain and customer support network “which it will adjust as sales recover,” without providing the number of employees affected.
Macy’s, which also owns Bloomingdale’s and Bluemercury, has been rushing to reopen stores and implemented a range of cost-cutting measures after its sales nose-dived during the pandemic. The company said that the new job cuts would save $365 million this year and about $630 million per year on an annualized basis in the future.	Macy’s, which also owns Bloomingdale’s and Bluemercury, has been rushing to reopen stores and implemented a range of cost-cutting measures after its sales nose-dived during the pandemic. The company said that the new job cuts would save $365 million this year and about $630 million per year on an annualized basis in the future.
The pandemic dealt a severe blow to a company that was already making job cuts and closing stores before the global crisis. Macy’s said in February that it was eliminating about 2,000 corporate and support function positions, and that it would close about 125 of its least productive stores in the next three years.	The pandemic dealt a severe blow to a company that was already making job cuts and closing stores before the global crisis. Macy’s said in February that it was eliminating about 2,000 corporate and support function positions, and that it would close about 125 of its least productive stores in the next three years.
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” Jeff Gennette, chief executive of Macy’s, said in a statement on Thursday.	“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” Jeff Gennette, chief executive of Macy’s, said in a statement on Thursday.
While the company pushed its formal first-quarter earnings report to July 1 because of the pandemic, it has announced preliminary first-quarter net sales of roughly $3 billion, a 45 percent drop from last year, and an operating loss of as much as $1.1 billion.	While the company pushed its formal first-quarter earnings report to July 1 because of the pandemic, it has announced preliminary first-quarter net sales of roughly $3 billion, a 45 percent drop from last year, and an operating loss of as much as $1.1 billion.
Stocks drifted on Thursday, as growing coronavirus outbreaks in parts of the United States added to concerns about the economic recovery.	Stocks drifted on Thursday, as growing coronavirus outbreaks in parts of the United States added to concerns about the economic recovery.
The S&P 500 and major European markets wavered between gains and losses.	The S&P 500 and major European markets wavered between gains and losses.
Investors have worried for days about a rising number of new infections in the United States, a surge that raises questions about how quickly the world’s largest economy can get back up to speed. India and Brazil have also reported higher infections, days after China and South Korea also disclosed outbreaks.	Investors have worried for days about a rising number of new infections in the United States, a surge that raises questions about how quickly the world’s largest economy can get back up to speed. India and Brazil have also reported higher infections, days after China and South Korea also disclosed outbreaks.
The reopening of many businesses is not going as smoothly as financial markets had once anticipated. Apple said Wednesday that it had shut seven stores in the Houston area because of the rising number of cases in the region. Last week, it closed 11 stores in Arizona, Florida, South Carolina and North Carolina. Apple had opened most of its stores in the United States in recent weeks after closing nearly all of its roughly 500 stores worldwide months ago.	The reopening of many businesses is not going as smoothly as financial markets had once anticipated. Apple said Wednesday that it had shut seven stores in the Houston area because of the rising number of cases in the region. Last week, it closed 11 stores in Arizona, Florida, South Carolina and North Carolina. Apple had opened most of its stores in the United States in recent weeks after closing nearly all of its roughly 500 stores worldwide months ago.
And unemployment claims data released Thursday show that layoffs continue at a substantial pace even as restrictions are lifted and businesses reopen. Nearly 1.5 million workers filed for unemployment benefits last week, a larger number than economists had forecast.	And unemployment claims data released Thursday show that layoffs continue at a substantial pace even as restrictions are lifted and businesses reopen. Nearly 1.5 million workers filed for unemployment benefits last week, a larger number than economists had forecast.
It helped that data on manufactured goods rebounded. The Commerce Department said orders for manufactured goods meant to last at least three years rose 15.8 percent in May after plunging 18.1 percent in April. Economists had expected a rebound, but the May increase was stronger than anticipated.	It helped that data on manufactured goods rebounded. The Commerce Department said orders for manufactured goods meant to last at least three years rose 15.8 percent in May after plunging 18.1 percent in April. Economists had expected a rebound, but the May increase was stronger than anticipated.
But the primary concern on Wall Street is the sudden resurgence of virus cases, with more than 36,000 new cases reported on Wednesday alone. That was a daily record for coronavirus infections.	But the primary concern on Wall Street is the sudden resurgence of virus cases, with more than 36,000 new cases reported on Wednesday alone. That was a daily record for coronavirus infections.
The spike appeared to undermine hopes for a V-shaped rebound, in which both the economy and corporate profits would bounce back as swiftly as they plunged when the United States fell into a recession.	The spike appeared to undermine hopes for a V-shaped rebound, in which both the economy and corporate profits would bounce back as swiftly as they plunged when the United States fell into a recession.
“All the hopes of investors looking for a better economy to improve the bottom lines of companies shut down in the recession have been dashed,” Chris Rupkey, chief financial economist at MUFG Union Bank, wrote in a note to clients on Wednesday. “Forget about the fears of the virus coming back in the fall. The number of new cases and hospitalizations in states like Arizona, Texas and Florida says the threat is happening right now.”	“All the hopes of investors looking for a better economy to improve the bottom lines of companies shut down in the recession have been dashed,” Chris Rupkey, chief financial economist at MUFG Union Bank, wrote in a note to clients on Wednesday. “Forget about the fears of the virus coming back in the fall. The number of new cases and hospitalizations in states like Arizona, Texas and Florida says the threat is happening right now.”
CEC Entertainment, the parent company of Chuck E. Cheese and Peter Piper Pizza, filed for bankruptcy on Thursday, citing financial damage from the prolonged closures of its entertainment centers because of the coronavirus pandemic.	CEC Entertainment, the parent company of Chuck E. Cheese and Peter Piper Pizza, filed for bankruptcy on Thursday, citing financial damage from the prolonged closures of its entertainment centers because of the coronavirus pandemic.
The company said that it expected to keep stores open during the Chapter 11 process, and to continue reopening more locations every week. It has so far reopened 266 Chuck E. Cheese and Peter Piper Pizza venues.	The company said that it expected to keep stores open during the Chapter 11 process, and to continue reopening more locations every week. It has so far reopened 266 Chuck E. Cheese and Peter Piper Pizza venues.
The pandemic has had a particularly devastating impact on the entertainment and hospitality industries. But Chuck E. Cheese’s problems preceded the crisis, dating back to when CEC was acquired by the private equity firm Apollo Global Management in 2014. The company has lost money in four out of the past five years since the acquisition. In 2019, the company lost $28.9 million, 41 percent more than it had in 2018.	The pandemic has had a particularly devastating impact on the entertainment and hospitality industries. But Chuck E. Cheese’s problems preceded the crisis, dating back to when CEC was acquired by the private equity firm Apollo Global Management in 2014. The company has lost money in four out of the past five years since the acquisition. In 2019, the company lost $28.9 million, 41 percent more than it had in 2018.
“The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company’s history and get back to the business of delivering memories, entertainment, and pizzas for another 40 years and beyond,” said David McKillips, chief executive of CEC Entertainment, in a statement.	“The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company’s history and get back to the business of delivering memories, entertainment, and pizzas for another 40 years and beyond,” said David McKillips, chief executive of CEC Entertainment, in a statement.
The company said its 16,400 employees would continue to be paid during the bankruptcy process.	The company said its 16,400 employees would continue to be paid during the bankruptcy process.
Masayoshi Son, the founder of SoftBank, the Japanese conglomerate and investment company, said on Thursday that he would resign from the board of Alibaba, the Chinese e-commerce company, in which he was an early and wildly successful investor.	Masayoshi Son, the founder of SoftBank, the Japanese conglomerate and investment company, said on Thursday that he would resign from the board of Alibaba, the Chinese e-commerce company, in which he was an early and wildly successful investor.
The move comes after Jack Ma, Alibaba’s co-founder, said last month that he would quit SoftBank’s board, without giving an explanation	The move comes after Jack Ma, Alibaba’s co-founder, said last month that he would quit SoftBank’s board, without giving an explanation
SoftBank, which runs the world’s largest technology investment fund, has been hit hard by the coronavirus pandemic, which has cratered the values of some of its largest holdings, like the car-sharing service Uber and the Indian hospitality firm Oya.	SoftBank, which runs the world’s largest technology investment fund, has been hit hard by the coronavirus pandemic, which has cratered the values of some of its largest holdings, like the car-sharing service Uber and the Indian hospitality firm Oya.
Alibaba has been a golden goose for SoftBank. Mr. Son’s original investment of $20 million grew into a stake valued at more than $100 billion. In recent months, SoftBank has sold down part of its stake in the Chinese company to raise funds for a large share buyback intended to juice its stock price.	Alibaba has been a golden goose for SoftBank. Mr. Son’s original investment of $20 million grew into a stake valued at more than $100 billion. In recent months, SoftBank has sold down part of its stake in the Chinese company to raise funds for a large share buyback intended to juice its stock price.
Mr. Son and Mr. Ma have been longtime members of each other’s boards. Addressing an annual meeting of SoftBank’s shareholders, Mr. Son said that there was no bad blood between the two.	Mr. Son and Mr. Ma have been longtime members of each other’s boards. Addressing an annual meeting of SoftBank’s shareholders, Mr. Son said that there was no bad blood between the two.
“It’s just a happy ending,” Mr. Son said. “Jack is kind of graduating from SoftBank Group, and I am graduating from the Alibaba Group.”	“It’s just a happy ending,” Mr. Son said. “Jack is kind of graduating from SoftBank Group, and I am graduating from the Alibaba Group.”
The Walt Disney Company on Wednesday abandoned a plan to reopen its California theme parks on July 17, citing a slower-than-anticipated approval process by state regulators. The announcement came amid tension with unionized Disneyland employees, some of whom had publicly criticized the company’s reopening timetable as too fast.	The Walt Disney Company on Wednesday abandoned a plan to reopen its California theme parks on July 17, citing a slower-than-anticipated approval process by state regulators. The announcement came amid tension with unionized Disneyland employees, some of whom had publicly criticized the company’s reopening timetable as too fast.