Tag Archives: jobs

Dow Jones Today Leads Stocks Higher After Jobs, GDP Data; Apple, Tesla Earnings; New Stocks Join GameStop Flash Rally

Stocks rallied into Thursday’s open after a volatile premarket session, as markets aimed to claw back some of Wednesday’s losses. An improved reading on weekly jobless claims countered a mild miss in fourth-quarter GDP data. Earnings news stirred early action, with Tesla, Apple, Facebook and American Airlines all active. Trade was halted in GameStop and Koss stock, which tripped circuit breakers as recent flash-investing action widened to new stocks. Meanwhile, Walt Disney and Visa sprung to the top of the Dow Jones today.




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The Dow industrials surged 265 points at the starting bell, up 0.8%. The S&P 500 also soared 0.8%, while the Nasdaq opened to a 0.6% gain on the stock market today.

American Airlines (AAL)  dominted the S&P 500, up 28% but after reporting a narrower-than-projected loss, and becoming another apparent entry to the Reddit investing collective. United Airlines (UAL) and Delta Airlines (DAL) each rose 7%. United topped the Nasdaq 100.

Earnings News: American Airlines, Comcast, ServiceNow Rally

Late-Wednesday/early-Thursday earnings news was all over the map: Apple (AAPL), Facebook (FB), ServiceNow and Lam Research (LRCX) earnings all topped views. Tesla (TSLA) stock stumbled 4.4% lower after earnings fell short.

ServiceNow (NOW) rebounded 2.6% after blowing past analyst expectations with a 22% earnings gain and a 31% rise in revenue for its fourth quarter. The stock is looking to snap a four-day decline, and is trading in a six-week flat base with a 566.84 buy point.

Comcast (CMCSA) rallied more than 4% after topping fourth-quarter views and raising its dividend.

Apple, ServiceNow and Tesla stock are IBD Leaderboard names. ServiceNow stock is also an IBD Long-Term Leader. LRCX stock and Teradyne are IBD 50 stocks.

Chico’s, Tootsie Roll Join The GameStop Flash Rally

Small caps accelerated Thursday, with Russell 2000 futures up 1.1%. At the top of the Russell, apparel retail chain Chico’s (CHS) soared 19% in early trade, after rallying 34.8% on Wednesday.

Trade was halted for GameStop (GME) diving %, in a cooled-off version of the volatile trade that has driven shares up 434% so far this week. GameStop appears to be an early indicator of a new stock market wrinkle, one which pits social media investing collectives against institutional short sellers in technical valuation wars.

Other stocks involved include AMC Entertainment (AMC), Express (EXPR) and Koss (KOSS). AMC and Express shed early gains and dived early Thursday. Koss shares soared 134%.

Two other stocks appeared to have made their way onto the flash-mob radar early Thursday.  Candymaker Tootsie Roll Industries (TR) spiked almost 13%. Tootsie Roll spiked 55% in early trade Wednesday, then narrowed its advance to 11%.

Software developer Ebix (EBIX) rallied almost 12% in premarket trade. Shares ended almost 22% higher on Wednesday. Ligand Pharmaceuticals (LGND) jumped 8%.

Dow Jones Today: Apple, McDonald’s, Dow Earnings

At the top of the Dow, Visa (V) popped 1%, Boeing (BA) bounced back 1.5% from its steep drop on Wednesday.

Apple stock dropped 1.6%, to the bottom of the Dow Jones today, after halving its early decline. The company reported late Wednesday that strong sales of iPhones, wearables and services drove fiscal first-quarter sales and earnings well beyond Wall Street targets.

On Friday, Apple stock broke out of a cup-with-handle base at a buy point of 138.89, according to IBD Leaderboard analysis. Shares continue to trade within the 5% chase zone, which extends to 145.83.

McDonald’s (MCD) traded flat after reporting mixed fourth-quarter results, with earnings below expectations and revenue just meeting analyst targets. McDonald’s shares are basing, but must win a long-term struggle to regain support at their 10-week moving average before they can form the right side of the pattern.

Specialty chemicals maker Dow (DOW) scored a strong fiscal first-quarter win, reporting its first quarterly sales gain and announcing it had reduced debt by $2.6 billion for the year. Dow went public as a restructured entity in April 2019.

Visa (V) bats cleanup on the Dow Jones today, with its fiscal first-quarter report due out after the close.

GDP Misses Target, Weekly Jobless Claims Dip

Fourth-quarter GDP rose 4%, the Commerce Department reported Thursday. That was slightly below the 4.1% pace forecast by economists, on the heels of the pandemic-distorted 33.4% rebound in the third quarter. Personal Consumption Expenditures also increased less than expected, up 2.5% vs. the Econoday consensus of 3%, following the 41% bounce in the third quarter.

First-time unemployment claims took a welcome downturn, with the Labor Department reporting a drop to 847,000 in the week ended Jan. 23. Economists had projected a decrease to 875,000, following two disappointing weeks in which first-time unemployment claims rebounded and held above 900,000.

International trade, retail inventories, new home sales and the Kansas City Federal Reserve’s manufacturing index are among the other reports due out on Thursday.

Dow Jones Today: Testing Support

The Dow Jones today opens in a test of support at its 50-day moving average. Wednesday’s powerful pullback deposited the Dow a fraction above that line, below which the index has not closed since the Nov. 4 start of the current stock market rally. The Nasdaq is also testing support, but at its 21-day exponential moving average. The 21-day line also has been a support level for the Nasdaq since the index’s follow-through day in early November.

The S&P 500 dived below its 21-day line, and may be headed for a test of support at its 50-day line. The index finished a bit more than 1% above that level on Wednesday.


For more detailed analysis of the current stock market and its status, study the Big Picture.


Friday marks the final trading day of January. After Wednesday’s pullback,  the Dow industrials were tracking toward a moderate loss for January, down 1% for the month through Thursday. That is identical to its January performance a year ago, which was just beginning to reflect the impact of the gathering coronavirus storm.

Over the past 21 years, the Dow has gained in 10, fallen in 11 Januarys. In those 11 years, it has averaged a January decline of just over 4%, so even though this year is starting on a down note, it is still above average. A down January doesn’t appear to bode either well or ill for the year, with the market up in five, down in six of the 11 years that opened with a soft January.

The Nasdaq, despite Monday’s sharp pullback, remains up 3% for January. The S&P 500 has a 0.1% loss, and the Russell 2000 is up 6.8% for the month.

Find Alan R. Elliott on Twitter @IBD_Aelliott

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Donovan Mitchell says he’s ‘honored’ the Utah House of Representatives would pass a resolution for him

SALT LAKE CITY — Donovan Mitchell didn’t really know what to think when he heard the news. The Utah House of Representatives had passed a resolution in honor of him? Why? And what exactly did that mean?

When House Resolution 3 was introduced by Rep. Kera Birkeland, R-Morgan on Tuesday to recognize “the exemplary service of Donovan Mitchell to the Utah Jazz and the Utah community; and suggests consideration of making the ‘Spida’ (Mitchell’s nickname) the official state arachnid” it caused some people to raise their eyebrows.

The resolution was drafted after Mitchell’s now infamous postgame exchange with Shaquille O’Neal last week. It was a way of backing up the Jazz star.

“In Utah, we support our players when they face awkward abuse during postgame interviews disguised as pep talks,” the resolution states while also getting in some jabs at O’Neal’s free throw percentage and off the court ventures like movie “Kazaam” and the video game “Shaq Fu.”

“I think it is appropriate for the great state of Utah to award Shaquille O’Neal with a technical foul,” said Birkeland, sporting a ref jersey.

That little bit of detail was something Mitchell appreciated.

“That was pretty fun,” Mitchell said.

Birkeland and her fellow representatives passed the resolution in a landslide 67-5 vote. No surprise that Utahns support one of their biggest stars.

The resolution, though, did face some opposition.

“Not only has he gotten into the head of Donovan Mitchell, but I’m sure everyone who votes yes on this, he would rent some space in your head, as well,” House Majority Leader Francis Gibson, R-Mapleton, said about O’Neale. “But I do support our Jazz. I do support Donovan Mitchell.”

Now, whether or not such a matter should have been brought to the house floor — House Speaker Brad Wilson even sported a Mitchell jersey for the discussion — is a whole other matter. But Birkeland and the other representatives voting yes, simply wanted to cast an official show of support for the All-Star.

And as Mitchell sat in his car reading about it and pondering about the unique show of support, he couldn’t help but smile. Sure it was easy to laugh at, but it also was pretty moving.

“I looked at it in a different light,” Mitchell said. “Growing up being a kid you always want to be that guy that’s beloved and I really appreciate the support. I think it’s special and it’s an honor. It’s kind of funny.”

But he did have a question: “Is it like the state spider?” Mitchell asked. “I don’t know how that works, to be honest with you. I was asking around, we don’t really know.”

It doesn’t appear to be. The Utah State Legislature website states that resolutions “are considered an expression of the Legislature and are printed in the annual session laws (Laws of Utah) but are not codified.”

So for now, it’s just a way for the house to have expressed an opinion. The opinion that Mitchell is the best player — and spider — around.

“I’m just blessed that people think of me that way,” Mitchell said. “I’m just honored.”

Ryan Miller

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US coronavirus numbers drop, but race against new strains heats up

WASHINGTON (Reuters) — Coronavirus deaths and cases per day in the U.S. dropped markedly over the past couple of weeks but are still running at alarmingly high levels, and the effort to snuff out COVID-19 is becoming an ever more urgent race between the vaccine and the mutating virus.

The government’s top infectious-disease expert, Dr. Anthony Fauci, said the improvement in numbers around the country appears to reflect a “natural peaking and then plateauing” after a holiday surge, rather than the arrival of the vaccine in mid-December.

The U.S. is recording just under 3,100 deaths a day on average, down from more than 3,350 less than two weeks ago. New cases are averaging about 170,000 a day after peaking at almost 250,000 on Jan. 11. The number of hospitalized COVID-19 patients has fallen to about 110,000 from a high of 132,000 on Jan. 7.

States that have been hot spots in recent weeks such as California and Arizona have shown similar improvements during the same period.

On Monday, California lifted regional stay-at-home orders in favor of county-by-county restrictions and ended a 10 p.m. curfew. The shift will allow restaurants and churches to resume outdoor operations and hair and nail salons to reopen in many places, though local officials could maintain stricter rules.

Elsewhere, Minnesota school districts have begun bringing elementary students back for in-person learning. Chicago’s school system, the nation’s third-largest district, had hoped to bring teachers back Monday to prepare for students to return next month, but the teachers union has refused. Illinois announced that that more counties will be able to offer limited indoor dining.

“I don’t think the dynamics of what we’re seeing now with the plateauing is significantly influenced yet — it will be soon — but yet by the vaccine. I just think it’s the natural course of plateauing,” Fauci told NBC’s “Today.”

Ali Mokdad, a professor of health metrics sciences at the University of Washington, said that a predicted holiday surge was reduced by people traveling less than expected, and an increase in mask wearing in response to spikes in infections has since helped bring the numbers down.

Caitlin Rivers, an epidemiologist at the Johns Hopkins Center for Health Security, said too few people have been vaccinated so far for that to have had a significant impact on virus trends. She said she can’t predict how long it will take for the vaccines’ effects to be reflected in the numbers.

Rivers said she is concerned that the more contagious variants of the virus could lead to a deadly resurgence later this year.

“I think we were on track to have a good — or a better, at least — spring and summer, and I’m worried that the variants might be throwing us a curveball,” she said.

Nationwide, about 18 million people, or less than 6% of the U.S. population, have received at least one dose of vaccine, including about 3 million who have gotten the second shot, according to the Centers for Disease Control and Prevention. Only slightly more than half of the 41 million doses distributed to the states by the federal government have been injected into arms, by the CDC’s count.

The virus has killed over 419,000 Americans and infected more than 25 million, with a widely cited University of Washington model projecting the death toll will reach about 569,000 by May 1.

And health experts have warned that the more contagious and possibly more deadly variant sweeping through Britain will probably become the dominant source of infection in the U.S. by March. It has been reported in over 20 states so far. Another mutant version is circulating in South Africa.

The more the virus spreads, the more opportunities it has to mutate. The fear is that it will ultimately render the vaccines ineffective.

To guard against the new variants, President Joe Biden on Monday added South Africa to the list of more than two dozen countries whose residents are subject to coronavirus-related limits on entering the U.S.

Most non-U.S. citizens who have been to Brazil, Ireland, Britain and other European nations will be barred from entering the U.S. under the rules re-imposed by Biden after President Donald Trump had moved to relax them.

Fauci said scientists are already preparing to adjust COVID-19 vaccines to fight the mutated versions.

He said there is “a very slight, modest diminution” of the effectiveness of COVID-19 vaccines against those variants, but “there’s enough cushion with the vaccines that we have that we still consider them to be effective” against both.

Moderna, the maker of one of the two vaccines being used in the U.S., announced on Monday that it is beginning to test a possible booster dose against the South African variant. Moderna CEO Stephane Bancel said the move was out of “an abundance of caution” after preliminary lab tests suggested its shot produced a weaker immune response to that variant.

The vaccine rollout in the U.S. has been marked by disarray and confusion, with states complaining in recent days about shortages and inadequate deliveries that have forced them to cancel mass vaccination events and tens of thousands of appointments.

New York Mayor Bill de Blasio said shortages are preventing the city from opening more large-scale vaccination sites.

“Here you have New York City ready to vaccinate at the rate of a half-million New Yorkers a week, but we don’t have the vaccine to go with it,” de Blasio said. “A lot of other places in the country are ready to do so much more.”

Associated Press writers around the U.S. contributed to this report.

Find AP’s full coverage of the coronavirus pandemic at https://apnews.com/hub/coronavirus-pandemic

Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Health department reports 1,516 new COVID-19 cases Sunday in Utah

SALT LAKE CITY — In its daily update of COVID-19 statistics in Utah, the state health department reported 1,516 new positive tests and another 13 deaths from the disease Sunday.

Four of those deaths happened before the new year, officials said, but were still under investigation. Overall, that brings the state to 336,405 total confirmed cases and 1,595 deaths since the pandemic began.

Currently, 461 Utahns are reported hospitalized due to COVID-19, including 182 in intensive care. Sunday’s numbers came as 14,575 more test results were reported and 7,331 Utahns were tested for the virus for the first time.

Over the past week, the state is averaging 1,794 new reported cases per day and a positive test rate of 19.4%.

The health department says 6,073 more vaccines were administered since yesterday’s report, for a total of 228,348 so far. More than 28,000 Utahns have received a second dose of the vaccine.

The deaths reported Sunday include:

  • A Salt Lake County man between ages 65 and 84 who was hospitalized when he died
  • A Salt Lake County woman between ages 65 and 84 who was the resident of a long-term care facility
  • A Salt Lake County man over age 85 who was the resident of a long-term care facility
  • A Salt Lake County man between ages 45 and 64 who was not hospitalized when he died
  • A Uintah County man between ages 65 and 84 who was not hospitalized
  • A Utah County man between ages 25 and 44 who was the resident of a long-term care facility
  • Three Utah County men between ages 65 and 84 who were hospitalized
  • A Utah County woman over age 85 who was the resident of a long-term care facility
  • A Washington County woman between ages 65 and 84 who was the resident of a long-term care facility
  • A Washington County woman over age 85 who was not hospitalized
  • A Weber County woman between ages 65 and 84 who was not hospitalized

Together, Salt Lake and Utah counties now account for 62% of the state’s reported cases and 58% of its deaths.

There is no coronavirus news conference from state leaders scheduled for Sunday. Gov. Spencer Cox and health officials will update the public in a conference later this week; it usually occurs on Thursdays.

Last week

  • Saturday: Gov. Cox says getting more vaccines shouldn’t be like ‘Hunger Games’; 1,771 more COVID cases reported Saturday
  • Friday: 2,649 more COVID-19 cases, 24 deaths reported Friday in Utah
  • Thursday: Utah using nearly all COVID-19 vaccine doses as state sees 2,089 new cases, 30 deaths
  • Wednesday: 2,159 more COVID-19 cases, 10 deaths reported Wednesday in Utah
  • Tuesday: 1,302 more COVID-19 cases, 7 deaths reported Tuesday in Utah
  • Monday: 1,082 new COVID cases reported Monday as Utah marks 1,500 deaths during pandemic

Methodology:

Test results now include data from PCR tests and antigen tests. Positive COVID-19 test results are reported to the health department immediately after they are confirmed, but negative test results may not be reported for 24 to 72 hours.

The total number of cases reported by the Utah Department of Health each day includes all cases of COVID-19 since Utah’s outbreak began, including those who are currently infected, those who have recovered from the disease, and those who have died.

Recovered cases are defined as anyone who was diagnosed with COVID-19 three or more weeks ago and has not died.

Referral hospitals are the 16 Utah hospitals with the capability to provide the best COVID-19 health care.

Deaths reported by the state typically occurred two to seven days prior to when they are reported, according to the health department. Some deaths may be from even further back, especially if the person is from Utah but has died in another state.

The health department reports both confirmed and probable COVID-19 case deaths per the case definition outlined by the Council of State and Territorial Epidemiologists. The death counts are subject to change as case investigations are completed.

For deaths that are reported as COVID-19 deaths, the person would not have died if they did not have COVID-19, according to the health department.

Data included in this story primarily reflects the state of Utah as a whole. For more localized data, visit your local health district’s website.

More information about Utah’s health guidance levels is available at coronavirus.utah.gov/utah-health-guidance-levels.

Information is from the Utah Department of Health and coronavirus.utah.gov/case-counts. For more information on how the Utah Department of Health compiles and reports COVID-19 data, visit coronavirus.utah.gov/case-counts and scroll down to the “Data Notes” section at the bottom of the page.

Graham Dudley

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Got a package you didn’t order? It could be a scam

NEW YORK (CNN) — Most people who buy things online just have to worry about their deliveries being delayed or never arriving. But some people are dealing with a different problem altogether: getting weird stuff like hair clippers, face creams and sunglasses they never even ordered at all.

The Federal Trade Commission and cyber experts have been warning consumers about these deliveries, which can be part of something known as “brushing” scams.

Here’s how these scams work: Third-party sellers on Amazon, eBay and other online marketplaces pay people to write fake, positive reviews about their products, or do it themselves. To be able to post the reviews, these so-called “brushers” need to trick the site into making it appear that a legitimate transaction took place. So they’ll use a fake account to place gift orders and address them to a random person whose name and address they find online. Then, instead of actually mailing the item for which they want to post a review, the brushers will send a cheap, often lightweight item that costs less to ship.

Sending an item (even the wrong one) creates a tracking number, and when the package is delivered, it enables brushers to write a verified review. If you’re on the receiving end, you usually aren’t charged for the purchase and your real account isn’t hacked — but you are left in the dark as to who is repeatedly sending the mystery packages. In many cases, there’s no return address. You don’t need to worry that anything bad has happened to you or will happen to you if you get a package that might be part of a brushing scam, experts say. But we all need to be concerned about the scams affecting reviews we rely on when buying products.

Brushing scams reportedly took off on e-commerce sites in China around five years ago. They resurfaced in headlines last summer, when all 50 states issued warnings about mysterious, unsolicited packages of seeds that people across the nation received in the mail.

But it’s not just seeds. Unsuspecting recipients have also found boxes with goods ranging from dog pooper-scoopers to power cords to soap dispensers on their doorsteps.

Jen Blinn of Thousand Oaks, California, told CNN Business she has been receiving random packages since June, including most recently a briefcase, a backpack, a hair straightener and a coffee-cup warmer.

“Every two weeks … I get another package in the mail of just random stuff I never ordered,” she said. Blinn notified Amazon of the issue, but a customer service agent “didn’t really understand what I was saying. She obviously didn’t know about it,” she said. The agent looked at Blinn’s account and found nothing wrong with it.

It’s not illegal to send customers unordered merchandise. But “the [Federal Trade Commission] has long gone after marketers that use fake reviews,” said David Vladeck, a former director of the FTC’s Bureau of Consumer Protection and a law professor at Georgetown University.

Amazon says its policy prohibits sellers sending unsolicited merchandise to customers, and that sellers can be removed from the site for doing so.

“Third-party sellers are prohibited from sending unsolicited packages to customers and we take action on those who violate our policies, including withholding payments, suspending or removing selling privileges, or working with law enforcement,” an Amazon spokesperson said in an email. Amazon would not say how how many brushing scams have been found on the site or how many sellers have been removed due to these scams.

An eBay spokesperson said in an email that brushing schemes “do not appear to be highly prevalent” on the site. It violates eBay policy to send unsolicited merchandise to customers or falsify reviews and can result in eBay restricting sellers’ accounts or suspending them from the site.

Experts also say it’s difficult to quantify the frequency of such scams because it can be hard for companies to know whether reviews are fake, and scams often go unreported by consumers.

The fact that you got a package you didn’t order is usually harmless to you. The harm is to people who rely on reviews when deciding on a purchase, said Chris McCabe, a former policy enforcement investigator at Amazon tasked with stopping scams and fraud. He is now a consultant to sellers on the site.


The real losers here are the consumers who are possibly believing many of these fake positive reviews, or this artificial padding of reviews, because they might see 100 positive reviews, and then there may only be 60 or 70 of them that are legitimate.

–Chris McCabe


“The real losers here are the consumers who are possibly believing many of these fake positive reviews, or this artificial padding of reviews, because they might see 100 positive reviews, and then there may only be 60 or 70 of them that are legitimate,” he said.

The likelihood that a consumer will buy a product that has five reviews is 270% higher than the likelihood they will buy a product with zero reviews, according to a 2017 report by Northwestern University’s Spiegel Research Center.

Some fake reviews are also being driven by Facebook groups where sellers offer buyers money if they write positive product reviews, said McCabe. Amazon and Facebook should work together to crack down on these groups, he said.

An Amazon spokesperson said that the company analyzes more than 10 million reviews every week to try to keep fake ones from being published and that it provides details of its investigations to social media companies “so they can stop these bad actors from abusing their platforms.”

A Facebook spokesperson said in an email that when the company is told of groups that may encourage fake reviews, it reviews them and removes them if they violate its policies.

Unwanted sheets and Shiatsu massagers

For consumers, the unexpected deliveries can be jarring. The packages Ashanté Nicole never ordered started arriving at her home in Fort Lauderdale, Florida, in 2019.

iPhone and portable car chargers. An iPad case. A heated shiatsu massage. A nail cleaning brush and a blow dryer. Sheets. A mattress cover. A floppy fish toy.

They didn’t have return addresses, so Nicole wasn’t sure who was sending the packages. She reached out to Amazon to try to stop them from coming, but they still keep arriving at her doorstep.

“It was just kind of a little bit concerning because I don’t know who has my information,” she said. “I don’t know what they’re going to send me. Like they could send something illegal and then I’m in trouble because I didn’t know whoever that person was or what they were sending me.”

If you get merchandise you didn’t order, it could mean that scammers have created an account in your name or taken over your account, an FTC spokesperson said in an email. Scammers may have even created new accounts in other names tied to your address, allowing them to post lots of seemingly-real reviews.

“We recommend keeping an eye on your online shopping accounts. If you spot activity that isn’t yours, report it to the site right away, and think about changing your password for that site,” the spokesperson said.

Nicole feels she has done all she can by alerting Amazon each time unsolicited packages from the retailer arrive at her doorstep.

“There’s literally nothing I can do besides tell Amazon every time it happens. And that hasn’t really done much,” she said.

Amazon declined to comment directly on Nicole and Blinn’s accounts, but said if a customer receives a package that was unsolicited, they should contact Amazon’s customer service team.

Nicole said she hopes Amazon will do more to stop brushing and ban sellers who participate in the scams.

“I just think they need to be a little bit more concerned with shutting those stores down and making sure those sellers can’t use the platform.”

The-CNN-Wire™ & © 2021 Cable News Network, Inc., a Time Warner Company. All rights reserved.

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Biden order lets people who quit jobs where they thought they might catch coronavirus to collect unemployment

Continuing a flurry of executive action, President Biden signed an order Friday calling on the Labor Department to allow workers to collect unemployment benefits if they quit jobs they fear put them at risk for COVID-19.

Pointing to a Gallup Poll finding that found 43% of Americans live in a household where at least one member has a preexisting condition, the White House wrote in a release: “The President is asking the Department of Labor to consider clarifying that workers have a federally guaranteed right to refuse employment that will jeopardize their health and if they do so, they will still qualify for unemployment insurance.”

Typically workers can only collect unemployment if they are laid off or fired in some cases. In certain instances, workers who quit their job with “good cause” can collect the benefits. Good causes include unsafe work conditions, discrimination in the workplace, harassment, lack of payment, or change in job duties.

As part of Biden’s $1.9 trillion coronavirus relief proposal, federal unemployment would be raised for out-of-work Americans to $400 a week, up from the $300 a week boost that lawmakers approved in December.

ANOTHER 900,000 AMERICANS FILED FOR UNEMPLOYMENT BENEFITS LAST WEEK 

Over time, Biden would phase out the higher unemployment benefits, depending on health and economic conditions — seeking to avoid a so-called “fiscal cliff” that could deal a serious blow to American families relying on the aid.  He would extend the income support, set to end in March, for about six months through September 2021.

An additional 900,000 Americans filed for unemployment benefits for the first time last week.

WHAT’S IN BIDEN’S $1.9T RELIEF PROPOSAL? 

The number is nearly four times the pre-crisis level but is well below the peak of almost 7 million that was reached when stay-at-home orders were first issued in March. Almost 70 million Americans, or about 40% of the labor force, have filed for unemployment benefits during the pandemic.

The number of people who are continuing to receive unemployment benefits fell to 5.054 million, a decline of about 127,000 from the previous week.

Other Americans are receiving jobless aid from two federal programs that Congress established with the passage of the CARES Act in March: one extends aid to self-employed individuals, gig workers, and others who typically aren’t eligible to receive benefits, and the other provides aid to those who have exhausted their state benefits.

 FOX Business’ Meghan Henney contributed to this report. 

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