Today’s Top Stories From the Breitbart News Desk

[Maganomics]( Today’s Top Stories From the Breitbart News Desk New claims for unemployment benefits rose for the first time since claims peaked in the last week of March, a warning signal that the recovery could be stalling as new coronavirus cases continue to move higher and states reverse or halt reopening plans. This was the 18th consecutive week of claims above 1 million. The unexpected climb in claims will provide ammunition to those who have argued for extending the enhanced unemployment benefits. Breitbart’s John Carney argued this week that the program need not be ended, and concerns about the extra $600 per week creating a disincentive to work could be addressed by reducing the size of the enhancement. That appears to be the position Treasury Secretary Steven Mnuchin took today, telling reporters that the GOP proposal would reduce benefits to 70% of a typical wage. Some simple analysis suggests the cut to benefits may be even smaller than that. A 70% wage replacement would cut the enhancement to around $200. Split the difference with the Democrats, who want to extend the boost at the current level, and you get $400, around a 90% replacement rate. That still has the benefit of not paying people more for not working, and it would likely be enough to support high levels of consumer spending, boosting retail sales and economic growth. The market, which has been relentlessly rising, seems to have been shaken out of its exuberance by the jobless data. Once safe tech stocks, such as Microsoft and Apple, dropped by more than 4% in morning trading. But the setback might be short-lived if negotiations for the relief package move along quickly and smoothly. On the other hand, this could be just a preview of what is to come if either side digs in and the next round of relief legislation seems like it’s falling into limbo. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image] [U.S. Weekly Jobless Claims Unexpectedly Rise to 1.416 Million]( New claims for unemployment benefits rose to 1.416 million last week, data from the Department of Labor showed Thursday. This is the 18th consecutive week of initial claims above 1 million. Prior to March, initial claims had never risen as high as 700,000. Economists had forecast 1.3 million claims. The prior week was initially reported as 1.3 million claims. The Labor Department revised that figure up by 7,000. Claims hit a record 6.87 million for the week of March 27. Until this week, each subsequent week has seen claims decline. [[Click here for more]( Recommended Link [‘80s Financial Prophecy Finally Coming True?]( [image]( These men made millions predicting financial events. But one of their strangest predictions has yet to come true… [Click for full details]( -- IN OTHER STORIES… [Mnuchin Says New Relief Bill Will Extend and Reduce Enhanced Unemployment Benefits]( Senate Republicans will include an extension of the federal government’s enhancement to state unemployment benefits in their next coronavirus relief package, Treasury Secretary Steven Mnuchin said Thursday. Mnuchin said in an interview with CNBC that the bill, which has been negotiated between Capitol Hill Republicans and the Trump administration, will redesign the federal government’s boost to jobless benefits so that they provide a typical worker with 70 percent of his or her income. Senate Majority Leader Mitch McConnell is expected to release the outline of the bill Thursday. [[Click here for more]( [McConnell Set to Unveil New Virus Aid, Despite GOP Revolt]( Senate Majority Leader Mitch McConnell is set to unveil a $1 trillion COVID-19 rescue package on Thursday, pushing past a Republican revolt over big spending and differences with the White House as the virus crisis worsens. The package, called CARES II, is made up of separate bills from 10 senators as McConnell seeks to replicate an earlier strategy to launch negotiations with Democrats. But the path will be tougher this time. GOP senators and President Donald Trump are at odds over priorities, and Democrats say it’s not nearly enough to stem the health crisis, reopen schools, and extend aid to jobless Americans. [[Click here for more]( [Elon Musk Says Tesla Will Build Cybertruck Factory in Austin, Texas]( Elon Musk’s Tesla will reportedly build its next U.S. factory in Austin, Texas, with construction allegedly “already underway,” according to Musk. Tesla was recently granted tens of millions of dollars in tax breaks from Austin, where the factory will be built, and from a local school district. The company was reportedly considering building its new factory in Tulsa, Oklahoma, and would “strongly consider” it for future projects, according to Musk. [[Click here for more]( --------------------------------------------------------------- FROM THE MAGANOMICS INSTITUTE… [Here’s How Tesla Is Breaking the Mold]( A higher price tag no longer indicates a car’s performance… [[Click here for more]( [Maganomics]( Maganomics Institute 55 NE 5th Ave, Delray Beach, FL 33484 [www.maganomics.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Maganomics welcomes your feedback and questions. 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