Mar 30, 2020 - Economy & Business

Macy's to furlough 130,000 employees

Macy's flagship store in New York, March 24. Photo: John Lamparski/NurPhoto via Getty Images

Macy's will furlough the majority of its workers this week, as the company's stores remain closed due to the coronavirus outbreak, the Wall Street Journal reports.

Details: Macy's sales have seen a drastic decline, having shuttered its stores on March 18. The company employs about 130,000 people, per the Journal. It will retain workers for its e-commerce operations, distribution and call centers. The chain told staff it will continue to cover 100% of its employees' health care premiums at least through May.

Go deeper: The coronavirus pandemic is hitting Main Street

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Axios

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

Global: Total confirmed cases as of 9 a.m. ET: 19,128,901 — Total deaths: 715,555— Total recoveries — 11,591,028 — Map.
U.S.: Total confirmed cases as of 9 a.m. ET: 4,884,406 — Total deaths: 160,111 — Total recoveries: 1,598,624 — Total tests: 59,652,675 — Map.
Politics: Trump floats executive action even if stimulus deal is reached.
Business: U.S. economy adds 1.8 million jobs in July — Household debt and credit delinquencies dropped in Q2.
Sports: The pandemic's impact on how sports are played.
1 🎮 thing: Video gaming growth soars.

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Alayna Treene

24 mins ago - Politics & Policy

Trump floats executive action even if stimulus deal is reached

Photo: Samuel Corum/Getty Images

The White House is finalizing a series of executive orders addressing key coronavirus stimulus priorities if negotiations with Congress fall apart, and it's leaving the door open for President Trump to use them even if a deal is reached that doesn't encompass all of his priorities, two administration officials tell Axios.

What we’re hearing: “I wouldn't be surprised that, if something gets left off the table, we’d be like ‘we can take this executive action too and be able to win on it anyway,’” one official said.

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Axios

29 mins ago - Technology

TikTok responds to Trump executive order: "We are shocked"

Photo: Jakub Porzycki/NurPhoto via Getty Images

TikTok said Friday that it was "shocked" by President Trump's executive order that will ban Americans from dealing with ByteDance, its China-based owner, in 45 days.

Why it matters: TikTok argued that Trump's move "risks undermining global businesses' trust in the United States' commitment to the rule of law, which has served as a magnet for investment and spurred decades of American economic growth."