Just the beginning: Twelve midsize to large corporations—all with more than $10 million in debt—filed for Chapter 11 bankruptcy protection during the third week of June, another consequence of the coronavirus pandemic and continued trouble in America’s oil industry, USA Today reports. The filings represent the highest weekly total of the year, and experts believe this is just the beginning of a bankruptcy tsunami that will wash over the country’s largest companies this summer and then drench both smaller businesses and individuals if government stimulus money dries up. Read the full story.
Grim ratio: Nearly half of the population is still out of a job, showing just how far the U.S. labor market has to heal in the wake of the coronavirus, CNBC reports. The employment-population ratio—the number of employed people as a percentage of the U.S. adult population—plunged to 52.8% in May, meaning 47.2% of Americans are jobless, according to Bureau of Labor Statistics. Read the full story.
Extra pay: Amazon says it will spend more than $500 million on bonuses for employees and some contractors, following months of strong demand from consumers stuck at home during coronavirus lockdowns and pressure on workers handling the jump in orders, The Wall Street Journal reports. The payout comes after the company decided last month to end a short-term pay bump for employees, including those in warehouses fulfilling customer orders. Read the full story.