Economy

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Boeing will be laying off thousands of additional employees as the airplane manufacturer continues to lose money due to the coronavirus pandemic and the prolonged grounding of its 737 Max jet.

A global collapse in air travel has all but eliminated airlines' need to buy new commercial jets. As a result, Boeing has slowed production of new aircraft and announced this summer that it would be eliminating 19,000 jobs.

But now the aerospace giant says it needs to reduce its workforce even more.

The Small Business Administration may have handed out billions of dollars in loans to businesses that falsely claimed to have been damaged by the coronavirus lockdowns, a report from the agency said on Wednesday.

Officials at the agency were so inundated with requests for disaster aid starting last March that they couldn't adequately vet the applicants, according to the report from the Office of SBA Inspector General Michael Ware.

Eli Lilly has struck a deal with the federal government to provide 300,000 doses of a drug that's designed to keep people infected with COVID-19 out of the hospital. The cost per dose: $1,250.

The federal government plans to distribute the 300,000 doses at no cost, but that doesn't mean treatment will be free.

In an effort to appeal to suburban voters, President Trump has been promising to keep low-income housing out of their neighborhoods, saying it should be harder for families in need of affordable housing to "invade" the suburbs.

But 50 years after Congress passed the Fair Housing Act, the reality is families with low incomes have never flooded into the suburbs. In fact, few have made it there.

The CEOs of some of the biggest tech platforms defended the way they handle online speech to an audience of skeptical senators, many of whom seemed more interested in scoring political points than engaging with thorny debate over content moderation policies and algorithms.

When Steve Davis considers the prospects of the world's poorest citizens he is filled with .... hope. The reason: Five promising trends that, he says, are gaining steam even amid deeply worrisome developments that get much more attention.

Updated at 4:11 p.m. ET

Stocks fell sharply on Wednesday as a spike in coronavirus cases in the United States and Europe is raising the prospect of further lockdowns that could hurt the global economy.

At the close, the Dow Jones Industrial Average was down 943 points, a decline of 3.4%, and is in negative territory for the month. The S&P 500 fell 3.5%, its third consecutive decline, and is down over 8% from its record high in early September.

A trio of Silicon Valley's biggest names will be in the hot seat on Wednesday for a U.S. Senate hearing focused on a decades-old legal shield that is newly under fire.

Facebook's Mark Zuckerberg, Twitter's Jack Dorsey and Google's Sundar Pichai are appearing virtually at 10 a.m. ET in front of the Republican-controlled Senate Commerce Committee to answer questions under oath about whether being insulated from lawsuits has enabled Big Tech's "bad behavior."

Women are seeing the fabric of their lives unravel during the pandemic. Nowhere is that more visible than on the job.

In September, an eye-popping 865,000 women left the U.S. workforce — four times more than men.

The coronavirus pandemic is wreaking havoc on households, and women are bearing the brunt of it. Not only have they lost the most jobs from the beginning of the pandemic, but they are exhausted from the demands of child care and housework — and many are now seeing no path ahead but to quit working.

On its surface, economic growth data out this week will look like one for the record books. But dig in, and the picture is not as bright.

The Commerce Department is expected to report on Thursday record-setting growth in gross domestic product during the most recent quarter, reflecting pent-up demand as businesses reopened and consumers streamed back into the marketplace.

Aaron Springer of Odenton, Md., wasn't looking to sell his 2014 Volkswagen Jetta SportWagen, which he bought used a couple of years ago.

"I love this car," he says.

But Springer heard the used-car market was hot, so he decided he might as well check. To his astonishment, used-car site Carvana offered him $1,500 more than he paid for the vehicle in 2018.

"I mean, it's just too good of a price to not sell it," he says.

Montana's Democratic Gov. Steve Bullock waited until just before the filing deadline in March to announce he would take on incumbent Republican Steve Daines in the race for Senate.

It took a little more than a week for millions of dollars in campaign contributions to begin pouring into the sparsely populated state from outside, quickly flooding Montana's small broadcast markets with campaign ads, many of them decidedly negative.

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In 2017, a Texan furniture salesman with a proclivity for dressing like a mattress got millions of dollars of insurance coverage at a casino.

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