Jennifer Kushinka with WWL First Business News reporting...
One out of every four workers in New Orleans is without a job, according to a study by the University of Louisiana Lafayette. The study found unemployment in New Orleans is the highest in the state at 25%, just ahead of Baton Rouge at 21% without jobs and Lafayette at nearly 19%. Nationwide, the unemployment rate is 14.7%.
Crude oil is down as concerns over a persistent glut and economic gloom caused by the pandemic canceled out support from supply cuts at some of the world’s top producers. Stage Stores has filed for Chapter 11 bankruptcy, the latest casualty of the pandemic following the collapse of luxury store chain Neiman Marcus and apparel retailer J. Crew. The discount department store operator will seek bids for the business or any of its assets, while it also begins to wind down its operations. The Houston-based chain shut all its 738 stores and three distribution centers in March. Stage Stores says it expects to reopen about 557 stores on Friday, about 67 stores in the second phase by May 28 and the rest by next month.