The daily business briefing: June 9, 2020

1. U.S. economy officially entered recession as pandemic hit

The U.S. economy in February slipped into a recession for the first time since 2009, the National Bureau of Economic Research's Business Cycle Dating Committee announced Monday. The news snapped a record 128-month expansion that started at the end of the Great Recession and ended when the coronavirus crisis reached the U.S., forcing non-essential businesses across the country to shut down to help slow the spread of COVID-19. Economists typically define a recession as starting with two consecutive quarters of economic contraction, but the NBER takes into account domestic production, employment, and other factors. Under those criteria, the group said the economy, which peaked in February, entered a downturn so severe when the coronavirus pandemic hit that it warrants being classified as a recession.

The New York Times The Guardian

2. Bon Appétit editor steps down after brown-face photo surfaces

Bon Appétit editor-in-chief Adam Rapoport resigned on Monday after a photo emerged showing him in brown face, dressed to reflect a Puerto Rican stereotype on Halloween in 2013. Several of the magazine's staffers, contributors, and YouTube personalities objected to the image. Assistant food editor Sohla El-Waylly called for Rapoport's resignation, saying via Instagram that the Halloween photo was "just a symptom of the systemic racism that runs rampant within Condé Nast as a whole." Rapoport, who became editor-in-chief in 2010 and has been part of the magazine's publisher, Condé Nast, since 2000, announced on Instagram that he was stepping down "to reflect on the work that I need to do as a human being and allow Bon Appétit to get to a better place."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

CNN

3. Stock futures retreat after Monday's gains

U.S. stock index futures fell early Tuesday, retreating after Monday's gains lifted the S&P 500 index back into positive territory for the year. Futures for the S&P 500 and the Dow Jones Industrial Average were down by more than 1 percent several hours before Tuesday's opening bell, while those of the Nasdaq fell by 0.6 percent. The three main U.S. indexes have made strong gains in recent weeks as states begin gradually lifting coronavirus lockdowns and allowing non-essential businesses to reopen, fueling hopes of an economic recovery. The Nasdaq hit a fresh high on Monday after rising 1.1 percent, and the Dow rose by 1.7 percent, reducing its 2020 losses to 3.3 percent.

CNBC

4. Dunkin' hiring 25,000 as states reopen

Dunkin' Brands announced Monday that it is adding 25,000 new jobs as states ease coronavirus lockdowns and reopen their economies. The fast-food chain said it would launch its "first-ever national restaurant employee recruitment advertising campaign" to fill jobs at franchises across the country. "Dunkin' is committed to keeping America running and working," said Stephanie Lilak, Dunkin' Brands' senior vice president and chief human resources officer. The news came after the Labor Department on Friday reported that the unemployment rate, which had been expected to rise, fell to 13.3 percent in May from 14.7 percent in April.

USA Today Yahoo Finance

5. Airbnb bookings rise as people start making roadtrips

Airbnb bookings increased between May 17 and June 3 compared to the same period last year, suggesting people are making roadtrips to nearby vacation rentals as coronavirus lockdowns ease, Airbnb CEO Brian Chesky told Bloomberg in an interview. "People, after having been stuck in their homes for a few months, do want to get out of their houses; that's really, really clear," Chesky said. "But they don't necessarily want to get on an airplane and are not yet comfortable leaving their countries." Similar trends are occurring in other countries, including Germany, Portugal, and South Korea. The travel industry has been devastated by the coronavirus pandemic. Airbnb let go of 25 percent of its workforce in May.

Bloomberg