Job losses continue, suburbs appealing to homebuyers

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus.

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RETAIL:

— Target's $15 per hour starting wage for its hourly workers kicks in July 5. That's up from $13 set in June 2019. Target is also giving out one-time bonuses of $200 to reward workers on the front lines of the coronavirus. With these changes, the Minneapolis-based discounter will have invested nearly $1 billion more this year in its workers than it did last year. It also announced additional extensions of COVID-19 benefits.

— Bedding maker Tempur Sealy International anticipates its second-quarter sales will be down 15% compared with a year earlier, as strong sales in May and early June are mitigating a very difficult April.

The company said Wednesday that its quarter-to-date orders have significantly improved from previous expectations. The improvement in order trends has been broad-based geographically, driven by improving wholesale channel trends and more than 125% growth in global online sales for the quarter-to-date.

BANKS: The FDIC says that profits for banks fell about 70% in the first quarter because of COVID-19, and they quadrupled money set aside against expected losses.

Net income totaled $18.5 billion in first quarter 2020, according to the Federal Deposit Insurance Corp. That's a decline of $42.2 billion from a year ago. Deposits soared to approximately $1.24 trillion in the first quarter, up from about $258 billion in the previous quarter as many people decided to exit the stock market.

JOBS:

— AT&T has told the Communications Workers of America union that it plans to cut more than 3,400...