WASHINGTON (REUTERS) - The US economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.. Read more at straitstimes.com.
WASHINGTON - The US economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic shuttered businesses and factories, all but confirming a recession is underway.
Unemployment was seen rising to 3.8 per cent. Friday's report is far from an accurate depiction of the economic carnage being inflicted by the contagious coronavirus. The report could sharpen criticism of the Trump administration's handling of the public health crisis, with President Donald Trump himself facing criticism for playing down the threat of the pandemic in its initial phases.
"The economy has fallen into the abyss," said Chris Rupkey, chief economist at MUFG in New York."Everywhere you look Washington and state governments were not prepared for the rapid spread of the virus and the devastating damage that would be done to the economy if businesses were shut down and workers sent home."
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