Analyst says economy is in free fall, could be much 'worse than a deep recession'. FMTNews Covid19
The last 2 weeks of March have seen millions of Americans filing for unemployment benefits.
Economists in a Reuters poll had been looking for a GDP contraction of 4%, though estimates ranged to as low as negative 15%. “The economy is in free fall, we could be approaching something much worse than a deep recession,” said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles.
Many factories and nonessential businesses like restaurants and other social venues were shuttered or operated below capacity amid nationwide lockdowns to control the spread of Covid-19, the potentially lethal respiratory illness caused by the virus. The dismal report, together with record unemployment, could pile pressure on states and local governments to reopen their economies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump: China could have stopped coronavirus from spreading, US investigatingCORONAVIRUS | The United States has suffered over 56,000 fatalities from more than a million Covid-19 cases, making it the worst-hit country.
Read more »
More than 2,200 US coronavirus deaths in 24 hours: trackerWASHINGTON: The number of daily deaths from coronavirus rose again in the US Tuesday, a tally from Johns Hopkins University showed, as the country’s t...
Read more »
If more of us work from home after coronavirus we’ll need to rethink city planningWE have seen an unprecedented rise in the number of people working from home as directed by governments and employers around the world to help stop th...
Read more »
More than 2,200 US coronavirus deaths in 24 hours | New Straits TimesNSTworld: In a 24-hour period to 8:30 pm (0030 GMT), there were 2,207 additional deaths, the Baltimore-based university said. coronavirus covid19 US
Read more »
US coronavirus deaths surpass Vietnam War toll as Florida mulls easing shutdownFlorida governor meets Trump as the state announced its highest single-day death toll from the coronavirus outbreak.
Read more »
US oil plunges, Brent below US$20 a barrel on storage, economic woes | Malay MailLONDON, April 27 — Oil prices slumped again today on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than US$4 (RM17) a barrel on fears that storage at Cushing, Oklahoma,...
Read more »