WASHINGTON: The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief on Wednesday (Apr 15) with ...
WASHINGTON: The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief on Wednesday with new government data and a report from the Federal Reserve warning the bloodletting would continue.
With more than two million cases worldwide, the spread of COVID-19 has driven the global economy into its deepest recession in a century, with the International Monetary Fund warning US$9 trillion will be slashed from global GDP. The index declined by 5.4 percent, its largest drop since 1946, while output dropped 6.3 per cent, also its biggest fall in seven decades, with the pain felt across most industries.
And data on statewide manufacturing from the Federal Reserve Bank of New York, home to the worst coronavirus outbreak in the country, showed business activity plummeting by more than ever. "Severely depressed demand, supply disruptions and extremely high uncertainty will keep manufacturing on an extremely weak trajectory in the near term," Oxford Economics wrote in a note.
Low oil prices and travel restrictions pushed down sales at gas stations, which reported a 17.2 per cent decrease.
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