The U.S. economy saw its worst contraction in the first quarter of 2020 since the Great Recession with worse news expected ahead. Live updates:
Airbus, the European aviation giant, reported Wednesday troubling losses in the first quarter, marking a sharp reversal for the plane maker that threatens to cause serious ripple effects across Western Europe and the United States.
Those delays could prove devastating to the company, which has been spending far more to pay employees and parts suppliers than it is receiving from customers. After a net profit of $43 million in the first quarter of last year, Airbus reported a net loss of about $522 million this year. Boeing, too, has faced serious repercussions due to the pandemic. On Wednesday, the U.S.-based manufacturerApril 30, 2020 at 6:04 AM EDTBERLIN — The coronavirus pandemic has thrown Europe into its sharpest economic decline since records began in 1995, according to new data released Thursday by the statistical office of the European Union.which shares a common currency, the euro.
Multiple think tanks had previously estimated that the economic fallout of the crisis could hit Europe harder than during the financial crisis in 2009, but Thursday’s data offered the first comprehensive assessment of the impact to date. Analysts have predicted a similarly difficult and perhaps even worse performance during the next quarter, depending on how successful virus-stricken nations are at reopening their economies.Europe’s unemployment growth modest during virus outbreak, unlike U.S.
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