WASHINGTON, July 31 ― The US economy collapsed in the midst of the coronavirus pandemic, suffering its largest decline on record while hopes for a recovery took another hit as job losses increased, according to government data released yesterday. The 32.9 per cent GDP contraction, though slightly...
Friday, 31 Jul 2020 08:20 AM MYT
While President Donald Trump continues to promise a dramatic recovery, Covid-19 cases have resurged in recent weeks, eroding early progress towards a rebound and forcing authorities in several states to reimpose restrictions that sent workers back home. The data “should compel Congress to move swiftly” to provide assistance to unemployed workers and businesses.Congress is currently locked in debate over the size and composition of the next spending bill, with Democrats fighting to retain the $600 additional weekly payment made to unemployed workers set to expire Friday.
Democratic House Leader Nancy Pelosi has opposed the plan, and she and top Senate Democrat Chuck Schumer are due to meet with Treasury Secretary Steven Mnuchin again late Thursday to try to bridge the differences. “The depth of economic devastation our nation is experiencing is not an act of God, it's a failure of presidential leadership,” Biden said in a statement. “Had President Trump taken immediate and decisive action, tens of thousands of lives and millions of jobs would never have been lost.”After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to 1.
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