News and Trends

U.S. economy shrank at 5% annual rate in the first quarter- CNBC--5.28.20
The U.S. economy shrank at a faster pace than initially estimated in the first quarter of 2020 with economists expecting a far worse outcome in the second quarter of 2020. Many economists believe growth will rebound in the July-September quarter.

Rebuilding America: 'Life-changing event' of COVID-19 could alter how we work, spend and retire- USA Today--5.28.20
Long after the health threat of COVID-19 pandemic eases, the crisis could spur lasting changes in how Americans work, spend, save and invest, according to experts. Many Americans are expected to pull back on spending and older workers may put off retirement to replenish nest eggs.

May unemployment looks worse than expected, signaling another bad jobs report could be coming- CNBC--5.21.20
Unemployment is expected to show another big jump in the month of May. Economists claim that their model now suggests 10.3 million jobs will be lost when the government reports the May unemployment report on June 5.

Fed's Powell says US economy faces 'whole new level' of uncertainty amid coronavirus pandemic- Fox Business--5.21.20
Fed Chairman Jerome Powell stated that the U.S. economy is facing an unprecedented level of uncertainty as a result of the coronavirus outbreak. The Fed has responded to the crisis by taking a range of extraordinary measures to support the economy.

ADP says 20.2 million private-sector jobs lost in April amid coronavirus crisis - Market Watch--5.6.20
Private-sector companies shed 20.2 million jobs in April amid the nationwide shutdown to slow the spread of coronavirus. The ADP jobs report foreshadows what's expected to be a similarly huge decline in the official employment report.

US firms return virus loans as Treasury threatens penalties- AP News--5.6.20
More than 40 public companies are pledging to return money to the government's small business coronavirus fund now that Treasury Secretary Steven Mnuchin is threatening criminal prosecutions for violating the rules of the program.

Mnuchin says Trump 'absolutely prepared' to provide more coronavirus relief money if needed- Fox Business--5.4.20
Treasury Secretary Steven Mnuchin said the Trump administration is prepared to provide more stimulus money to blunt the economic pain of the coronavirus pandemic if necessary. So far, Congress has passed four massive economic-relief packages, including the $2.2 trillion CARES Act.

Putting the economy back together again: What the future holds for Americans- CNBC--5.3.20
Getting the U.S. economy moving again will be challenging considering the health risks involved. Life in the U.S. will continue, but nothing will be the same, not for a long time.

GDP sinks 4.8% in the first quarter, biggest drop since 2008 and there is worse to come - Market Watch--4.29.20
The coronavirus pandemic has triggered the biggest drop in gross domestic product in the first quarter since 2008, with even more decline expected in the spring. GDP has shrank at a 4.8% annualized rate in the first quarter of 2020.

Fed signals it will likely hold rates near zero for months- AP--4.29.20
The Federal Reserve has signaled that it will keep its key short-term interest rate near zero for the foreseeable future. The Fed also made it clear it would continue to do all that it could to provide support to the economy amid the coronavirus outbreak.

Millions of new unemployment claims expected as layoffs continue to rise- USA Today--4.22.20
Economists estimate the Labor Department will report Thursday that 4.5 million Americans filed initial applications for unemployment insurance last week. If the latest surge matches estimates, a record 26.5 million Americans will have applied for unemployment within a five-week period.

Senate approves $480 billion package to help small businesses and hospitals, expand testing- CNN--4.21.20
The Senate has passed a $480 billion relief package on Tuesday that includes hundreds of billions of dollars in new funding to small businesses that have been impacted by the coronavirus outbreak.

An oil futures contract expiring Tuesday went negative in bizarre move showing a demand collapse- CNBC--4.20.20
A futures contract for U.S. crude prices turned negative for the first time in history on Monday, showing how much demand has collapsed due to the coronavirus pandemic. The negative price has never happened before for an oil futures contract.

Some US manufacturers reopening amid fierce political heat- AP--4.20.20
Several U.S. manufacturers have resumed production while some states have rolled out aggressive reopening plans Monday, despite nationwide concerns there is not enough testing yet to keep the coronavirus from rebounding.

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