The US economy likely contracted in the first quarter at its sharpest pace since the Great Recession. — Reuters pic
Gross domestic product probably decreased at a 4.0 per cent annualised rate last quarter, weighed down by sharp declines in consumer spending and a drawdown of inventory at businesses, according to a Reuters survey of economists. 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.
“We’ve got the biggest shock since the Great Depression,” Trump’s economic adviser Kevin Hassett said yesterday. “It’s a very grave shock and it’s something we need to take seriously.” Economists believe the economy entered recession in the second half of March when the social distancing measures took effect.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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,...
Source: malaymail - 🏆 1. / 86 Read more »
US oil sinks towards US$10 as fund sells off holdings | Malay MailLONDON, April 28 — US oil nosedived towards US$10 (RM$44) a barrel today after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangled demand. In morning London deals, West Texas Intermediate crude for June...
Source: malaymail - 🏆 1. / 86 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
Source: NST_Online - 🏆 17. / 53 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.
Source: malaysiakini - 🏆 20. / 51 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...
Source: theSundaily - 🏆 25. / 51 Read more »
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. Normally you’d investigate BEFORE saying stuff with no evidence. Not with the US. International Community must work with WhiteHouse and realDonaldTrump on this one. Action must be taken on China for not stopping the virus from travelling to other countries. Good focking luck with that. Still remember US forced American beefs on Taiwan as a precondition to a weapon deal during the height of mad cow disease outbreak in US. Apparently pot can call the kettle black so long as it paints itself white.
Source: malaysiakini - 🏆 20. / 51 Read more »