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America’s economic rebound from the coronavirus pandemic seems to have begun, depending on location, according to Phillip Swagel, the director of the nonpartisan Congressional Budget Office.
New data from the Bureau of Labor Statistics show that the labor market experienced an unexpected improvement in May.
The latest Financial Times-Peterson Foundation US Economic Monitor, released on June 4, 2020, reveals how the coronavirus pandemic continues to have significant financial and economic impacts across wide swaths of American society.
So far, federal measures to support small businesses have amounted to $760 billion.
Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.
https://www.pgpf.org/blog/2020/05/how-the-coronavirus-has-affected-our-economic-outlook
COVID-19 has spread to nearly every country in the world, and to help reduce the health risk and save lives, many countries have imposed limitations on business activity, congregating, and traveling.
In response to the COVID-19 pandemic, elected leaders have asked the American people to stay at home and have forced businesses to close to mitigate the spread of the virus.
The latest Financial Times-Peterson Foundation US Economic Monitor reveals that the coronavirus pandemic is financially impacting the vast majority of Americans, and there is broad-based support for federal response measures.
The decrease in GDP in the first quarter was driven by a decline in consumption and investment.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.