Powell and Mnuchin Voice Optimism but Back More Economic Aid

WASHINGTON — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is...
Photo of a closed sign

41 Million Have Lost Jobs Since Virus Hit, but Layoffs Slow

WASHINGTON — Roughly 2.1 million people applied for U.S. unemployment benefits last week, a sign that companies are still slashing jobs in the face of a deep recession even as more businesses reopen and rehire some laid-off employees. About 41 million peopl...
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US Economy Shrank 4.8% Last Quarter, With Worst Yet to Come

WASHINGTON — The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record. Yet the drop in the January-March quarter will ...