WASHINGTON — Federal Reserve Chairman Jerome Powell warned Tuesday that the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery. He cautioned that the longer the recession lasts, the worse the damage that would be inflicted on the job market and businesses....
Risk of Reopening US Economy Too Fast: A W-Shaped Recovery
WASHINGTON — When the coronavirus erupted in the United States, it triggered quarantines, travel curbs and business shutdowns. Many economists predicted a V-shaped journey for the economy: A sharp drop, then a quick bounce-back as the virus faded and the economy regained health. Others envisioned a slower, U-shaped course. Now,...
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 be only a precursor of a...
Republicans Eager to Reopen Economy; Democrats More Cautious
COLUMBIA, S.C. — Announcing plans to begin reopening his state, South Carolina Gov. Henry McMaster cited the ongoing economic damage from the coronavirus pandemic. “South Carolina’s business is business,” he declared this week as he lifted restrictions on department stores, florists, music shops and some other businesses that previously had been deemed...
Factory Shutdowns Near WWII Demobilization Levels in US
WASHINGTON — American industry collapsed in March as the pandemic wreaked havoc on the U.S. economy. Manufacturing and overall industrial production posted the biggest declines since the United States demobilized after World War II. The Federal Reserve reported Wednesday that manufacturing output dropped 6.3% last month, led by plunging production...
States Confront Practical Decisions on Reopening Economies
WASHINGTON — Setting the stage for a possible power struggle with President Donald Trump, governors around the U.S. began collaborating on plans Tuesday to reopen their economies in what is likely to be a drawn-out, step-by-step process to prevent the coronavirus from rebounding with disastrous results. In Italy, Spain and...
New Trump Panel to Explore Path to Reopening US Economy
WASHINGTON — Every day, a team of public health officials turns up in the White House briefing room to lay out measures being taken to contain the coronavirus pandemic. A different team, expected to be formally announced as early as Tuesday, has begun meeting behind closed doors in the West Wing...
US Pending Home Sales Trended Higher Before Virus Outbreak
BALTIMORE — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession. The National Association of Realtors said Monday that its pending home sales index, which measures the numbers...
House Debates $2.2T Virus Relief Bill Amid Last-Minute Snag
WASHINGTON — With exceptional resolve in an extraordinary time, the House on Friday debated a $2.2 trillion package tossing a life preserver to a U.S. economy and health care system left flailing by the coronavirus pandemic, even as one maverick Republican threatened leaders' plans for swift passage. Democratic and Republican leaders were working...
Trump's Easter Goal in War on Virus a Nod to Faith, Business
WASHINGTON — President Donald Trump’s “beautiful” idea to reopen the U.S. economy by Easter Sunday and pack church pews that day was dreamed up during a conference call among business leaders desperate to get the country back up and running. But his target date for easing coronavirus restrictions is another...