Economy Jul 08 U.S. consumers reduced their borrowing by $18.3 billion in May U.S. consumers reduced their borrowing for a third straight month May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt.
Economy Jul 01 Federal Reserve meeting minutes show concern about steep economic downturn Fed officials noted that the crisis was not falling equally on all Americans. The minutes say officials discussed how the sharp rise in joblessness had been especially severe for lower-wage workers, women, African Americans, and Hispanics.
Economy Jun 30 WATCH: Mnuchin says hardest-hit businesses should be next aid focus There is about $128 billion in that program that has not been doled out from the popular Paycheck Protection Program that was designed to provide support to businesses if they keep their workers on the payroll.
Economy Jun 25 U.S. GDP fell at 5.0% rate in first quarter, but worse is expected to come The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic.
Politics Jun 24 IMF downgrades outlook for global economy in face of virus The IMF predicts that the global economy will shrink 4.9% this year, significantly worse than the 3% drop it had estimated in its previous report in April.
Economy Jun 16 WATCH: Powell warns that long downturn would mean severe damage Federal Reserve Chair Jerome Powell will present the semi-annual monetary policy report June 16 before the Senate Committee on Banking, Housing, and Urban Affairs.
Economy Jun 05 U.S. consumers shunned borrowing in April as economy shut down U.S. consumer borrowing plunged in April as households fretted about the disruptions caused by the coronavirus pandemic and cut back on their use of credit.
Economy Jun 01 CBO projects virus impact could trim GDP by $15.7 trillion The Congressional Budget Office says the U.S. economy could be $15.7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus.
Economy May 29 COVID-19 sinks consumer spending 13.6% in April Friday's Commerce Department figures reinforced evidence that the economy is gripped by the worst downturn in decades, with consumers unable or too anxious to spend much.
Economy May 27 Report says businesses pessimistic about economy’s pace of recovery Businesses across the country surveyed by the Federal Reserve don’t appear to share the Trump administration’s optimism about a rapid economic recovery starting this summer.