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On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country.
The U.S. government decided to shut down restaurants, stores, factories, and other businesses to contain the virus’s spread. The U.S. central bank kept interest rates near zero and pledged to continue bringing money into the economy.
“The bottom fell out of the economy in the second quarter. The outlook is not very good. Americans are not behaving well in terms of social distancing, the infection rate is unacceptably high, and that means economic growth cannot gain any traction,” Loyola Marymount University LA’s Finance and Economics Professor Sung Won Sohn said.
On Wednesday, the U.S. Federal Reserve Chairman Jerome Powell acknowledged the slowdown of the economy.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
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