"At this point it would take a miracle to keep this recession from turning into the Great Depression II," said Chris Rupkey, chief economist at MUFG in New York. "The risks to the outlook are that the economy is digging itself such a big deep hole that it will become harder and harder to climb back out of it.". (US citizens line up for unemployment forms. - Reuters)
WASHINGTON: A stunning 26.5 million Americans have sought unemployment benefits since mid-March, confirming that all the jobs gained during the longest employment boom in U.S. history have been wiped out as the novel coronavirus savages the economy.
The deepening economic slump amid nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus, was underscored by other data on Thursday showing business activity sinking to an all-time low in April. In addition, new home sales decreased by the most in more than 6-1/2 years in March.
Limited time offer:
Just RM5 per month.
