US economy faces historic shock

Taking a hit: People pass by Apple store as it is closed to public due to Covid-19 in New York. Lockdowns across the US to curtail the spread of the virus have hammered the economy, shuttering businesses and sending unemployment skyrocketing. — Reuters

WASHINGTON: The shuttering of the US economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16% or higher this month and require more stimulus to ensure a strong rebound, a White House economic adviser said.

“It’s a really grave situation, ” President Donald Trump’s adviser, Kevin Hassett, told the ABC programme “This Week.”