Economic data shows that the coronavirus crisis will be severe. To soften the blow, Trump announced his support plans for the economy. Will the stimulus package help? And when will finally rise?
COVID-19 Hits the US Economy
The global epidemic of COVID-19 has already hit the US economy. We start to see evidence of how bad this crisis might be. First, dropped 0.5 percent in February. That’s the biggest drop in a year. But it will change quickly – just think about the number in March or April!
Second, the fell from 101 in February to 95.9 in March. Again, expect much worse readings in the future, as the number covers only the beginning of the month when Americans just started to acknowledge the coronavirus threat.
Third, fell from 36.7 in February to -12.7 in March, the lowest reading since June 2012. So, forget about recovery in the manufacturing recession.
Fourth, surged from 211,00 last week to 281,000 yesterday. It means that more Americans applied for unemployment…