Economy

The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year.

Restaurants, bars and other merchants struggling to stay afloat during the coronavirus pandemic are desperately reaching out for a lifeline from insurers who say they are being miscast as potential saviors.

The differences in Washington over the next coronavirus aid package are vast.

The GOP unveiled details for a second round of direct payments to American households on Monday, in legislation that has been dubbed the HEALS Act.

As Congress and the White House resume their efforts to agree on a new economic aid package, evidence is growing that the U.S. economy is faltering. And so is concern that the government may not take the steps needed to support hiring and growth.

The framework is expected to extend — but reduce substantially — just-expired expanded unemployment benefits, send a fresh round of $1,200 stimulus check to American adults earning less than $75,000 in August and funnel tens of billions of dollars in aid to schools and universities.

The $600 weekly boost in jobless aid that millions of people have received since early in the pandemic is set to expire.

In the past three months, the outlook for the U.S. economy has improved in the eyes of business economists. However, the optimism is couched somewhat by the resurgence of the coronavirus.

Treasury Secretary Steve Mnuchin says that many Americans will be getting another $1,200 stimulus check in August. But, he says that the GOP is determined to cut down the $600/week in extra federal unemployment benefits that millions have been getting for months.

This week saw details from a federal health organization’s efforts to ramp up coronavirus testing by December, the looming expiration of a key COVID-19 unemployment benefit made headlines, and health leaders discussed the need for states to incorporate different types of data into their coronavirus response.

Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic believe those jobs are lost forever.

The Commerce Department reported Friday that the June gain pushed sales of new homes to a seasonally adjusted annual rate of 776,000. The increase follows a 19.4% jump in May.

Restaurants are struggling during the pandemic and many may not survive. Some say the next 45 days are critical for restaurant survival in North Texas.

The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package.