Archive for May, 2020

US GDP fell faster than previously thought in Q1

US GDP fell at an annual rate of 5% in the first quarter, surpassing the earlier estimate of a 4.8% drop, according to the Commerce Department. Economists believe GDP could fall at a much faster pace in the current quarter before rebounding in the third quarter. Read full story Read more

Fed chair sees need for more economic relief

Federal Reserve Chairman Jerome Powell noted that the pandemic could cause long-term damage to the economy and asked lawmakers to consider additional spending to mitigate the harm. Read full story Read more