WASHINGTON: Newly released economic data shows the US economy is during a terrible state and should not rebound quickly even when the devastating lockdowns imposed to prevent the coronavirus pandemic are lifted.
Data tracking industrial production and therefore the vital retail sector released on Friday showed record declines in April, the primary full month of lockdowns to prevent the spread of Covid-19 virus that has killed nearly 86,000 people and caused around 36.5 million people to lose their jobs within the world’s largest economy.