BREAKING: US GDP falls by a record 32.9% in 2nd quarter, and more than 1.43M people filed for unemployment benefits for the 1st time last week, rising for a 2nd week.
Although economic activity did pick back up in May, a spike in coronavirus cases in the sunbelt states has generated a new round of shutdowns, throwing many more Americans out of work.
“It looks like the data are pointing to a slowing in the pace of the recovery,” he said in a press conference on Wednesday, after the Fed's monetary policy meeting. Furthermore, the additional $600 per week in benefits set aside as part of the CARES Act for out-of-work Americans expires at the end of the month. For many families,covering food, housing, even life-saving medicine. Congress is still deadlocked over whether to extend the benefit, with some lawmakers arguing that the size of the payments eliminates the incentive to work.
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