US labor secretary: Coronavirus stimulus package will offer immediate cash relief
U.S. Labor Secretary Eugene Scalia said the administration hopes to send Americans checks within three weeks.
WASHINGTON (AP) — The economy grew by a moderate 2.1 percent in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the impact of the coronavirus.
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The Commerce Department said Thursday in its third and final look at the fourth quarter that growth was unchanged from its previous estimate but that the components were slightly altered with consumer spending slightly stronger but government spending and business investment a bit lower.
FED'S POWELL SAYS US ECONOMY MAY ALREADY BE IN A RECESSION
Many economists believe GDP will turn negative in the current January-March quarter, based on the sudden stop to economic activity that is now occurring. Estimates of the first quarter decline range as big as a drop of around 6 percent at an annual rate.
A recession is typically defined as two consecutive quarters of negative GDP and many believe the country has already entered a downturn.
CORONAVIRUS ECONOMIC RECOVERY WILL TAKE 'WEEKS AND MONTHS, NOT YEARS:' KUDLOW
Asked about that Thursday, Federal Reserve Chairman Jerome Powell said the country “may well be” in a recession. But in an interview on NBC’s “Today” program, he said the Fed was prepared to do more and he said those efforts should help the economy emerge in good shape to rebound from a brief downturn.