United States Faces First Economic Downturn Since 2014

The American economy has grown for nearly six straight years but, covid-19 ended that streak last quarter.
Even though the pandemic didn’t disrupt most U.S. businesses until mid-March, economists expect the U.S. economy contracted at a 4% annualized rate, compared to a 2.1% growth rate in the fourth quarter of last year. It would be the first quarterly contraction since the first three months of 2014, and the worst drop since the first quarter of 2009.
Kevin Hassett, a senior economic adviser to President Trump, issued a warning yesterday that the jobless rate in the united states could spike to between 16 and 20% by June. If that happens, it would mark the highest unemployment since the 1930s.