The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the global economy, the work place and the spread of the virus.
NUMBERS TELL A GRIM STORY: Data just emerging paints a devastating picture of the extent to which the outbreak has seized the economy, as well as the livelihood of Americans.
— Not since the U.S. demobilized after World War II has the country seen such a rapid winding down of its industrial might. The numbers were not unexpected, but still shocking. “We all knew this was coming, but it does not make the heartache any less real for the furloughed workers, the people in related industries or suppliers,” wrote Wells Fargo economists Tim Quinlan and Sarah House.
— The Federal Reserve Bank of New York’s index for state manufacturing plummeted 56.7 points in April, the largest monthly decline in its history dating back to 2001. At 78.2 this month, it is also the lowest it's ever fallen.
— Consumer confidence as measured in a monthly index put out by Refinitiv/Ipsos registered its largest monthly decline ever in April. According to the Refinitiv/Ipsos Primary Consumer Sentiment Index, consumer confidence tumbled 12.3 points to 47.8.
JOBS EVAPORATE: Jobs are vanishing at an astounding rate. More job cuts and furloughs arrive daily.
— The Trump golf resort in South Florida where President Donald Trump initially wanted to host this year’s Group of Seven summit has temporarily laid off 560 workers. The laid off workers at the Trump National Doral Miami are mostly food and beverage workers, golf attendants, housekeepers and bell hops. None are unionized.