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Economy

2 Grim Reports are Expected on Virus’ Damage to US Economy

WASHINGTON (AP) — The government is poised Thursday to deliver a double-dose of sobering news — on the devastation the coronavirus caused the U.S. economy last quarter and the damage it continues to inflict on the job market.

The pandemic is believed to have caused the economy to shrink during the April-June period at an annual rate exceeding 30%. That would easily shatter the existing record for a quarterly contraction, a 10% drop in 1958.

The virus forced millions of employers to slash jobs as consumers stopped shopping and traveling, and hotels, restaurants and small businesses closed their doors. Most analysts expect the economy to manage a sharp bounce-back in the current July-September quarter. Yet with confirmed coronavirus cases elevated in a majority of states, the economy could worsen in the months ahead.

At the same time that the government will estimate how the economy fared last quarter, it will issue its latest snapshot of the weekly toll of layoffs that remain persistently high as companies continue to cut jobs. More than 1 million people have applied for unemployment benefits for 18 straight weeks.

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Evzones March in the Rain to Greek Flag Raising at Bowling Green in NYC (VIDEO)

NEW YORK – The heavy rain did not deter the Hellenic Presidential Guard, the Evzones, and the participants in the march from St.

ATHENS - Socialist PASOK leader Nikos Androulakis is keeping up a fusillade of criticism at Prime Minister Kyriakos Mitsotakis, this time challenging him for a debate ahead of the elections for European Parliament in June.

ATHENS - Trying to further wean off a 19th-Century source for energy - coal - Greece is moving more toward solar but it’s wind turbines on islands that have some environmentals anxious over the impact.

ATHENS - Frenchman Baron Pierre de Coubertin so had his heart set in the modern Olympic Games that he created, the first in Athens in 1896, that when he died he had his heart buried near the spot where the ancient games were held, in Olympia.

After the former ruling Radical Left SYRIZA stymied a gold mine operation and was often anti-business, Greece’s Deputy Environment and Energy Minister Alexandra Sdoukou said the New Democracy government wants more mining.

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