Visit the WHO website for the latest updates and information on the coronavirus pandemic.
It may not existuntil despite a declining recession that economists say is the worst the United States has experienced since the Great Depression of the 1930s. The US economy broke records when it fell 32.9% in the second quarter, according to data released by the Department of Commerce (PDF) in August, and is only expected to return to 26.2% in the third quarter, according to a forecast model at the Federal Reserve Bank of Atlanta. The UK is also in a recession after a record step, which is said to be worse than Europe’s and the US’s financial misery.
Add these figures to the number of unemployment figures – a 10.2% US unemployment rate (PDF) of 30 million who receive unemployment benefits – for a clear preview of what will come in the US in another roundnever arrives and and do not be renewed.
What does the road to economic recovery look like from here? We have compiled the latest news about the recession, where to find help, what makes a recession and the government’s response. Please note that this story is intended to provide an overview, not to serve as financial advice. It is often updated as the situation develops.
Latest news about recession
- According to the World Bank, humanity has experienced 14 global recessions since 1870, the last being the financial crisis from 2007 to 2009. The organization projects that this will be the worst since World War II.
Where can you find personal financial resources to help you prepare?
If you have experienced financial difficulties as a result of the coronavirus recession, here are some tools to help you regain your financial balance.
When will the recession end?
Unfortunately, we have no answer to that question. From the economist’s point of view, a recession ends when certain market requirements are met. From a personal point of view, you may be wondering most about your ability to work, pay your bills and secure your financial future.
Economists and experts agree that the economy will not recover until the coronavirus pandemic is contained – butwhen locking measures are released. It happens either way , an effective treatment for , a or any combination of all three.
Several vaccine candidates have shown promise in human trials. Even so, owning one is still beyond the reach of the average person. The development of a coronavirus vaccine is rapid and the details are changing daily.
How the government has tried to strengthen the economy
Theadopted as part of the CARES law in March represents the US government’s first attempt to counter a recession. The law on economic liberation included for most U.S. taxpayers, as well as a loan program for companies to continue to pay their employees.
A debate in Washington about a second stimulus control has stopped when Congress began its pre-summer in-depth study, although there is still a chance that they may develop a. Meanwhile, Trump signed a memorandum designed to defer payroll taxes Sept. 1 to the end of the year (even if you may or may not need to ). Trump too on unemployment checks, but how such a bonus should be paid out as well as whether the constitution for memo in general remains in question.
The Federal Reserve has stated that it will continue to keep interest rates close to 0% for the foreseeable future, which often has the effect of encouraging more loans, leading to more spending – and more spending generally improves the economy.
How can I help?
It is easy to feel helpless, but if you feel financially secure or have time to give, there are ways to make a difference. My CNET colleague Katie Conner has some excellent recommendations for, including free grants such as volunteering online or donating blood, as well as ordering collection or delivery and purchasing gift certificates for restaurants.
Other local businesses such as bookstores, garden centers, toy stores and stores may have a website where you can support them with a twist if they remain closed.
The best advice I have heard so far on how you can individually help support the economy is this: Spend to the best of your ability and within your means.