As the coronavirus spreads, U.S. businesses are shutting down plants and watching their sales plummet. Many economists now say the odds are increasing that the economy will slow, if not contract altogether.
How well the U.S. economy holds up"remains to be seen," he adds."The outcome will probably determine if the economy stays out of a recession this year."of half a percentage point in an effort to keep the wobbly economy on track. Central banks in Japan and the United Kingdom are also signaling they're willing to cut rates.to provide medical supplies in hard-hit areas and pay for vaccine research. President Trump has said he will sign the bill.
The epidemic has already cut into growth this year and may slow the global economy even further, depending on how long it lasts, the International Monetary Fund said this week. Even the Fed's interest rate cut has done little to ease the market's volatility. After Tuesday's 1,300-point drop in the Dow, stocks soared again Wednesday. But stock indexes were down sharply on Thursday.
Procter & Gamble and Ralph Lauren are among numerous companies warning that the epidemic will hurt sales because shoppers are staying home, especially in the booming consumer market of China.
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