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COVID-19 crushes U.S. economy in second quarter

The U.S. economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.

The bulk of the historic contraction in activity reported by the Commerce Department on Thursday occurred in April when activity almost ground to an abrupt halt after restaurants, bars and factories among others were shuttered in mid-March to slow the spread of coronavirus.

More than five years of growth have been wiped out. With the recovery faltering, pressure is mounting for the White House and Congress to agree on a second stimulus package. President Donald Trump, who is trailing Democratic challenger and former Vice President Joe Biden in opinion polls, said on Wednesday he was in no hurry. Trump on Thursday raised the possibility of delaying the Nov. 3 presidential election.

“This is hard to swallow,” said Jason Reed, finance professor at the University of Notre Dame’s Mendoza College of Business. “Right now, the American economy is speeding toward a fiscal cliff. Not only do we need Americans to take serious action preventing the spread of the disease, but we also need Congress to agree on another stimulus package and quickly.”

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الاتحاد العربي للحديد والصلب

لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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92 Members

28 Board of Directors

17 Country

300.000 Employees

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General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org