US unemployment rate spikes to 14.7% in April, highest since Great Depression; 20.5 million jobs vanish
The government's report Friday noted that many people who lost jobs in April but didn't look for another one weren't even counted in the unemployment rate.
American Airlines posts $2.2 bn loss on pandemic, first since bankruptcy exit; total operating revenue declines nearly 20% to $8.5 bn
American Airlines has already reduced its flight schedule by about 80 percent in both April and May. Its June capacity will be down 70 percent, it said.
Fed leaves interest rates near zero; vows to use 'full range' of tools to help economy sinking to its worst crisis since 1930s
In its statement, the Fed also raised concerns about slowing inflation, which is likely to sink further below its 2 percent target level in the coming months.
Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms
The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record
A record 26 million Americans likely sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in US history were wiped out in about a month as the novel coronavirus savages the economy
Nascent optimism is budding on Wall Street that the worst of the selling may be over, but markets around the world remain tentative amid uncertainty about whether global authorities can nurse the economy through the pandemic.