recession

U.S. GDP grew at a record 33.1% annualized pace in the third quarter, erasing some but not all of the damage done by the coronavirus recession.

The U.S. is expected to report record-setting economic growth in the most recent quarter. But that won't repair all of the damage done during the spectacular downturn three months earlier.

A blockbuster new study digs into the economics of the pandemic.

While retail sales bounced back in May after a deep drop in March and April, the wealthiest Americans are not spending as freely as they did before the pandemic. And that could limit the recovery.

The World Bank issues a report this week detailing the extent of the recession, the first caused solely by a pandemic. Its findings are sobering — but do offer a glimmer of hope.

The Fed leaves interest rates near zero as expected, and promises to use all of its tools to support the economy. Officials project unemployment above 9% at the end of this year.

The committee tasked with marking U.S. business cycles says the economy peaked in February and has since been in a recession triggered by the pandemic. But it says the recession could be short-lived.

Fed Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the pandemic. But he says this will not be another Great Depression.

The economy contracted in the first quarter of 2020 as the coronavirus began to take its toll and spending dived. It's the first quarterly drop in six years and a likely precursor to a deep recession.

The fallout from the coronavirus will be much worse than that of the financial crisis, the IMF says. The global economy is expected to shrink by 3% this year; the U.S. GDP could fall twice as much.

For the first time in nearly a decade, the economy suffered a net loss of jobs as the coronavirus began to take hold in the country. The unemployment rate shot up to 4.4%.