Charlotte, N.C. – The US economy had its largest decline in 10 years in the first quarter of this year. The data released on Wednesday outpaced predictions that had set the expectation at 3.8%. As the USA Today notes, this probably only reflects a part of the contraction.
Moody’s Analytics expects that 30% of the US economy has been reduced due to the coronavirus lockdowns. The economic decline is expected to continue through the second quarter as the shut downs linger for some time.
Millions of Americans are unemployed due to the stay home orders. Amid the orders, many states are experiencing protests to reopen. Several states have announced plans to reopen in the coming weeks.
While states make a push to reopen, NBC News reports that many states have not met the 14 day drop in cases suggested as a measure to reopen. This report comes as the US crosses 1 million cases across the country.
President Trump has touted expanded testing as reasons for the higher case totals in the US. He shared how the US has developed more tests and has performed more tests than any other country. Their are also a lot of questions as to how accurate the numbers in reporting are from other countries, such as China.
Experts say that the cases may decrease for now, but that the US needs to be prepared for a next wave. Dr Anthony Fauci warned that the fall and winter could be challenging if the US is not prepared.
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