Economy

The U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdowns, the Congressional Budget Office said.

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More and more Chinese factories have reopened for work in the past three months as authorities have eased their once-aggressive coronavirus measures. But now they are facing the dire reality of falling orders from overseas customers.

Friday’s U.S. jobs report anchors another week of data that will reflect fallout from efforts to contain the new coronavirus.

China’s abandonment of a formal economic growth target for this year could mark the end for a key performance metric that has long undergirded policy decisions for government officials.

Fed officials head into their next policy meeting deliberating how to assist an economy in a deeper hole than it faced after the 2008 financial crisis at a time when their tools might have less zip.

The Federal Reserve’s first $1.3 billion of purchases of exchange-traded funds that invest in corporate bonds show that funds that focus on buying non-investment grade debt accounted for around one sixth of the central bank’s ETF purchases.

U.S. consumer spending, the U.S. economy’s main engine, fell by a record 13.6% in April during coronavirus lockdowns, but there are signs suggesting damage from the crisis is starting to ease.166

Your daily economics newsletter from The Wall Street Journal.

U.S. workers filed fewer unemployment applications for the eighth straight week, but the level of claims remained 10 times higher than before the coronavirus pandemic.50

The White House won’t issue updated economic projections this summer because of uncertainty caused by the coronavirus pandemic, according to a senior administration official.

The U.S. economy’s first-quarter contraction was slightly steeper than initially estimated, and a key measure of corporate profits weakened as coronavirus-related shutdowns began to come into effect.