Coronavirus recession: No stimulus deal until September? What that means for you
There may not be another stimulus bill until mid-September, despite a simmering recession that economists say is the worst the US has experienced since the Great Depression of the 1930s. The US economy shattered records when it plunged 32.9% in the second quarter, according to data released by the Commerce Department (PDF) in August, and is only expected to rebound to the tune of 26.2% in the third quarter, according to a prediction model at the Federal Reserve Bank of Atlanta. The UK is also in a recession, following a record plunge, which is said to be worse than Europe's and America's financial woes.
Add these figures to record-setting unemployment numbers -- a 10.2% US jobless rate (PDF) with 30 million receiving unemployment benefits -- for a stark preview of what's to come in the US if another round of stimulus checks never arrives and the federal unemployment enhancement and national eviction moratorium don't get renewed.
What does the road to economic recovery look like from here? We've put together the latest news about the coronavirus recession, where to find help, what makes a recession and the government's response. Note that this story is intended to provide an overview, not to serve as financial advice. It updates frequently as the situation develops.
Latest coronavirus recession news
Despite widespread unemployment and a plummeting gross national product, stocks and home values are up across the board, prompting some to call the recession "over for the rich" while everyone else continues to struggle.
https://www.cnet.com/personal-finance/coronavirus-recession-no-stimulus-deal-until-september-what-that-means-for-you/?ftag=CAD-04-10abi6g&bhid=24447454298893839703959737945916&mid=12991546&cid=534320049
