CNBC Economy

Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP.

"More policy support will be needed from the Fed and possibly also fiscal policy. It just depends on how this evolves," Clarida told CNBC.

The U.S. services sector contracted for the first time in about a decade last month as the coronavirus pandemic brought economic activity in the country to a near-screeching halt.

Household debt balances through March totaled $14.3 trillion, a 1.1% increase from the previous quarter and now $1.6 trillion clear of the previous nominal high of $12.7 trillion in the third quarter of 2008 during the financial crisis,

President Trump has invoked a Korean War-era law to fight the coronavirus pandemic. The Defense Production Act gives the president extraordinary powers over the U.S. economy, which supporters of the move say is necessary to contain the disease.

As small businesses across the country grapple with economic reopening, one of their biggest fears is that new regulations will be a net negative for post-Covid-19 Main Street.

A global health expert and physician told CNBC that easing lockdowns without taking certain action would risk a second surge in coronavirus infections.

After the coronavirus pandemic passes, life will continue in many regards, but nothing will be the same and the economy won't return to the way it was, not for a long time.

In the week ahead, the April jobs report is expected to show the highest unemployment since 1939.

Jobless claims for the week ended April 25 came in at the lowest level in a month but bring the rolling six-week total to 30.3 million as part of the worst employment crisis in U.S. history

Half of states are currently paying out unemployment compensation under the Pandemic Unemployment Assistance program, which covers gig workers, independent contractors and self-employed Americans affected by the coronavirus pandemic.

U.S. consumer spending plunged 7.5% in March, reflecting the growing impact of the coronavirus pandemic as Americans complied with stay-at-home orders.

The coronavirus crisis actually caused consumer health-care spending to plunge 18% in Q1.

The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy.

Trump has been soliciting feedback from a wide range of executives on when and how to reopen businesses that have shuttered their doors amid the coronavirus pandemic.

Department stores still represent about 60% of the anchor space within malls across the U.S. today, according to Green Street Advisors.

Federal Reserve Chairman Jerome Powell said more stimulus is needed to ensure a robust economic recovery from the coronavirus crisis.

Consumers reined in spending faster than expected in the first quarter, probably even before states issued stay-at-home orders.

Home sales took a deep dive in March as the coronavirus pandemic shut down much of the economy, and homebuyers and sellers pulled out of the normally busy spring market.

Researchers at Cambridge University and the U.S. Federal Reserve Board found that imposing no lockdown measures in the face of Covid-19 was "extremely risky" for developed economies.