President of United States of America Donald Trump said that the target date to reopen economy is as soon as possible. Even as the COVID-19 death toll in US is near 62,000.

US President Trump says, 'Target date to reopen economy is as soon as possible'

The US&nbsp;economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.

The Commerce Department said gross domestic product fell at a 4.8% annualized rate in the January-to-March period after expanding at a 2.1% rate in the final three months of 2019. Economists in a Reuters poll had been looking for a GDP contraction of 4%, though estimates ranged to as low as negative 15%.

The decline reflected a plunge in economic activity in the last two weeks of March, which saw millions of Americans seeking unemployment benefits. The snapshot will reinforce analysts' predictions that the economy was already in a deep recession.

Most of the key components of US&nbsp;economic output - including consumer spending, which accounts for two-thirds of economic activity - fell sharply.

"The economy is in free fall, we could be approaching something much worse than a deep recession," said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles. "It's premature to talk about a recovery at this moment, we are going to be seeing a lot of bankruptcies for small and medium-sized businesses."

The first-quarter decline was the steepest pace of contraction in GDP since the first quarter of 2009.

Many factories and nonessential businesses like restaurants and other social venues were shuttered or operated below capacity amid nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus.

"For employees who have moved to work-from-home status, it is highly unlikely that labour input remains at 100 per cent," said Kwok Ping Tsang, an associate professor of&nbsp;economics&nbsp;in the Virginia Tech&nbsp;College of Science. "Employees also must juggle child care, homeschooling, and more stressors. Both limitations suggest that our estimates are likely to be biased downward."

The dismal report, together with record unemployment, could pile pressure on states and local governments to reopen their economies.

It could also spell more trouble for President Donald Trump following criticism of the White House's initial slow response to the pandemic, as he seeks re-election in November. Confirmed US&nbsp;COVID-19 infections have topped one million, according to a Johns Hopkins University tally.

The U.S. Congress has approved a fiscal package of around $3 trillion and the Federal Reserve has cut interest rates to near zero and greatly expanded its role as banker of last resort, but economists say these measures are inadequate. Fed policymakers are currently meeting and will release a statement, including their own assessment of the economy, at 2 p.m. (1800 GMT) on Wednesday.

The US economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.

The US economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history. The Commerce Department said gross domestic product fell at a 4.8% annualized rate in the January-to-March period after expanding at a 2.1% rate in the final three months of 2019. Economists in a Reuters poll had been looking for a GDP contraction of 4%, though estimates ranged to as low as negative 15%. The decline reflected a plunge in economic activity in the last two weeks of March, which saw millions of Americans seeking unemployment benefits. The snapshot will reinforce analysts' predictions that the economy was already in a deep recession. Most of the key components of US economic output - including consumer spending, which accounts for two-thirds of economic activity - fell sharply. "The economy is in free fall, we could be approaching something much worse than a deep recession," said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles. "It's premature to talk about a recovery at this moment, we are going to be seeing a lot of bankruptcies for small and medium-sized businesses." The first-quarter decline was the steepest pace of contraction in GDP since the first quarter of 2009. Many factories and nonessential businesses like restaurants and other social venues were shuttered or operated below capacity amid nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus. "For employees who have moved to work-from-home status, it is highly unlikely that labour input remains at 100 per cent," said Kwok Ping Tsang, an associate professor of economics in the Virginia Tech College of Science. "Employees also must juggle child care, homeschooling, and more stressors. Both limitations suggest that our estimates are likely to be biased downward." The dismal report, together with record unemployment, could pile pressure on states and local governments to reopen their economies. It could also spell more trouble for President Donald Trump following criticism of the White House's initial slow response to the pandemic, as he seeks re-election in November. Confirmed US COVID-19 infections have topped one million, according to a Johns Hopkins University tally. The U.S. Congress has approved a fiscal package of around $3 trillion and the Federal Reserve has cut interest rates to near zero and greatly expanded its role as banker of last resort, but economists say these measures are inadequate. Fed policymakers are currently meeting and will release a statement, including their own assessment of the economy, at 2 p.m. (1800 GMT) on Wednesday.

Coronavirus hammered US economy in first quarter

Days after the coronavirus hit the country hard the US economy is all set to reopen. US President Donald Trump said that the country all set to start its economy and will show a rapid recovery.

US President predicts rapid economic recovery for US Economy

US President Donald Trump is moving ahead with his plan to partially reopen the American economy. The public opinion is divided on the President's decision with many experts saying that full-scale recovery is not possible without universal testing.

Donald Trump: 20 states to restart economy | Coronavirus Pandemic

Recently, discharged from hospital after being treated from the coronavirus, British PM Boris Johnson returned to work on April 21. He spoke with US President Donald Trump over a phone call. Both the leaders discussed the need to reopen economies.

UK PM Boris Johnson agrees on the need to reopen economies: Spoke to Donald Trump over call

US President Donald Trump and administration clashed with governors of states over ending the lockdown and opening up the US economy. Watch report.

Coronavirus Pandemic: Trump clashes with governors over lockdown

The U.S. has once again recorded its biggest spike in its Coronavirus death toll. 4500 Americans have died in the last 24 hours. Why does Trump still want to reopen the economy? WION's Palki Sharma gets you a report.

Gravitas: U.S. Coronavirus horror worse then 9/11

US: Nearly 4,600 New Deaths In 24 Hours | Coronavirus News | COVID-19 The US has the highest death toll in the world, followed by Italy with 22,170 dead although its population is just a fifth of that of the US. #USDeathToll #USCoronavirusNews #COVID-19news About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates WION: shorturl.at/fwKO0 Zee News English: shorturl.at/aJVY3 Zee News Hindi: shorturl.at/eorM1 Zee Business: shorturl.at/hpqX6 DNA News: shorturl.at/rBOY6 BGR: shorturl.at/eioqL

US: Nearly 4,600 New Deaths In 24 Hours | Coronavirus News | COVID-19

The new guidelines are aimed at easing restrictions in areas with low transmission of the coronavirus, while holding the line in harder-hit locations

Trump plans to reopen economy in 3 phases

there are 676,339 confirmed cases of COVID-19 in the U.S. According to the same chart, 34,609 people have died from the virus in the U.S. and 57,271 have recovered so far.

US Coronavirus death toll rises to 34,609

World Health Organization officials on Wednesday denied that the body was “China-centric” and said that the acute phase of a pandemic was not the time to cut funding, after U.S. President Donald Trump said he may put contributions on hold.

WHO rejects claims of China bias

U.S. President Donald Trump threatened on Wednesday to shut down Congress so he could fill vacancies in his administration without Senate confirmation.

Trump threatens to adjourn U.S. Congress

The United States recorded its first coronavirus fatality on Feb. 29. It took 38 days to reach 10,000 deaths and just nine more days to go from 10,000 fatalities to 28,529. The previous high single-day death toll was 2,364 on Tuesday.

US Coronavirus death toll rises to 28,529 |

President Donald Trump has roped in six Indian-American corporate leaders, including Sunder Pichai from Google and Satya Nadella from Microsoft.

6 Indian-Americans to advise Trump on Economy

US President Donald Trump has decided to open the lockdown before May 1 and restart the economy. However, reports have indicated that he will do this after consultation with the state governors. Watch WION report from Washington DC.

US death coronavirus death toll rises to 26,064: 10,000 deaths in New york city

In his daily news briefing, Trump noted that the number of deaths from the virus in the United States had begun to decline, indicating that social distancing efforts had succeeded. Soon US lockdown will be over and the economy will reopen.

Why is Donald Trump so adamant about opening US economy amid Coronavirus Pandemic?

In his daily news briefing, Trump noted that the number of deaths from the virus in the United States had begun to decline, indicating that social distancing efforts had succeeded.

Trump says plan to re-open US economy, lifting lockdown soon

US fights COVID-19: Trump plans to reopen economy, Trump and state governors in tussle

Hours after the US President Donald Trump claimed that it was his decision when to reopen the US economy, which has been largely shut down to slow the spread of the novel coronavirus, legal experts say a US president has quite limited power to order citizens back to their places of employment, or cities to reopen government buildings, transportation, or local businesses.

Hours after the US President Donald Trump claimed that it was his decision when to reopen the US economy, which has been largely shut down to slow the spread of the novel coronavirus, legal experts say a US president has quite limited power to order citizens back to their places of employment, or cities to reopen government buildings, transportation, or local businesses. Here is why. What does the Constitution say about who makes decisions about public welfare? The United States is a federalist system, meaning power is shared between national and state governments. Under the 10th Amendment of the US Constitution, state governments have the power to police citizens and regulate public welfare. In the country's early years, it was up to state and local authorities to lead the response to the yellow fever epidemic, not the federal government. Reflecting these principles, "disaster response and aid are typically state-led and federally supported," said Steve Bunnell, the former top lawyer at the US Department of Homeland Security (DHS) and a partner at O'Melveny & Myers. This bottom-up, rather than top-down, approach to disaster relief makes sense from a policy perspective, said John Cohen, a former DHS official who teaches at Georgetown University. "Usually, state and local officials on the ground have the best understanding of the issues affecting people in their states," Reuters report quoting Cohen stated. Can a US president override state-mandated "shelter in place" orders? No. The Trump administration can issue nationwide guidance, but it would be unconstitutional for the president to override stay-at-home orders from governors, said Robert Chesney, a professor of national security law at the University of Texas. Mayors or county commissioners are on the same footing as governors, he said. "This is Federalism 101: The president can advocate his heart’s content, but he can’t commandeer the state governments to make them change their policies," Chesney said. "He has no such inherent authority, nor is there any federal statute that purports to give him such authority." (With inputs from Reuters)

Experts say Trump has little power to restart US economy

Reports claimed that the United States of America may see the spike in Coronavirus (COVID-19) cases if lockdown lifted after the planned 30 days.

Reports: US may see spike in COVID-19 cases if lockdown lifted after planned 30 days

USPresident Donald Trump on Monday said he will be announcing some 'major' steps to help the US economy against the impact of coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday.

USPresident Donald Trump on Monday said he will be announcing some 'major' steps to help the US economy against the impact of coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday. "We'll be discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, that's a big number," Trump told reporters. Also read | COVID-19: US President Donald Trump likens deadly virus to seasonal flu The president did not give any further details but said that will hold a press conference on Tuesday. House of Representatives Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, the top two Democrats in Congress, told reporters that any payroll tax cut should be limited to those affected by the virus, according to news agency Reuters. Among proposals that could be included are ensuring water supplies are maintained for people even if they cannot pay their bills as a result of the crisis, expanded unemployment insurance, medical leave and providing food for children who rely on school nutrition programs if schools are shut. Vice President Mike Pence said the administration was consulting Congress on providing paid sick leave to workers, an idea that Democrats already have been trying to advance. The stepped-up response to the coronavirus came as the number of confirmed cases in the United States hit 605, according to Johns Hopkins University. Three additional deaths in Washington state, according to officials, brought the total nationwide to 25.

US President Trump to announce 'major' steps to aid US economy amid coronavirus fear

Financial markets and economic forecasts are warning of rising risks to the American and global economies, which were improving before novel coronaviruses spread from China around the world.

IMF cuts global growth forecast, Economic carnage of Coronavirus | Coronavirus Outbreak

Yesterday, during the State of the Union address, Donald Trump made multiple claims about the booming economy, decreased unemployment, increased inequality. Here, we fact check all his claims!

Trump claimed that more than seven million jobs have been added to the US economy since he became the president.

As part of his ''Great American comeback'' plan, Trump is outlining how he has not only improved the economy, but also revitalised it.

"My fellow citizens: three years ago, we launched the great American comeback. Tonight, I stand before you to share the incredible results. Jobs are booming; incomes are soaring; poverty is plummeting; crime is falling; confidence is surging, and our country is thriving and highly respected again'', Trump had announced during his speech.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-president-donald-trump-acquitted-of-impeachment-charges-in-republican-majority-senate-278933">US President Donald Trump acquitted of impeachment charges in Republican-majority Senate</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-decoding-trumps-state-of-the-union-address-278925/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Have jobs really been added? 
As per data, the United States had been experiencing steady growth in jobs and income years before Trump came to power.

In fact, 35 months before he took office, the economy added eight million jobs.

And 35 months since Trump took office, only 6.7 million new jobs have been created, FactCheck reported.

Based on this data, it seems like job growth has declined instead of improving.

Also read:&nbsp;<a href="https://www.wionews.com/world/donald-trump-blasts-new-york-city-for-protecting-alien-who-killed-a-92-year-old-woman-278791" hreflang="en">Donald Trump blasts New York City for protecting 'alien' who killed a 92-year-old woman</a> 
 
The lowest unemployment rate in over half a century? 
The US president claimed that the current unemployment rate is the lowest in over half a century. In December last year, it was 3.5 per cent.

If figures are to believed, the unemployment rate was down to 4.7 per cent by the time he took office. This is well below the historical norm of 5.6 per cent which has remained the median monthly rate in the US, every month since 1948. 
 
In essence, it seems like Trump may be taking credit for a boom that began under the Obama administration.

Also read:&nbsp;<a href="https://www.wionews.com/world/State-of-the-Union-address-us-house-speaker-nancy-pelosi-tears-up-text-as-trump-ends-state-of-the-union-address-278666">US House Speaker Nancy Pelosi tears up text as Trump ends State of the Union address</a> 
&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-wion-fact-check-did-trump-create-7-million-jobs-278923/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Is the economy booming? 
Recently, the US president claimed that the economy is the best it has ever been.

However, as per the recent official estimate, the American GDP grew by 2.3 per cent last year, compared to 2.9 per cent growth in 2018. The figure was the same in 2015, which was long before Trump's tenure began.

Even then, it's a lot lesser compared to previous administrations. In 2004, the rate was 3.8 per cent while in 2005 it was 3.5 per cent.

In fact, for the year 2020, economists predict that the US GDP will grow only by 1.9 per cent.

Also read:&nbsp;<a href="https://www.wionews.com/world/latest-donald-trump-update-news-our-borders-are-secure-our-values-are-renewed-%20Trump-in-State-of-the-Union-address" hreflang="en">Maduro an illegitimate ruler, a tyrant who brutalizes his people: Trump in State of the Union address</a> 
&nbsp;

Have the wages increased? 
Trump also claimed that Americans are earning higher wages. However, according to the Bureau of Labour Statistics, Trump's claims that wages in the US are rising quickly after decades of falling income is false.

In fact, during Obama's last four years in office, average weekly earnings went up by 4.9 per cent.

When Bush Junior was in power, the weekly earnings increased by 4.2 per cent.

With Trump in office, the wages have gone up only by 2.6 per cent.

<a href="https://www.wionews.com/world/explained-what-is-the-state-of-the-union-address-278582" hreflang="en">EXPLAINED: What is the State of the Union address</a>

The data has been compiled from several economic surveys and statistics released by US government agencies.

Yesterday, during the State of the Union address, Donald Trump made multiple claims about the booming economy, decreased unemployment, increased inequality. Here, we fact check all his claims!

Yesterday, during the State of the Union address, Donald Trump made multiple claims about the booming economy, decreased unemployment, increased inequality. Here, we fact check all his claims! Trump claimed that more than seven million jobs have been added to the US economy since he became the president. As part of his ''Great American comeback'' plan, Trump is outlining how he has not only improved the economy, but also revitalised it. "My fellow citizens: three years ago, we launched the great American comeback. Tonight, I stand before you to share the incredible results. Jobs are booming; incomes are soaring; poverty is plummeting; crime is falling; confidence is surging, and our country is thriving and highly respected again'', Trump had announced during his speech. Also read: US President Donald Trump acquitted of impeachment charges in Republican-majority Senate Have jobs really been added? As per data, the United States had been experiencing steady growth in jobs and income years before Trump came to power. In fact, 35 months before he took office, the economy added eight million jobs. And 35 months since Trump took office, only 6.7 million new jobs have been created, FactCheck reported. Based on this data, it seems like job growth has declined instead of improving. Also read: Donald Trump blasts New York City for protecting 'alien' who killed a 92-year-old woman The lowest unemployment rate in over half a century? The US president claimed that the current unemployment rate is the lowest in over half a century. In December last year, it was 3.5 per cent. If figures are to believed, the unemployment rate was down to 4.7 per cent by the time he took office. This is well below the historical norm of 5.6 per cent which has remained the median monthly rate in the US, every month since 1948. In essence, it seems like Trump may be taking credit for a boom that began under the Obama administration. Also read: US House Speaker Nancy Pelosi tears up text as Trump ends State of the Union address Is the economy booming? Recently, the US president claimed that the economy is the best it has ever been. However, as per the recent official estimate, the American GDP grew by 2.3 per cent last year, compared to 2.9 per cent growth in 2018. The figure was the same in 2015, which was long before Trump's tenure began. Even then, it's a lot lesser compared to previous administrations. In 2004, the rate was 3.8 per cent while in 2005 it was 3.5 per cent. In fact, for the year 2020, economists predict that the US GDP will grow only by 1.9 per cent. Also read: Maduro an illegitimate ruler, a tyrant who brutalizes his people: Trump in State of the Union address Have the wages increased? Trump also claimed that Americans are earning higher wages. However, according to the Bureau of Labour Statistics, Trump's claims that wages in the US are rising quickly after decades of falling income is false. In fact, during Obama's last four years in office, average weekly earnings went up by 4.9 per cent. When Bush Junior was in power, the weekly earnings increased by 4.2 per cent. With Trump in office, the wages have gone up only by 2.6 per cent. EXPLAINED: What is the State of the Union address The data has been compiled from several economic surveys and statistics released by US government agencies.

More jobs? Booming economy? Fact-checking Trump's claims from State of the Union address

The US&nbsp;government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday.

That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

Analysts polled by Reuters had forecast a $133 billion deficit for the month.

Unadjusted receipts last month totalled $246 billion, down 3 per cent&nbsp;from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent&nbsp;from the same month a year earlier.

The US&nbsp;government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending.

Those figures reflected the second full budget year under US&nbsp;President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low.

When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement.

The US government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday. That compared to a budget deficit of $100 billion in the same month last year, according to the Treasury's monthly budget statement. Analysts polled by Reuters had forecast a $133 billion deficit for the month. Unadjusted receipts last month totalled $246 billion, down 3 per cent from October 2018, while unadjusted outlays were $380 billion, a rise of 8 per cent from the same month a year earlier. The US government's fiscal year ends in September each year. Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years, a result of the Trump administration's decision to cut taxes and increase government spending. Those figures reflected the second full budget year under US President Donald Trump, a Republican, and a time when the country had an expanding tax base with moderate economic growth and an unemployment rate near a 50-year low. When adjusted for calendar effects, the deficit for October remained at $134 billion compared with an adjusted deficit of $113 billion in October 2018.

US government posts $134 billion deficit in October

Economists have become more concerned about <a href="https://www.wionews.com/world/us-economic-growth-seen-slowing-in-second-quarter-238552">US growth prospects,</a> citing trade friction as the major worry, but <a href="https://www.wionews.com/world/dollar-steadies-after-data-knocks-it-off-two-year-highs-253268">recession risks</a> have receded slightly, according to a survey released Monday.

Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey.

The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed.

Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the <a href="https://www.wionews.com/opinions/could-a-weakening-us-economy-imperil-trumps-trade-war-against-china-226753">US economy</a>, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe.

The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics.

"The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey.

Looking further out, 69 per cent of the panel expects a recession by mid-2021.

The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced.

Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020.

The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday. Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey. The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed. Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the US economy, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe. The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics. "The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey. Looking further out, 69 per cent of the panel expects a recession by mid-2021. The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced. Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020. The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

US economists more pessimistic, citing trade as major risk: Survey

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy.

Spot gold was steady at $1,498.97 per ounce, as of 0543 GMT, while <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">US </a>gold futures slipped 0.2 per cent to $1,504.90 per ounce.

The precious metal jumped 1.4 per cent on Wednesday after disappointing hiring by US private employers unnerved investors already concerned about slowing growth in the world's largest economy.

"Gold is clearly being used as a hedge against volatility in other markets," said OANDA analyst Jeffrey Halley.

"With negative investor sentiment on global growth and trade and the meltdown in equity markets overnight we saw a flight to safe havens."

The jobs data comes ahead of the more comprehensive US nonfarm payrolls report due on Friday and added to the gloom prompted by a survey that showed manufacturing activity in the United States tumbled to a more than 10-year low in September.

The disappointing readings weighed on the dollar, which hit near one-week lows against the euro and yen.

<a href="https://www.wionews.com/business-economy/tokyo-leads-asian-market-gains-in-holiday-trade-252929">Asian stocks</a> also slipped on Thursday, following a drop on Wall Street, after Washington opened a new trade war front by saying it would impose tariffs on $7.5 billion of goods from the European Union.

"Gold prices have rallied strongly as weak economic data and geopolitical risks have increased the likelihood of further rate cuts by the US Federal Reserve," analysts at ANZ said in a note.

"US jobless data on Friday and consumer confidence early next week will be a key driver of gold in the short term."

Indicative of investor interest, holdings at SPDR Gold Trust the world's largest gold-backed exchange-traded fund, rose 0.32 per cent to 923.76 tonnes on Wednesday.

On the technical front, spot gold may end its bounce in a range of $1,514-$1,524 per ounce, as suggested by a retracement analysis and a falling channel, according to Reuters analyst Wang Tao.

Among other precious metals, platinum was flat at $886.59 per ounce, while silver rose 0.2 per cent to $17.60 an ounce.

Palladium was up 0.1 per cent at $1,689.40 per ounce.

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy.

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy. Spot gold was steady at $1,498.97 per ounce, as of 0543 GMT, while US gold futures slipped 0.2 per cent to $1,504.90 per ounce. The precious metal jumped 1.4 per cent on Wednesday after disappointing hiring by US private employers unnerved investors already concerned about slowing growth in the world's largest economy. "Gold is clearly being used as a hedge against volatility in other markets," said OANDA analyst Jeffrey Halley. "With negative investor sentiment on global growth and trade and the meltdown in equity markets overnight we saw a flight to safe havens." The jobs data comes ahead of the more comprehensive US nonfarm payrolls report due on Friday and added to the gloom prompted by a survey that showed manufacturing activity in the United States tumbled to a more than 10-year low in September. The disappointing readings weighed on the dollar, which hit near one-week lows against the euro and yen. Asian stocks also slipped on Thursday, following a drop on Wall Street, after Washington opened a new trade war front by saying it would impose tariffs on $7.5 billion of goods from the European Union. "Gold prices have rallied strongly as weak economic data and geopolitical risks have increased the likelihood of further rate cuts by the US Federal Reserve," analysts at ANZ said in a note. "US jobless data on Friday and consumer confidence early next week will be a key driver of gold in the short term." Indicative of investor interest, holdings at SPDR Gold Trust the world's largest gold-backed exchange-traded fund, rose 0.32 per cent to 923.76 tonnes on Wednesday. On the technical front, spot gold may end its bounce in a range of $1,514-$1,524 per ounce, as suggested by a retracement analysis and a falling channel, according to Reuters analyst Wang Tao. Among other precious metals, platinum was flat at $886.59 per ounce, while silver rose 0.2 per cent to $17.60 an ounce. Palladium was up 0.1 per cent at $1,689.40 per ounce.

Gold prices steady as market awaits United States employment report

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere.

The greenback steadied or fell against most major currencies, after dropping from a two-year high overnight when data showed the US&nbsp;manufacturing activity contracted at the fastest pace in more than a decade in September.

The weak data "was a very big miss", said Westpac currency strategist Sean Callow in Sydney, adding that the market "went into it seemingly not ready for bad news."

"It's probably going to reverberate for a little bit longer," he said, and then investors would shift to jobs data due on Friday to seek a broader read on the health of the world's biggest economy.

The dollar eased slightly against the euro to $1.0933 per euro and gave ground to the Australian and New Zealand dollars, retracing a bit of the large gains it made against them on Tuesday.

The pound sank 0.2% against the dollar to $1.2280. It was headed back toward an almost one-month low plumbed overnight as traders are increasingly nervous about Britain crashing out of the European Union at the end of the month.

Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what.

The dollar also rose marginally against the yen, to 108.84 yen, but steadied against a basket of currencies at 99.159 while the manufacturing shock echoed through other markets, dragging bond yields and Asian stock markets lower.

The Institute for Supply Management had said its index of US factory activity fell to 47.8, the lowest reading since June 2009.

A figure below 50 signals the domestic factory sector is contracting. The reading is a bad omen for September U.S. labour figures due on Friday, BNY Mellon analysts said in a note, since moves are often correlated.

"This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. ..it will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said.

The Australian dollar, which hit its lowest in a decade on Tuesday after the Reserve Bank of Australia (RBA) cut interest rates, bounced a little to $0.6716.

But few are expecting a sustained rise after the statement accompanying the rate cut left room for further easing.

"There are sufficient global risks to rattle AUD... sub-0.66 remains on the table," analysts at Mizuho Bank said in a note.

In offshore trade, the Chinese yuan was steady at 7.1466 per dollar, with trade subdued as Chinese markets are closed until Monday for public holidays.

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere.

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere. The greenback steadied or fell against most major currencies, after dropping from a two-year high overnight when data showed the US manufacturing activity contracted at the fastest pace in more than a decade in September. The weak data "was a very big miss", said Westpac currency strategist Sean Callow in Sydney, adding that the market "went into it seemingly not ready for bad news." "It's probably going to reverberate for a little bit longer," he said, and then investors would shift to jobs data due on Friday to seek a broader read on the health of the world's biggest economy. The dollar eased slightly against the euro to $1.0933 per euro and gave ground to the Australian and New Zealand dollars, retracing a bit of the large gains it made against them on Tuesday. The pound sank 0.2% against the dollar to $1.2280. It was headed back toward an almost one-month low plumbed overnight as traders are increasingly nervous about Britain crashing out of the European Union at the end of the month. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what. The dollar also rose marginally against the yen, to 108.84 yen, but steadied against a basket of currencies at 99.159 while the manufacturing shock echoed through other markets, dragging bond yields and Asian stock markets lower. The Institute for Supply Management had said its index of US factory activity fell to 47.8, the lowest reading since June 2009. A figure below 50 signals the domestic factory sector is contracting. The reading is a bad omen for September U.S. labour figures due on Friday, BNY Mellon analysts said in a note, since moves are often correlated. "This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. ..it will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said. The Australian dollar, which hit its lowest in a decade on Tuesday after the Reserve Bank of Australia (RBA) cut interest rates, bounced a little to $0.6716. But few are expecting a sustained rise after the statement accompanying the rate cut left room for further easing. "There are sufficient global risks to rattle AUD... sub-0.66 remains on the table," analysts at Mizuho Bank said in a note. In offshore trade, the Chinese yuan was steady at 7.1466 per dollar, with trade subdued as Chinese markets are closed until Monday for public holidays.

Dollar pinned down after poor US manufacturing data; pound slips

US treasury secretary Steven Mnuchin on Monday said America's economy was unscathed after more than a year of entrenched trade conflict with China and Europe.

The remarks brushed aside concerns prompted by recent economic data showing slower employment growth,<a href="https://www.wionews.com/business-economy/g20-says-worsening-trade-wars-pose-risk-to-world-economy-225664"> falling business investment</a> and a weakening manufacturing sector, which have intensified recession warnings.

"I don't see in any way a recession," Mnuchin told Fox Business.

"There's no question there's been a considerable slowdown in the world economy both in China and in Europe but as you look at the US, we continued to be the bright spot."

"We have not seen any impact on the US economy," he added.

High-level trade negotiations are due to take place in Washington next month after a summer of acrimony and deteriorating <a href="https://www.wionews.com/world/imf-chief-christine-lagarde-says-us-china-tensions-threat-to-world-economy-216809">US-China trade relations</a>.

Months of negotiations have so far failed to achieve a bargain after talks verged on collapse in May, prompting observers to speculate the trade conflict may drag on far longer than expected with the two sides unable to reconcile their differences.

But on Monday Mnuchin held out hope for progress.

"They're coming here. I take that as a sign of good faith that they want to negotiate," he said.

American industry and agriculture leaders have denounced Trump's trade wars but so far failed to block its steady escalation, with US duty rates on hundreds of billions in Chinese goods set to rise in stages through the end of the year.

Official job creation numbers released Friday showed employers across major industries slowed the pace of hiring, which economists took as another sign the world's largest economy is cooling off.

US treasury secretary Steven Mnuchin on Monday said America's economy was unscathed after more than a year of entrenched trade conflict with China and Europe. The remarks brushed aside concerns prompted by recent economic data showing slower employment growth, falling business investment and a weakening manufacturing sector, which have intensified recession warnings.

US treasury secretary Steven Mnuchin on Monday said America's economy was unscathed after more than a year of entrenched trade conflict with China and Europe. The remarks brushed aside concerns prompted by recent economic data showing slower employment growth, falling business investment and a weakening manufacturing sector, which have intensified recession warnings. "I don't see in any way a recession," Mnuchin told Fox Business. "There's no question there's been a considerable slowdown in the world economy both in China and in Europe but as you look at the US, we continued to be the bright spot." "We have not seen any impact on the US economy," he added. High-level trade negotiations are due to take place in Washington next month after a summer of acrimony and deteriorating US-China trade relations. Months of negotiations have so far failed to achieve a bargain after talks verged on collapse in May, prompting observers to speculate the trade conflict may drag on far longer than expected with the two sides unable to reconcile their differences. But on Monday Mnuchin held out hope for progress. "They're coming here. I take that as a sign of good faith that they want to negotiate," he said. American industry and agriculture leaders have denounced Trump's trade wars but so far failed to block its steady escalation, with US duty rates on hundreds of billions in Chinese goods set to rise in stages through the end of the year. Official job creation numbers released Friday showed employers across major industries slowed the pace of hiring, which economists took as another sign the world's largest economy is cooling off.

Slowdown in China, Europe, don't see any recession in US: Treasury secretary Mnuchin

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth.

"Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook," the central bank said in a nationwide survey of economic activity.

Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump's trade wars.

The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade.

The latest "beige book" survey, which gathers anecdotal reports from business people and other contacts in the Fed's 12 districts, said growth had continued "at a modest pace."&nbsp;

- Sharp deterioration -

 
The report may not have reflected all of last month's sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade.

According to the Fed, anecdotal reports say auto sales rose and tourism was "solid," while bank lending and commercial real estate leasing both increased a little.

Elsewhere, however, things were less than stellar. Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America's trade wars.&nbsp;

Meanwhile, consumer spending the sole strong point in the US economy was "mixed" outside the auto sector, demand for transportation softened, home sales "remained constrained" and housing construction was flat.

Across the nation, employers complained they had difficulty finding workers to fill open positions and faced "strong upward pressure" to offer higher pay to entry-level and low-skill workers.

Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report.

But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so.

"District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months," the report said.

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday. But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth. "Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook," the central bank said in a nationwide survey of economic activity. Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump's trade wars. The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade. The latest "beige book" survey, which gathers anecdotal reports from business people and other contacts in the Fed's 12 districts, said growth had continued "at a modest pace." - Sharp deterioration - The report may not have reflected all of last month's sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade. According to the Fed, anecdotal reports say auto sales rose and tourism was "solid," while bank lending and commercial real estate leasing both increased a little. Elsewhere, however, things were less than stellar. Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America's trade wars. Meanwhile, consumer spending the sole strong point in the US economy was "mixed" outside the auto sector, demand for transportation softened, home sales "remained constrained" and housing construction was flat. Across the nation, employers complained they had difficulty finding workers to fill open positions and faced "strong upward pressure" to offer higher pay to entry-level and low-skill workers. Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report. But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so. "District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months," the report said.

US sees 'modest' growth, businesses show 'near-term' optimism: Fed

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.

Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while US crude was down 15 cents, or 0.3%, at $55.63 a barrel. Oil prices rose around 1.5 per cent in the previous session.

Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check.

Daly said on Thursday she believes the US economy has "strong" momentum, but uncertainty and a global growth slowdown are having an impact.

Daly was speaking to reporters after a speech in Wellington, New Zealand and said she was in "watch and see" mode in assessing the need for another US interest-rate cut.

US President Donald Trump said on Monday he believed China was sincere about wanting to reach a trade deal, but concerns arose on Tuesday after China's foreign ministry declined to confirm a telephone call between the two countries on trade.

"Trade tensions (are) hanging like a dark cloud threatening to rain over oil prices," said Jeffrey Halley, senior market analyst at OANDA.

The market shrugged of a big drop in US inventories, which fell last week by 10 million barrels, compared with analysts' expectations for a decrease of 2.1 million barrels, the Energy Information Administration said.

US gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 388,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed.

The crude drawdown confirms "that OPEC supply cuts are effectively working by depleting US reserves," said Stephen Innes, managing partner at Valour Markets.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been restraining supply for most of the period since January 1, 2017. The alliance, known as "OPEC+", in July renewed the pact until March 2020.

US weekly crude production also rose 200,000 barrels per day to a new record at 12.5 million bpd in the week to August 23.

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy. Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while US crude was down 15 cents, or 0.3%, at $55.63 a barrel. Oil prices rose around 1.5 per cent in the previous session. Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check. Daly said on Thursday she believes the US economy has "strong" momentum, but uncertainty and a global growth slowdown are having an impact. Daly was speaking to reporters after a speech in Wellington, New Zealand and said she was in "watch and see" mode in assessing the need for another US interest-rate cut. US President Donald Trump said on Monday he believed China was sincere about wanting to reach a trade deal, but concerns arose on Tuesday after China's foreign ministry declined to confirm a telephone call between the two countries on trade. "Trade tensions (are) hanging like a dark cloud threatening to rain over oil prices," said Jeffrey Halley, senior market analyst at OANDA. The market shrugged of a big drop in US inventories, which fell last week by 10 million barrels, compared with analysts' expectations for a decrease of 2.1 million barrels, the Energy Information Administration said. US gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 388,000-barrel drop. Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed. The crude drawdown confirms "that OPEC supply cuts are effectively working by depleting US reserves," said Stephen Innes, managing partner at Valour Markets. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been restraining supply for most of the period since January 1, 2017. The alliance, known as "OPEC+", in July renewed the pact until March 2020. US weekly crude production also rose 200,000 barrels per day to a new record at 12.5 million bpd in the week to August 23.

Oil prices pegged back by mounting concern over US economy

<a href="https://www.wionews.com/world/trump-meeting-advisers-on-afghan-peace-plan-243511">US&nbsp;President Donald Trump </a>sharply criticized Federal Reserve Chairman Jerome&nbsp;Powell&nbsp;on Friday and said he wouldn't try to stop the chief US central banker if he offered to&nbsp;resign.

Trump, departing the White House to travel to the G7 summit in France, told reporters, "I'm not happy with Jay&nbsp;Powell."

His comments continued a war of words against&nbsp;Powell&nbsp;that, along with retaliatory tariffs imposed on <a href="https://www.wionews.com/world/have-begun-purchasing-farm-goods-says-china-after-resuming-trade-talks-with-us-239902">US goods by China,</a> helped trigger a sharp drop on Friday in the US stock market.

"I don't think he's doing a good job at all," Trump told reporters as he left the White House shortly before midnight on Friday.

"I don't think he's much of a chess player, but I've got him so, you know, that's what I have," added the president, who earlier questioned on Twitter who was "our bigger enemy,"&nbsp;Powellor Chinese leader Xi Jinping.

Asked if he wanted&nbsp;Powell&nbsp;to&nbsp;resign, Trump replied: "Do I want him to&nbsp;resign? Let me put it this way if he did I wouldn't stop him."

Powell&nbsp;was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers.&nbsp;

He said the Fed would "act as appropriate" to keep the US economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.

US President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn't try to stop the chief US central banker if he offered to resign.

US President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn't try to stop the chief US central banker if he offered to resign. Trump, departing the White House to travel to the G7 summit in France, told reporters, "I'm not happy with Jay Powell." His comments continued a war of words against Powell that, along with retaliatory tariffs imposed on US goods by China, helped trigger a sharp drop on Friday in the US stock market. "I don't think he's doing a good job at all," Trump told reporters as he left the White House shortly before midnight on Friday. "I don't think he's much of a chess player, but I've got him so, you know, that's what I have," added the president, who earlier questioned on Twitter who was "our bigger enemy," Powellor Chinese leader Xi Jinping. Asked if he wanted Powell to resign, Trump replied: "Do I want him to resign? Let me put it this way if he did I wouldn't stop him." Powell was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers. He said the Fed would "act as appropriate" to keep the US economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.

Donald Trump says he wouldn't stop Federal Chair Powell if he offered to resign

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