American’s spending, quantified by the Bureau of Economic Analysis as personal consumption expenditures, decreased $1,127.3 billion or 7.5 percent in March. For reference, total personal consumption expenditures for January 2020 was $13.47 trillion and $13.49 trillion in February 2020. But, as state governments issued “stay-at-home” orders, “consumers canceled, restricted, or…
COVID-19 Treatment Drug Shows Promise in Clinical Trial
April 29, 2020
A COVID-19 treatment drug, called remdesivir, has shown promise as an effective treatment for the virus, according to the National Institutes of Health (NIH). Clinical trials began on February 21, involving 1,063 COVID-19 patients. Patients receiving remdesivir “recovered faster than similar patients who received placebo”. “Preliminary results indicate that patients…
Fed Chairman Powell Expects Economy to ‘Drop at an Unprecedented Rate’ in Q2
April 29, 2020
Federal Reserve Chairman Jerome Powell gave a statement on the state of the economy today, declaring that “economic activity will likely drop at an unprecedented rate in the second quarter.” It was an announced today that GDP decreased 4.8% in the first quarter of 2020, after increasing 2.1% in the…
President Trump Officially Signs Executive Order Requiring Meat and Poultry Processing Plants to Stay Open
April 29, 2020
In accordance with the Defense Production Act, President Trump has signed an Executive Order so “that processors of beef, pork, and poultry (“meat and poultry”) in the food supply chain continue operating and fulfilling orders to ensure a continued supply of protein for Americans.” This authorizes the Secretary of Agriculture…