US oil prices drop to 21-year low as demand dries up | BBC ECONOMY
The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.
The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.
US storage facilities are now struggling to cope with the glut of oil, weakening prices further.
China’s economy just shrank for the first time in decades. It could still eke out growth this year | CNN ECONOMY
The coronavirus pandemic has dragged China’s economy into its worst three-month period in decades — and the road toward recovery will likely be long. But the country may still eke out some growth this year, unlike its Western counterparts.
The world’s second largest economy shrank 6.8% in the first quarter of 2020 compared to a year earlier, according to government statistics released Friday. That’s slightly worse than analysts polled by Refinitiv were expecting, and amounts to about 693 billion yuan ($98 billion) in lost output.
Self-Employed And Gig Workers Face Long Waits For Coronavirus Relief Checks | NPR
Crashing servers, outmoded software and overloaded call centers are some of the obstacles standing between millions of unemployed workers and the financial lifeline the government has promised under the $2 trillion relief package approved late last month.
With every passing week the problem is exacerbated by new waves of jobless or laid-off workers whose paychecks have vanished since the coronavirus pandemic crippled the U.S. economy.
Picking for Britain – coronavirus crisis draws workers to farms | Reuters
For a decade the industry has been almost totally reliant on seasonal migrant workers from European Union member states Romania and Bulgaria taking short-term jobs that British workers don’t want to do. Even before the lockdowns and travel restrictions imposed by governments across Europe to curb the spread of the coronavirus, British farmers were having to adapt to tougher labor conditions following the UK’s decision to leave the EU.
New York Fed President Williams says the economy won’t be back to ‘full strength’ by end of 2020 | CNBC
New York Federal Reserve President John Williams told CNBC on Friday he sees some parts of the economy coming back online but doubts growth will return to normal this year.
Construction should be among the first to return, he said in a “Squawk Box” interview with Steve Liesman. That echoed comments from Philadelphia Fed President Patrick Harker, who spoke to CNBC on Thursday.
“I expect that to be able to bounce back a little bit more quickly than maybe some of the other sectors,” Williams said. “But I don’t see the economy getting back to full strength by the end of the year.”