Supermarket Price Display

Guo Zhiqiang: Watching the building step by step from tSupermarket Price Displayhe drawing into reality, especially when looking at aerial photography, I still feel very fulfilled and proud.

The report published on April 2 for the week ending March 28 showed 6.65 million job losses, more than double the jobless claims for the previous week.A separate monthly Labor Department survey taken during the week of March 12, before the shutdowns became widespread, showed the US economy shedding 701,000 jobs and the unemployment rate rising by 4.4 percent - the worst figures since March 2009 during the depths of the global financial crisis.

Thursday's weekly report will likely bring "more scary news," said Beth Ann Bovino, chief US economist for S&P Global Ratings, predicting new claims hitting three million, though some analysts see them going as high as six million.And the April monthly jobs report will also be grim, "with nearly 13 million jobs lost... and an unemployment rate around 15 percent," she said.Congress in March passed a $2.2 trillion stimulus package to stem the bleeding, one of three measures lawmakers approved to fight the coronavirus pandemic.

The stimulus includes direct cash payments to Americans, expanded unemployment insurance and $350 billion for a small business loan program aimed at getting companies to retain employees.However, the rollout of that program has been flawed, with banks frustrated by a lack of clear guidelines on how it works as they face a flood of requests for the cash.

Treasury Secretary Steven Mnuchin said he would ask Congress for an additional $250 billion for the loans, citing huge demand, but that will need to go through Republicans controlling the Senate and Democrats who lead the House of Representatives.

While saying the stimulus package will "help cushion the blow," Bovino warned the data shows the US entering a recession, one that is set to be deep."The DPP's attempt to take the opportunity of the epidemic to undermine the one-China principle and seek entry into the WHO is doomed to fail," she added.

Democratic presidential hopefuls former US vice president Joe Biden (left) and Senator Bernie Sanders engage each other in the 11th Democratic Party 2020 presidential debate. Photo: AFPLeftist US Senator Bernie Sanders suspended his presidential campaign Wednesday, clearing the way for rival Joe Biden to secure the Democratic nomination and challenge Donald Trump in November.

The feisty 78-year-old democratic socialist shook up the 2020 race with his relentless pursuit of "economic justice" for all Americans and a demand for universal health care.But he acknowledged his campaign had fallen short, as party voters determined Biden would be a stronger candidate to go up against Trump in the general election.