The US economy is forecast to shrink by 6.6 percent in 2020 due to the shock of the coronavirus pandemic, but a resurgence in coronavirus infections and a systemic increase in poverty could worsen that outlook, the staff of the International Monetary Fund (IMF) warned.
The five-week partial US government shutdown, triggered by the battle over President Donald Trump's border wall, cost the US economy $11bn, according to the latest analysis by the non-partisan Congressional Budget Office (CBO).
US economic growth probably slowed in the third quarter as hurricanes Harvey and Irma restrained consumer spending and undercut construction activity, but underlying momentum likely remained strong amid robust business investment on equipment.
Donald Trump's economic policies risk plunging America into a period of 1970s-style stagflation with low growth and 'out of control' inflation, the former chairman of the US Federal Reserve has warned.
The US economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.