COVID caused a record drop in economic activity

The U.S. economy has just experienced its worst three month performance on record. GDP, or gross domestic product, contracted at an annualized rate of 32.9% as businesses shut down due to the pandemic. That’s the weakest report since the government began tracking GDP data in 1947.

A steady stream of workers are still losing their jobs. Another 1.4 million workers filed for first-time jobless benefits, including 28,000 in New Jersey in the latest week. The new layoffs come as Congress has yet to decide whether to provide supplemental unemployment benefits.

New Brunswick-based Johnson & Johnson has now begun human clinical trials for its coronavirus vaccine candidate. J&J says a single dose of its vaccine was shown to be effective in primates.