New numbers reveal impact of COVID-19 on the economy

COVID-19 has done some serious damage to the U.S. economy. The economy shrank by 4.8% in the first three months of the year. That’s the biggest contraction since the financial crisis in 2008.

The Federal Reserve said Wednesday that the public health crisis poses considerable risks to the economic outlook over the medium term. The Fed will keep interest rates near zero percent.

In the midst of the economic challenges, New Jersey businesses are ready to get back to work. A new survey by the NJBIA finds 70% of businesses polled believe the would be able to reopen with CDC guidelines for social distancing. But many would face challenges in terms of returning to profitability.

Gilead Sciences reported positive results from a clinical trial of its antiviral drug Remdesivir as a possible COVID-19 treatment. White House health advisor Dr. Anthony Fauci called the trial results good news.