U.S. economy deteriorating faster than anticipated

The U.S. economy is deteriorating more quickly than was expected just days ago, as extraordinary measures designed to curb the coronavirus keep 84 million Americans penned in their homes and cause the near-total shutdown of most businesses.

In a single 24-hour period, the governors of three of the largest states – California, New York and Illinois – ordered residents to stay home, except to buy food and medicine, while the governor of Pennsylvania ordered the closure of nonessential businesses. Across the globe, health officials are struggling to cope with the growing number of patients, with the World Health Organization noting that while it required three months to reach 100,000 cases, it took only 12 days to hit another 100,000.

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