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Awful data show US economy is in deep trouble

Oil and gas production posted its largest-ever decline in the Federal Reserve's April industrial production survey. [AFP]

Newly released economic data showed the US economy is in a terrible state and may not rebound quickly even when the devastating lockdowns imposed to stop the coronavirus pandemic are lifted.

Data tracking industrial production and the vital retail sector released Friday showed record declines in April, the first full month of lockdowns to stop the spread of COVID-19 virus that has killed nearly 86,000 people and caused around 36.5 million people to lose their jobs in the world's largest economy.

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