Latest Sung Won Sohn News

An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa.  Devastated by the coronavirus, the U.S. economy is sinking.  Now, as some businesses in a few states start to trickle back to work, hopes are beginning to arise that the economy, damaged as it is, might be poised to rebound by the second half of the year.   (AP Photo/Matt Slocum)

US GDP fell at 5.0% rate in Q1; worse is likely on the way

Jun. 25, 2020 1:04 PM EDT

WASHINGTON (AP) — The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the U.S. The Commerce Department reported Thursday that the decline in the gross domestic product,...

President Donald Trump speaks as he signs the Paycheck Protection Program Flexibility Act during a news conference in the Rose Garden of the White House, Friday, June 5, 2020, in Washington. (AP Photo/Evan Vucci)

Citing jobs, Trump claims victory over virus, econ collapse

Jun. 5, 2020 9:57 PM EDT

WASHINGTON (AP) — President Donald Trump effectively claimed victory over the economic crisis and COVID-19 on Friday as well as major progress against racial inequality, heartily embracing a better-than-expected jobs report in hopes of convincing a discouraged nation he deserves another four years in...

FILE - In this July 22, 2019 photo, trucks hauling shipping containers wait to unload at the Port of Oakland in Oakland, Calif.  The Commerce Department issues its second estimate of how the U.S. economy performed in the first quarter of 2020 on Thursday, May 28, 2020.(AP Photo/Ben Margot, File)

US economy shrank at 5% annual rate in Q1

May. 28, 2020 9:47 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter. The Commerce Department reported Thursday that the gross domestic product, the...

FILE - In this March 13, 2020, file photo, unionized hospitality workers wait in line in a basement garage to apply for unemployment benefits at the Hospitality Training Academy in Los Angeles. California's unemployment rate nearly tripled in April because of the economic fallout from coronavirus pandemic. (AP Photo/Marcio Jose Sanchez, File)

California's April jobless rate higher than Great Recession

May. 22, 2020 4:03 PM EDT

SACRAMENTO, Calif. (AP) — California's unemployment rate nearly tripled to 15.5% in April as the nation's most populous state lost more jobs in one month from the coronavirus than it did during the Great Recession a decade ago, state data released Friday showed. Just two months ago, California was...