Latest Sung Won Sohn News

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...

Mohammad Ikram closes a large door to his business Hot Stop, fully stocked but closed during the coronavirus pandemic, on the boardwalk in Atlantic City, N.J., Tuesday, April 28, 2020. (AP Photo/Matt Rourke)

Economists agree: No quick rebound from recession is likely

Apr. 29, 2020 5:10 PM EDT

WASHINGTON (AP) — Devastated by the coronavirus, the U.S. economy is sinking. And the plunge is accelerating. 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. If...

FILE — In this March 31, 2020 file photo the American flag flutters in the wind as work is done on the roof of a building under construction in Sacramento, Calif. On Friday April 17, 2020, the California Employment Development Department announced the state's unemployment rate jumped to 5.3% in March, up from 3.9% the previous month. Construction job losses made up 11.6% of the decline. (AP Photo/Rich Pedroncelli, File)

California's unemployment rate soars, but worst yet to come

Apr. 17, 2020 9:52 PM EDT

SACRAMENTO, Calif. (AP) — California lost nearly 100,000 jobs in March, state officials announced Friday, signaling a sudden end to a record 10-year streak of growth because of a coronavirus outbreak that has shuttered nonessential businesses and overwhelmed the state's unemployment office. The...

FILE - In this June 19, 2019, file photo cargo ships are docked at the Port of Los Angeles in Los Angeles. The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for awhile as the country endures a sharp contraction due to the impact of the coronavirus. (AP Photo/Marcio Jose Sanchez, File)

US economy grew at 2.1% rate in fourth quarter

Mar. 26, 2020 10:09 AM EDT

WASHINGTON (AP) — The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the coronavirus. The Commerce Department said Thursday in its third and final look...