Economics in the News – April 27-May 3

Economics impacts our lives every day. Below are some of the top storylines from this past week in economic news.

• COVID-19 patients received some encouraging news. A study suggested that an experimental drug -- remdesivir – developed by Gilead Sciences is shortening the time for recovery by an average of four days and may also be reducing the number of deaths. The Food & Drug Administration has authorized emergency use of the drug in COVID-19 patients. [The Wall Street Journal]
  
  
• An additional 3.8 million Americans filed for unemployment benefits during the week ending April 25, bringing the total to more than 30 million people in since the coronavirus forced businesses to shut down six weeks ago. [NPR]
  
  
• Scott Pelley of 60 Minutes interviews several people who have recently lost their jobs and who share their struggles to pay their bills.
  
  
• Global poverty has decreased dramatically in the last two decades where more than one billion people were lifted out of poverty. However, the poor are more vulnerable to the coronavirus. Economists anticipate that because of the coronavirus pandemic poverty will increase for the first time in more than two decades.  [The New York Times]
  
  
• The European Bank lowered interest rates and offered new credit lines to banks for a negative interest rate in an attempt to assist Europe’s worst economic downturn since World War II. [The New York Times]