The downturn reflects how shutdowns of businesses and schools and social distancing, which started in the final three weeks of the first quarter, affected the U.S. economy. According to The Journal, many economists believe the U.S. is now in a recession, as layoffs and declines across industries hit unprecedented levels.
With the economy largely shut down in April, economists are expecting a bigger drop-off in economic activity in the second quarter of this year. A few states have started to slowly reopen their economies, but many still have social-distancing restrictions in place that extend through May.
More articles on healthcare finance:
Mayo Clinic furloughs, cuts hours of 30,000 employees to help offset $3B in pandemic losses
CMS suspends Advance Payment Program
CHS to cease inpatient care at 2 Florida hospitals, sell them to HCA
