US Business

The U.S. will need a strong regime to test, trace and quarantine cases of the new coronavirus to ensure a stronger rebound in employment and economic activity as states lift restrictions on commerce this summer, the Dallas Fed leader said.

U.S. workers filed fewer unemployment applications for the eighth straight week, but the level of claims remained 10 times higher than before the coronavirus pandemic.

Fed officials head into their next policy meeting deliberating how to assist an economy in a deeper hole than it faced after the 2008 financial crisis at a time when their tools might have less zip.

Canadian economic output plunged by a near record 8.2% annualized rate in the first quarter, as household spending collapsed on coronavirus-induced shutdowns. Exports also fell markedly.