U.S. Economic News
June 2, 2020
U.S. News
According to the Wall Street Journal, a new report from the Congressional Budget Office forecasts that the U.S. economy will not fully recover from the coronavirus pandemic and related shutdowns until the fourth quarter of 2029, marking down its 10-year GDP forecast by 3% ($7.9 trillion) compared to its January projections. While recent indicators of factory activity suggest the economy may have bottomed out in April, the rate of recovery is likely to be slow. WSJ
The Financial Times reports that the data center industry has been a major beneficiary of the coronavirus pandemic as the crisis shifts more economic activity online. Data center stocks have outperformed large technology platforms and are increasingly viewed by investors as “recession-proof” as companies recognize their need for expanded digital infrastructure. FT