Another 3.8 million Americans filed for unemployment benefits last week. U.S. Department of Labor data shows a total of 30.307 million people lost their jobs in the past month and-a-half alone. A handful of U.S. states say they are ready to reopen their economies. 

In a related development, the U.S. Commerce Department reported the U.S. economy contracted by 4.8% in the first quarter of 2020, the steepest decline since the Great Recession.

The Commerce Department also said U.S. consumer spending fell by 7.5% in March, the steepest monthly decline in more than 60 years. 

The U.S. Federal Reserve said it will expand its the Main Street Lending Program to support businesses struggling with the pandemic’s economic impact. The program is designated to provide up to $600 billion in loans to small and mid-size businesses struggling to pay their bills as a result of the lockdowns.

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