Global GDP could plummet by 7% due to pandemic, OECD warns

Stadtratte/iStockBy CATHERINE THORBECKE, ABC News(NEW YORK) -- The coronavirus pandemic-induced economic crisis could cause global GDP to plummet by 7.6%, the Organization for Economic Co-operation and Development warned in its economic outlook published Wednesday.The figures in its latest outlook... Read More.

AMC to reopen ‘almost all’ US theaters in July

imagepixel/iStockBy LESLEY MESSER, GMA(NEW YORK) -- AMC Theatres announced in an earnings report Tuesday that the company expects to "fully open globally in July."AMC has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and, has vowed to... Read More.

JCPenney is officially closing 154 stores nationwide

ablokhin/iStockBy JACQUELINE LAUREAN YATES, ABC News(NEW YORK) -- JCPenney has confirmed that 154 stores will close this year.This news comes shortly after filing for Chapter 11 bankruptcy protection in May, one day after it made an approximately $17 million... Read More.

US unemployment rate drops to 13.3% in May

courtneyk/iStockBy CATHERINE THORBECKE, ABC News (WASHINGTON) -- The U.S. unemployment rate fell to 13.3% in May, slightly below the April high of 14.7%, according to data released Friday by the U.S. Bureau of Labor Statistics.The U.S. economy added 2.5 million... Read More.