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The U.S. economy likely will shrink when first-quarter gross domestic product figures are released by the federal government’s Bureau of Economic Analysis on April 29.

The trucking industry will play a critical role in the development and implementation of plans to restart the country’s struggling economy, American Trucking Associations President Chris Spear said.

The U.S. gross domestic product will decline by more than 20% on an annualized basis in the second quarter as a result of the coronavirus and the economic shutdown, American Trucking Associations’ chief economist forecasts.

WASHINGTON — President Donald Trump signed an unprecedented $2.2 trillion economic rescue package into law March 27, after swift and near-unanimous action by Congress that will support businesses, rush resources to overburdened health care providers and help struggling families during the deepening coronavirus epidemic.

Trucking is handling increased demand and awaits a potential surge of pent-up activity because of the coronavirus, but what that means for the industry long term remains an open question.

The global economy’s most abrupt and consequential shock in at least a generation is unfolding at ports and other hubs of international commerce as the U.S. and Europe struggle to contain the coronavirus pandemic.

With Congress seeking to help stabilize the economy by advancing a $2 trillion rescue measure this week, President Donald Trump suggested a significant portion of the country’s operations, such as freight and passenger transportation networks, could resume as early as Easter, which falls on April 12 this year.

Economists and other experts who watch the U.S. economy on a minute-by-minute basis are now suggesting, some loudly, that the nation is lurching towards a recession, as the coronavirus damages the economy.

NEW YORK— The S&P 500 dropped about 7% within the first few minutes of trading March 12, steep enough to trigger an automatic halt to trading on the New York Stock Exchange.

WASHINGTON — The number of Americans filing new claims for unemployment insurance fell last week for a second straight week, an indication that the coronavirus had not yet hit the labor market in a major way.