The reports, while the latest to paint a dark picture of the US economy's prospects, were not unexpected, analysts said.
Mr Trump was expected later in the day to outline his steps to bring the US economy back online, saying on Twitter,"We are having very productive calls with the leaders of every sector of the economy who are all-in on getting America back to work, and soon." S&P further reduced its outlook for the US economy on Thursday, projecting a 2020 contraction of 5.3 per cent, worse than the previous decline of 1.3 per cent.
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