Coronavirus spread threatens US economy, commerce

McClatchy files Chapter 11 bankruptcy after pension woes

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The coronavirus casts a widening shadow across the U.S. economy.

The outbreak in China dampens visits by Chinese tourists, raises the prospect of shortages and price increases for iPhones and other products and disrupts deliveries of parts for carmakers.

“It’s consequential,” Diane Swonk, chief economist of Grant Thornton, says of shipment delays and product shortages. “It’s going to happen.”

The effects on the economy and commerce have been modest, but the toll is likely to grow if factory shutdowns in China persist and the outbreak continues to spread rapidly. Chinese authorities say the number of new cases has dropped, but global health officials are cautious, noting thousands of infections could go undetected.

The number of coronavirus cases worldwide has surged to nearly 75,300, mostly in China, and the death toll has topped 2,000. There have been 29 cases in the USA.

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