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The federal budget deficit in May was $424 billion, about double the amount in the same month last year, the Congressional Budget Office estimates. That increase stems from the economic disruption caused by the 2020 corona virus pandemic and from the federal government’s tardy response to it, followed by Congressional panic actions of four pieces of legislation: the Corona virus Preparedness and Response Supplemental Appropriations Act, the Families First Corona virus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA). (earlier Ten-Month US Budget Deficit Now at $867 billion. $Trillion Deficits Now Certain Under Current Economic Policies)
Penske Automotive – May Business Improving
“I expect further improvements to our operating results in June.”
Penske Automotive Group, Inc. (NYSE:PAG) today said there were “improvements in automotive retail business conditions” when compared to March and April.
All US automotive retail dealership sales and service operations are open. As shelter in place orders impacted operations in April, new and used unit sales declined approximately 50% and service and parts gross profit declined by 52% when compared to April last year. Continue reading →