These 7 economic signals flashed red this week, showing the continued damage being inflicted by coronavirus

Associated Press

• While many states across the US have begun to slowly reopen, economic data continues to show devastation from the coronavirus pandemic.
• Economists agree that the US is already in a recession. Now, they're weighing what shape a potential recovery might take.
• Many reports this week hit fresh records. But some showed glimmers of hope that a recovery may be coming as some states begin to reopen.
• Here are seven economic signals that flashed warnings this week.
• Visit Business Insider's homepage for more stories.

In just two short months, the US economy has been devastated by the coronavirus pandemic and sweeping shut downs to contain the spread of the disease.

Last week's April jobs report showed that the US economy lost a record 20.5 million jobs and the unemployment rate spiked to 14.7%, the highest since the depths of the Great Depression. Since the eye-watering report, more have been released showing further damage to the US economy.

Economists and industry watchers agree that the US has been thrown into a recession from the coronavirus pandemic shutdowns. Now, all eyes are watching US economic data to gauge the extent of the damage and weigh what shape a recovery might take.

Initially, some argued that a swift, V-shaped recovery was possible. But as coronavirus-induced layoffs persist, and many consumers are still stuck at home, it now appears that any rebound will be more muted.

There have also been a few glimmers of hope as many states across the country slowly reopen. For example, even though April's jobs report showed devastating losses, 18.1 million workers were classified as temporarily unemployed, suggesting that they may be able to quickly re-enter the workforce when lockdowns are lifted.

Read more: 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over — and warns 'a lot more pain' is still to come

In addition, some reports this week — while dismal — may represent a low point before a rebound. For example, April retail sales posted a second record slump, but may not record a third.

"This report was always going to be terrible," said Ian Shepherdson of Pantheon Macroeconomics in a Friday note. "But it likely marks the floor, given the gradual reopening now underway or soon to be underway."

Listed below are the seven indicators that were released this week, and what they tell us about the US economy: