U.S. Economy Shrank By 33% In The Second Quarter Of This Year





Daily Mail: America's economy shrank by a record-breaking 33% in last three months in biggest slump EVER as coronavirus takes unprecedented toll - and ANOTHER 1.4 million applied for unemployment in last week

* Devastating economic figures are released by Commerce Department showing economy contracted by a third in April, May and June - shattering 1958 record of 10% contraction
* Donald Trump did not react to record-setting economic calamity - but instead tweeted that the election should be delayed
* Analysts say devastating figures suggest the V-shaped recovery Trump promised is now in doubt
* Business investment and residential housing also suffered sharp declines last quarter, with investment spending sinking 27% and residential housing plunging 38.7%.
* Second set of figures showed new unemployment claims of 1.4 million in last week - second week in a row they have gone up
* 17 million are now collecting unemployment checks - but $600-a-week boost runs out on Friday with Republicans and White House still to plan replacement
* Economic carnage was caused by collapse in consumer demand because of lockdowns
* Business investment and residential housing also suffered sharp declines last quarter
* Government spending, diminished by a loss of tax revenue that forced layoffs, also fell

The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter - by far the worst quarterly plunge ever - as coronavirus shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department's estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947.

The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

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WNU Editor: I expected worse.

More News On The U.S. Economy Shrinking By 33% In The Second Quarter Of This Year

US economy shrank at record-breaking 33% rate last quarter -- AP
COVID-19 sinks U.S. economy in second quarter; labor market struggling -- Reuters
GDP shrinks record 32.9 percent in second quarter amid virus lockdowns -- The Hill
Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown -- CNBC
US economy suffers worst quarter since the second world war as GDP shrinks by 32.9% -- The Guardian

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