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Author
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Topic: U.S. Economy Shrinks at Record 32.9% Pace in Second Quarter
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PhoenixRising
Knowflake Posts: 947
From:
Registered: May 2011
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posted October 19, 2020 03:40 PM
  
The U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work.Gross domestic product shrank 9.5% in the second quarter from the first, a drop that equals an annualized pace of 32.9%, the Commerce Department’s initial estimate showed on Thursday. That’s the steepest annualized decline in quarterly records dating back to 1947 and compares with analyst estimates for a 34.5% contraction. Personal spending, which makes up about two-thirds of GDP, slumped an annualized 34.6%, also the most on record.
http://www.bloomberg.com/news/articles/2020-07-30/u-s-economy-shrin ks-at-record-32-9-pace-in-second-quarter IP: Logged |
PhoenixRising
Knowflake Posts: 947
From:
Registered: May 2011
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posted October 19, 2020 05:28 PM
Yahoo Finance
How the Trump economy went south
Rick Newman
Rick Newman·Senior Columnist
Mon, October 19, 2020, 3:53 PM EDT
It wasn’t the greatest economy ever, as Trump frequently claims. But before the coronavirus crisis exploded in March, President Trump oversaw a B+ economy that was probably solid enough for him to win reelection.
The Yahoo Finance Trumponomics Report Card now rates the Trump economy a C, a decline of four notches from Trump’s pre-virus standing. The Trumponomics Report Card compares six key data points under Trump—employment, manufacturing employment, exports, earnings, stock values and GDP—to the same metrics under six prior presidents at the same point in their presidencies. On three of those measures, Trump gets the worst marks of any president since Jimmy Carter in the 1970s. But he scores surprisingly well on three other metrics, resulting in his middling C grade. When President Obama was running for reelection in 2012, he had the equivalent of a B- on the economy—good enough for him to win.
http://finance.yahoo.com/news/how-the-trump-economy-went-south-195307562.html IP: Logged | |
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