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.
Read more ....
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
What a huge blow to world governments as they stand.
ReplyDeleteThe people have been led off the cliff.
Democrats, the Media, Gilead (they are about to see a good year) and liberals are leading us off the cliff.
ReplyDeleteIs Gilead ripping us off with a COVID-19 treatment topping $3,000?
Meanwhile HCQ is a generic drug that is available in many countries OTC. Drug companies hate HCQ. They do not want this crisis go to waste.
The virus is much smaller than the pores of most masks. especially home made ones.
The pore size of masks ranged from 80 to 500 μm, which was much bigger than the size of the virus or sneeze droplets containing virus.
Published data have suggested that sneezing may produce as many as 40 000 droplets between 0.5–12 μm in diameter (Cole & Cook, 1998; Tang et al., 2006)
WE ARE BEING LED OVER THE CLIFF.
ReplyDeleteMore Leftist Big Tech Crap: One of Siri’s Definitions for “Demon” is “Police Officer”
Siri’s Definitions for “Demon” is “Police Officer”
"What is clear is that the US has more recorded coronavirus deaths than any nation in the world. Part of that can be blamed on liberal governors sending COVID-19 patients to nursing homes. Thousands more were refused hydroxychloroquine.
ReplyDeleteBut it is clear that Dr. Fauci, the tech giants, and the liberal media are to blame for THOUSANDS of coronavirus deaths."
WNU is incorrect.
ReplyDeleteThe 32.9% decline is an "ANNUALIZED" drop, if the economy keeps going like is did in the 2nd QTR.
Once again American media with no help from Putin or Pravda is engaged in misdirection and out right lying.
I blame Obama
ReplyDelete12:38 PM
ReplyDeleteYou are correct. The 33% drop is on an annualized basis. Witch essentially means that its an average as if this were a permanent trend and not a blip - which almost all economists agree that this is a blip. The translation is bad, but not as bad as it looks. The real quarterly drop could be more accurately calculated by dividing the annualized number by four. Giving a real time figure closer to >8%.
But Dems and MSM won't let Econ 101 interfere in their gleeful coverage of this "disastrous drop".
I blame parrots and the woke.
ReplyDeleteIts the economy, stupid
ReplyDelete2:57,
ReplyDeleteVery glib and very little though on your part. You must feel very pleased with your wittiness.
Tell me what other country has shut down it economy for 6 months and gotten good results?
The shutdown is a Democrat wet dream.
They say "Follow the science" except, when it is inconvenient to them. Such as when a doctors held a press conference about the effectiveness of HCQ. Then the Democrats embargoed the information.
Cuz rich Democrats would rather people pay $3,000 for treatment rather then $20. How else to herd people and keep them under your thumb?
anon:
ReplyDeletewhy post horseshit comment?
anon 4:25,
ReplyDeleteI agree why do you post your horseshit comments?
anon 4:25,
ReplyDeleteI agree why do you post your horseshit comments?