US economy shrinks 9.5% (32.9% annual rate), biggest decline since 1940s

US economy shrinks 9.5% (32.9% annual rate), biggest decline since 1940s

Preliminary figures released by the US Commerce Department reveal that the US economy contracted 9.5%, an annualized rate of 32.9% in the second quarter, somewhat less bad a forecasted 34.1% decline. The figure is the worst ever since records have been maintained in the 1940s. Personal consumption, which accounts for nearly two-thirds of all activity in the US, subtracted 25% from the Q2 total.

Fareem
Fareem
random Rage
random Rage 2 weeks

70% of the economy is consumer spending. Get money in people's hands to keep demand up so we can get out of this thing asap.

8 2
8 2 2 weeks

The US GDP was $21.43 Trillion/year a 32.9% drop is more than $7 Trillion. Imagine if we spent 33% of the US economy into saving lives through treating depression, drug rehab, medical treatment and research. The deaths from COVID would pale in comparison, but it’s not about saving lives is it!

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