FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla. Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year.
WASHINGTON — The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The contraction last quarter was driven by a deep pullback in consumer spending, which accounts for about 70% of economic activity. Spending by consumers collapsed at a 34% annual rate as travel all but froze and shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close.
The job market, the most important pillar of the economy, has been severely damaged. Tens of millions of jobs vanished in the recession. More than 1 million laid-off people have applied for unemployment benefits for 18 straight weeks. So far, about one-third of the lost jobs have been recovered, but the resurgent virus will likely slow further gains in the job market.
Source: Financial Digest (financialdigest.net)
Trump's Monumental Failure during a Crisis! TrumpIsACompleteFailure
Wow, shocker. 🙄
Fake news it's averaged over 12 months
This is the TrumpRecession. Caused by failed economic policy and the TrumpVirus.
JedediahBila And libs like your are cheering
We will never forgive “small man” realDonaldTrump for ruining our country.
They will change that when folks stop spending.
Why is it so hard to be truthful? 32.9 % is the projected total over 12 months (annual rate) not the 2 quarter ’s which is a decrease of 3.4 % 180 billion,though bad not this out rite lie your irresponsible garbage “news” is reporting. Shameful to say the least!
PROBLEM: The economy is shrinking & workers are being laid off, because we are keeping BUSINESSES CLOSED. SOLUTION: Re-open businesses & bring workers back to work. That WILL RESTART THE ECONOMY even if Nancy Pelosi and her Democrat cronies don't want to do it.
“sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter” It’s even in your article but you tweet something else.
Annualized rate, AP. You guys suck at your job or is this intentional? Correct it.
Over 150,000 dead and dying..... on trump’s watch.
And the Dems caused it all , with there counter parts the Chinese there Communist budy
JedediahBila What industry was the largest contributor? Its based on an annual rate not Quarterly.
Is America great again yet?
How is all that “winning” working out for the MAGA freaks?
The virus didn’t “shutter” businesses. People like gavin newsome, de blasio, ted wheeler, and jenny durkin “shuttered” businesses factsmatter
Hey, blame the media, Fsuci, Birx and CDC
Trump was right im so tired of winning.
If US GDP falls by a record 32.9% in Q2, but why Down Jones shares S & P500 shares, Nasdaq shares rise False news from and brings fear to people and influences for presidential election
The virus did not shutter business, democrat politicians did....... Think about that in November🤔🤔🤔🤔🤔🤔🤔🤔
You call that “news” AP?
TrumpFailedAmerica
If this bull 💩had happened on Obama’s watch, he would already be hangin by his neck from a rope! 🤬🤬🤬 🤬🤬
I'm exhausted from winning so much
Thanks AP
I see that no one at the AP understands what 'annualized' means.
Just the headline Gretchen Whitmer wanted.
No, actually it fell by 9.5%. Annualized rate would be close to 32.9% if it did that each Quarter, which it won’t. Let’s make it sound as bad as possible, because you know why!
Eternal reminder: The rest of the civilized world is eons ahead of us in recovering. It didn’t have to be this bad.
Governments shuttered businesses, not the virus.
All of these 'Dems are cheering' posts are projection- because Republicans are incapable of fathoming someone putting country before party, and you know they'd celebrate if a Dem tanked the economy because they think it'd help them win an election. Sad!
But the stock market went up didn't it? (This is where Trump's equating single-day stock market gains with 'the economy' unravels.)
I’m sick of all this winning for sure
JedediahBila Are you stupid ? Yes you are....if you annualized it over a year it would be that...it was - 9.5% for the qtr....WAKE UP !!
This is incorrect it shrunk by 9%. They are saying if it stays this way it will be a lot over the period of a year.
JedediahBila Uz don’t like to report when the economy is doing really good but just enthusiastic of reporting when it goes bad. EnemyOfThePeople
cdrsalamander “Virus shuttered”
As Trump’s virus....
Surprise! Lockdowns will do that.
The Democrat governors are doing their best to destroy small business and salt the earth after. Its sad. These moronic lockdowns need to stop. This virus has a 99.97% survival rate. There is no reason to destroy the economy - unless the goal is to blame it on Trump.
JedediahBila No it didn’t
Yet Trump keeps making the claim that the US economy is doing great because the stock markets are high. It’s well known that the stock markets are not an accurate representation of the economy, apparently Trump is the exception.
Thank you, Donald!
Yet the stock market is going strong. It's almost like it's been artificially inflated for a few to make a lot of money very quickly.
JedediahBila The GDP fell by 9.5% in the second quarter the annual rate is 33%. This is another example of fake news twisting the numbers
Now will people finally stop saying Trump and the GOP are better for the economy? Lemme guess: If we just cut taxes for rich people and corporations, we can 'open back up'.
JedediahBila That’s an annualized rate. Not a quarterly rate. AP=“Approaching Progressive” talking points.
realDonaldTrump WORST EVER! That's all you bro!! 🙌🏼👎🏼
realDonaldTrump GOP
MAGA!
Thanks China
It's not the virus' damage; it's the lawmakers' damage. This did not have to be a debacle. They made it one.
33 you say?
Wake up GOP!
ThankstRump ThanksGOP
Liberals right now....
At this rate another four years of trump will end America! We would be at the point of no return.
Well no shit. This is what happens when the government forces businesses to close due to public safety.
tRump supporters are you better off today than you were 4 years ago? Do u desperately need the extra $600 unemployment benefit? If you were living in a single wide 4 years ago and you're still living there is America great for you yet?
TrumpEconomy
Holy Cow
realDonaldTrump any gains you talk about moving forward have to be netted against these loses.
TrumpVirus
And yet the stock market hasn't crashed? Lol what a joke America is. A whole scam
“The rise in unemployment in the US from January until April – 11.1 percentage points – is larger than that of any other OECD country considered here.”
So much winning...
real_Stephanie why is everything 33 in the news recently?
The jobs president* - - - - - - - *for grave diggers
VinceCoglianese The virus did not shutter anything; the government forced the economy to close at gun point.
realDonaldTrump Handed a good economy and he F’s it up like a casino. TrumpVirus
Winning is killing America realDonaldTrump . Resign Trumpandemic has killed over 150,000 innocent Americans and further strangles the economy retracting 33%, bankrupting farmers and shuttering businesses across the nation. ProjectLincoln
I finally get it. GOP is trying to crash the economy to attempt another wealth-grab. Look how much money they made this spring.
This is a result of poor leadership. Jobless claims increasing again. all y'all had to do was wear a mask but noooooooooooooooooooooooooooooooooooo
As the 'NWO/Fauci/Gates Manufactured Pandemic Hysteria Shut Down the Global Economy.' Is the more appropriate headline.
We were expecting this
This is what happens when you sit at home and wait for the government to send you a check
That sound you hear is Democrats rejoicing......
Elect a clown, expect a circus
Trump will deflect and call it fake news.
And these idiots want to cut the unemployment benefits. It would have been much worse without it.
But the market keeps hitting operatic highs and the rich are profiting at obscenely historic levels off this economically preventable consolidation of wealth, so we don’t need to talk about anything other than bootstraps for the peasents and helots.
Stop blaming the phantom HOAX virus... This is a Fed coup, nothing more.
So much winning I can’t take anymore! What do I have to lose?!! Just stop “Making America Great Again!”
The media gleefully reports it because they hate Trump which means they hate you
Jesus H. Christ on a surfboard, just say 'closed.' No one on earth says 'shuttered.'
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.
“Breaking” ? who in the hell didn’t expect this
The Greatest Ever Trump Economy is shrinking at an unprecedented rate. Soon we will reverse past China.
Democrats’ plan worked to destroy the economy.
realDonaldTrump yeehaw, this is going to be awesome for your poll numbers!
No one should be surprised. The system was fragile before our most recent crisis and now we are seeing how far things can go before they break. Social, health, economic, and political forces, have lead us here. The question is where do we go?
Terrible! I hope that every small business person, investor and average worker remembers that this was caused largely and simply because early on POTUS /realDonaldTrump and his denier enablers in the GOP are the cause of this! Attn: TexasGOP
Thanks to the Democrats on insisting we shut down the economy. Flattening the curve did nothing but flatten the economy.
I’m really tired of all the winning POTUS.
Not surprised. Look at the incompetent leadership steering this ship called American Through The Pandemic
oh it was just the vitus that is a damn lie there was businesses that was closed due to the riots so add that in stop trying to lie report the real news or just stop reporting
You mean government.... The government shuttered businesses.
Well yes, that’s what happens when you shut down the economy and force people to stay home
That’s what mandatory shutdowns do, but we are mostly over it, Q3 and Q4 will have a great recovery !!
Media got what it want out of its Fear Porn it seems.....
And yet Trump and his cult will aimlessly blame democrats for no reason
What about this is breaking
tired of winning
Yea no shit. Unlike corona, the stock market is a hoax.
trumpvirus
poll Should we be concerned?
If only our President could understand that we have to control the virus to save the economy. Why is this so hard to get?
Trump destroyed the economy and killed 150,000 Americans and counting
Still its almost double Obams record high at 19 k on the dow. Even with Democrats intentionally sabotaging cities and state Trumps Dow is 26k lol
The virus didn’t do that government did it.
Are we great again yet?
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