America’s Economy Crashes By 32%

us economy crashes 32 july 2020

The United States economy has seen its worst quarter in almost a century by contracting 32.9% in the second quarter on top of 5% in the first quarter. That’s just about in line with estimates of a 40% contraction up to June, the worst of any developed country so far and far worse than Britain’s -25% for the first half. In contrast China has seen growth of 3.2% in the second quarter and a contraction of only 6.8% in the first, with how they performed so much better to contract by only -4% in the first half remaining a very very big mystery. “The decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. Imports, which are a subtraction in the calculation…

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