Worst drop EVER: US economy plunges over 31% in second quarter

[Nasr]

Worst drop EVER: US economy plunges over 31% in second quarter

US gross domestic product (GDP) fell by a 31.4 percent annualized rate last quarter, marking the steepest drop in output since the government started keeping records in 1947, the Commerce Department said on Wednesday.

The previous worst quarterly drop was observed in the first three months of 1958, when GDP fell 10 percent on an annualized basis.

The new data reflects a slightly upward revision, with output previously reported to have contracted at a 31.7 percent pace during the period.

“The decline in second quarter GDP reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses,” said the Bureau of Economic Analysis.

“This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending,” it added.

The US economy fell at a five percent rate in the first quarter, signaling an end to a nearly 11-year-long economic expansion, which was the longest in the nation’s history.

Economists expect growth to slow significantly in the final three months of this year, to a rate of around four percent. The economy could plunge back into a recession if Congress fails to pass another stimulus measure, or if there is a resurgence of the coronavirus, they say.

Worst drop EVER: US economy plunges over 31% in second quarter

Worst drop EVER: US economy plunges over 31% in second quarter

www.rt.com

 

[Nasr]

To add to that, america's current military budget has swollen to $1.4 trillion. With a 31% drop in america's GDP, the highest in recorded history. It is only a matter of time when america will go to war, in order to avert total economic collapse. Germany did that in 1937, america is doing it since the end of the Cold War, in 1990. The total economic collapse of america is not a matter of "if", rather it's a matter of "when."

 

[Elvin]

If the US economy collapses you can kiss Europe goodbye too, and that means the Middles East and China would go down too because Oil exports from the middle east would fall, no foreign tourists and investors anymore and China is an export oriented economy so if the US and EU go down, China would too.

 

[gulli]

What happens to CHinese debt than??

 

[Pakistan Space Agency]

Where does it say in the article, "Impending economic collapse of america, well on its way"?

 

[gulli]

Where does it say in the article, "Impending economic collapse of america, well on its way"?

Hum khud to upar utth na sake, dusro ke girne par he jashn banalee

 

[gulli]

Where does it say in the article, "Impending economic collapse of america, well on its way"?

Its a problem with both India and Pakistan, we need to celebrate in others downfall.

 

[HaMoTZeMaS]

Worst drop EVER: US economy plunges over 31% in second quarter

US gross domestic product (GDP) fell by a 31.4 percent annualized rate last quarter, marking the steepest drop in output since the government started keeping records in 1947, the Commerce Department said on Wednesday.

The previous worst quarterly drop was observed in the first three months of 1958, when GDP fell 10 percent on an annualized basis.

The new data reflects a slightly upward revision, with output previously reported to have contracted at a 31.7 percent pace during the period.

“The decline in second quarter GDP reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses,” said the Bureau of Economic Analysis.

“This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending,” it added.

The US economy fell at a five percent rate in the first quarter, signaling an end to a nearly 11-year-long economic expansion, which was the longest in the nation’s history.

Economists expect growth to slow significantly in the final three months of this year, to a rate of around four percent. The economy could plunge back into a recession if Congress fails to pass another stimulus measure, or if there is a resurgence of the coronavirus, they say.

Worst drop EVER: US economy plunges over 31% in second quarter

Worst drop EVER: US economy plunges over 31% in second quarter

www.rt.com

I think most of their tengible production units are working just like before Except the **** ones .. thats what reflected up in their?

 

[IsThisNameAvailable]

The only source of happiness for "those who have never reached and can never reach the top" is "hoping & waiting for the downfall of those who have reached the top".

Unsurprisingly, these same people can do a "comparison of Manalgayaan with a camera" perhaps because they "cannot make even a camera forget about Mars orbiter"?

 

[T90TankGuy]

This has been probably the second most repeated topic on PDF for the past ten years, the first being India will break up. There was a time when people here actually started threads on the date of the collapse of the dollar.
Highly entertaining one must say .

 

[dbc]

To add to that, america's current military budget has swollen to $1.4 trillion. With a 31% drop in america's GDP, the highest in recorded history. It is only a matter of time when america will go to war, in order to avert total economic collapse. Germany did that in 1937, america is doing it since the end of the Cold War, in 1990. The total economic collapse of america is not a matter of "if", rather it's a matter of "when."

Yes I vote for Pakistan as the next hyperpower after US collapse. Please don't forget to pay outrageous sums to China for your electricity. You will need it to socialize your amazing insights.

 

[jamal18]

Guys, get your figures right!

I am a firm believer in the expected collapse of the US economy, but the current figures are due to the measures taken to fight the virus. They are nothing to do with the underlying strength or weakness of the US economy.

 

[CrazyZ]

RT is a biased source. Dollar may lose its reserve status causing some hardships but USA economy will not collapse. Not much to discuss here.

 

[CrazyZ]

To add to that, america's current military budget has swollen to $1.4 trillion. With a 31% drop in america's GDP, the highest in recorded history. It is only a matter of time when america will go to war, in order to avert total economic collapse. Germany did that in 1937, america is doing it since the end of the Cold War, in 1990. The total economic collapse of america is not a matter of "if", rather it's a matter of "when."

USA is a large mostly self sufficient country. If their is a major global economic crisis, smaller and developing countries countries be impacted first and more severely. This is not something we should be looking forward to. USA will shrug it off better than most nations.

 

[My-Analogous]

If the US economy collapses you can kiss Europe goodbye too, and that means the Middles East and China would go down too because Oil exports from the middle east would fall, no foreign tourists and investors anymore and China is an export oriented economy so if the US and EU go down, China would too.

US is no longer imports oil from ME and impact will be almost zero

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov