US economy plunged an annualized 31.7% in second-quarter
Kansas City Federal Reserve president on whether US economy suffered long-term damage from COVID shutdown
Esther George joins Fox Business Network’s Edward Lawrence to discuss signs of life for the U.S. economy, forecast for GDP growth, significance of employment numbers and how the coronavirus pandemic is reshaping the American workforce.
The U.S. economy shrank at an alarming annual rate of 31.7% during the April-June quarter as it struggled under the weight of the viral pandemic, the government estimated Thursday. It was the sharpest quarterly drop on record.
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The Commerce Department downgraded its earlier estimate of the U.S. gross domestic product last quarter, finding that the devastation was slightly less than the 32.9% annualized contraction it had estimated at the end of July.
WEEKLY JOBLESS CLAIMS TOTALED 1M LAST WEEK, IN-LINE WITH EXPECTATIONS
The previous worst quarterly drop since record-keeping began in 1947 was a 10% annualized loss in 1958.
Last quarter, businesses shuttered and millions of workers lost jobs as the world's largest economy went into lockdown mode in what succeeded only fitfully in limiting the spread of reported viral infections.