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ECONOMY DECIMATED IN Q2

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Oof...

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The U.S. economy contracted at a record 32.9% annual rate last quarter and weekly jobless claims rose to 1.43 million, amid signs of a slowing recovery.

Economists surveyed by The Wall Street Journal project second-quarter U.S. gross domestic product—the broadest measure of goods and services produced across the economy—fell at a seasonally adjusted annual rate of 34.7% from April through June, a period when states imposed lockdowns across the country to slow the virus and then lifted restrictions.

The annualized rate overstates the severity of the drop in output because it assumes the quarterly pace continues for a year, something forecasters don’t expect to happen. The Commerce Department on Thursday will release its initial GDP estimate for the quarter ended June 30.

Separately on Thursday, the Labor Department will release the latest tally of weekly unemployment claims. Filings for weekly unemployment benefits, which have remained at historically high levels since the pandemic hit in the U.S. in March, rose for the first time in nearly four months in the week ended July 18, and economists project another increase in the week ended July 25. The number of people receiving benefits was 16.2 million in mid-July.

While the economy is expected to grow in the third quarter, a surge in virus infections that started in mid-June appears to be slowing the recovery in some states, according to some private-sector real-time data.

Recent high-frequency data show “that the pace of the recovery looks like it has slowed since the cases began that spike in June,” Federal Reserve Chairman Jerome Powell said Wednesday, noting a drop in debit and credit-card spending, flattening hotel occupancy rates and fewer restaurant and salon visits.

https://www.wsj.com/articles/us-economy-gdp-report-second-quarter-coronavirus-11596061406

edit: title changed per @happycamper's request. 

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It is all make believe...  It will soon disappear like magic...  Maybe injest some clorox and it will go away... maybe shine some light into the lungs and it will go away... i know more then anybody in the world... you will see... i alone can fix the problem...

blah blah blah said the big orange turd

See the source image

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47 minutes ago, Nevada6077 said:

It is all make believe...  It will soon disappear like magic...  Maybe injest some clorox and it will go away... maybe shine some light into the lungs and it will go away... i know more then anybody in the world... you will see... i alone can fix the problem...

blah blah blah said the big orange turd

 

trying to hijack the thread here?  

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Why is the story the annualized rate? Why would a journalist report it and then immediately say:

The annualized rate overstates the severity of the drop in output because it assumes the quarterly pace continues for a year, something forecasters don’t expect to happen. The Commerce Department on Thursday will release its initial GDP estimate for the quarter ended June 30.

Does anybody feel more informed here?

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2 minutes ago, thelawlorfaithful said:

Why is the story the annualized rate? Why would a journalist report it and then immediately say:

The annualized rate overstates the severity of the drop in output because it assumes the quarterly pace continues for a year, something forecasters don’t expect to happen. The Commerce Department on Thursday will release its initial GDP estimate for the quarter ended June 30.

Does anybody feel more informed here?

Big headlines and it looks scary. 

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2 minutes ago, thelawlorfaithful said:

Why is the story the annualized rate? Why would a journalist report it and then immediately say:

The annualized rate overstates the severity of the drop in output because it assumes the quarterly pace continues for a year, something forecasters don’t expect to happen. The Commerce Department on Thursday will release its initial GDP estimate for the quarter ended June 30.

Does anybody feel more informed here?

They're always reported at an annualized rate

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13 minutes ago, thelawlorfaithful said:

Indeed, you’re right. I now feel more informed.

"ECONOMY DECIMATED IN SPRING QUARTER" would be fantastic as well as a rare nearly correct use of "decimated"

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Just now, happycamper said:

"ECONOMY DECIMATED IN SPRING QUARTER" would be fantastic as well as a rare nearly correct use of "decimated"

Did they kill every tenth private business? It would be nice if people used "notorious" appropriately too.

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Just now, NMpackalum said:

Did they kill every tenth private business?

Nearly every tenth part of the value of goods and services generated, anyway

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2 minutes ago, halfmanhalfbronco said:

BUY THE BOOK!

Damn it man, I read when doing yard work or traveling alone. There’s not a lot of extra time to sit and read about how they shouldn’t have killed Caesar but they couldn’t not kill him either.

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2 minutes ago, thelawlorfaithful said:

Damn it man, I read when doing yard work or traveling alone. There’s not a lot of extra time to sit and read about how they shouldn’t have killed Caesar but they couldn’t not kill him either.

He says while MWCboarding...

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