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"U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: Steve G.
Date: July 30, 2020 10:57AM
also: 'Jobless claims rise for second straight week as economic activity slows down'


U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery
[www.marketwatch.com]

An economy badly battered by the coronavirus shrank at a record 32.9% annual pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history.
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What happened: Consumer spending, the main engine of the economy, contracted by a record 34.6% annualized clip in the spring.
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Big picture: The economy is primed to expand in the third quarter, but the surge in coronavirus cases in many U.S. states has already taken some air out of the recovery. Economists polled by MarketWatch predict GDP will expand at an 18% annual pace from July to September, though estimates are likely to be ratcheted down.
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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: Speedy
Date: July 30, 2020 12:18PM
Once the $600 unemployment stops and the freeloaders go back to work, the GDP will soar.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: Bill in NC
Date: July 30, 2020 12:36PM
Welcome to 1990 employment levels.
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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: p8712
Date: July 30, 2020 01:26PM
A lot of people are saying the ship can’t sink, folks. Very smart people, very big brains. Watertight doors, made of solid gold. The best chocolate cake in first class, and I love the poorly educated down in steerage. We don’t even need lifeboats, so I fired on the lifeboats. The iceberg, the iceberg, is fake Chinese news. The ship, ship made it to New York folks, it’s definitely not on the bottom of the Atlantic. I’m getting some of the best ratings from the passengers that we’ve ever seen. Best economy ever until the manufactured Chinese virus. Law and order! Must delay election!
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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: mrbigstuff
Date: July 30, 2020 01:52PM
Quote
p8712
A lot of people are saying the ship can’t sink, folks. Very smart people, very big brains. Watertight doors, made of solid gold. The best chocolate cake in first class, and I love the poorly educated down in steerage. We don’t even need lifeboats, so I fired on the lifeboats. The iceberg, the iceberg, is fake Chinese news. The ship, ship made it to New York folks, it’s definitely not on the bottom of the Atlantic. I’m getting some of the best ratings from the passengers that we’ve ever seen. Best economy ever until the manufactured Chinese virus. Law and order! Must delay election!

this is good, but Drump can't jump from one topic to another with that kind of alacrity.
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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: $tevie
Date: July 30, 2020 06:26PM
Ah, so that explains the election tweet. I had assumed it was to distract us from the articulate REAL President who was speaking today.



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Re: "U.S. economy suffers titanic 32.9% plunge in 2nd quarter and points to drawn-out recovery"
Posted by: Lemon Drop
Date: July 31, 2020 06:42AM
Quote
$tevie
Ah, so that explains the election tweet. I had assumed it was to distract us from the articulate REAL President who was speaking today.

Both those things - plus more humiliating polls.
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