After a record plunge from April to June, the US economy is set to bounce back, but not all the way
- US gross domestic product (GDP) fell at a record 33% annualized rate in the second quarter, meaning the
coronaviruspandemic has officially led to the worst GDP slump on record.
- Morgan Stanley predicts back-to-back records, with the third quarter likely to show the largest sequential GDP increase in American history — but it won't back all the way.
- Bank of America also found economic activity spiking again as lockdowns lifted in May and June, and a slight jobs comeback even continuing into July.
The coronavirus pandemic led to the largest GDP plunge in American history, the Commerce Department said on Thursday, citing preliminary data.
US gross domestic product fell at a record 33% annualized rate in the second quarter, meaning the
The second quarter's drastic drop-off can be attributed to months of pandemic-related shutdowns. March and April saw mass layoffs and completely decimated economic activity. But as lockdowns lifted in May and June — even as coronavirus cases continue to surge — economic activity spiked again.A note from Bank of America said July should continue to see jobs growth, predicting about 1 million jobs will be added on net after June's record 4.8 million increase. Real-time data sources from the Bureau of Labor Statistics and Google mobility trends indicate slowing momentum due to the emergence of new virus hotspots, the bank said.
Bank of America also cautioned there was a "large error band around this forecast" and said it sees the
- Central Vista project: 3 firms qualify for submission of financial bid for new Parliament building
- Death toll in Idduki landslide rises to 52 —floods worsen in Assam and Bihar
- Violence in Bengaluru over a 'derogatory' social media post kills atleast 2
- Sanjay Dutt diagnosed with lung cancer
- Red bricks don’t just make walls, they can now power your house too