Breaking: The 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.
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Pfizer profit falls 32% as global trial of COVID-19 vaccine candidate beginsPfizer Inc reported a 32% fall in second-quarter profit on Tuesday due to a dip in demand for some of its drugs from the COVID-19 pandemic and from rising competition, as the company and partner began a global study into a vaccine candidate to fight the health crisis.
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America's economy just had its worst quarter on recordThe US economy contracted by 32.9% between April and June, its worst drop on record, the Bureau of Economic Analysis said Thursday.
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U.S. economy contracted record 32.9% in Q2 amid state shutdowns, COVID-19 contagion fearsU.S. gross domestic product fell at annual rate of 32.9% in second quarter as states shut down nonessential businesses and consumers largely stayed home.
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U.S. second-quarter GDP plunged by a record 32.9%, vs 34.7% expectedU.S. gross domestic product for the second quarter was expected to drop 34.7%, according to economists surveyed by Dow Jones.
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U.S. weekly jobless claims total 1.434 million, vs 1.45 million expectedJobless claims for last week were roughly in line with expectations as the coronavirus pandemic continues to ravage the U.S. economy.
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3 Months Of Hell: U.S. Economy Drops 32.9%, In Worst GDP Report EverNEW: The coronavirus pandemic triggered the sharpest economic contraction in modern American history — as GDP shrank at an annual rate of 32.9% in the second quarter. 'Horrific,' one economist says. 'We've never seen anything quite like it.'
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