US GDP contracted 32.9% in Q2; overall GDP at $19.41 trillion

[F-22Raptor]

Real gross domestic product(GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent.

Current‑dollar GDPdecreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3).

https://www.bea.gov/news/2020/gross...arter-2020-advance-estimate-and-annual-update

 

[waz]

Real gross domestic product(GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent.

Current‑dollar GDPdecreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3).

https://www.bea.gov/news/2020/gross...arter-2020-advance-estimate-and-annual-update

US GDP will pick up fast, it's on a V shaped recovery, like our (UK) economy. Only issue is political uncertainty with the election looming.

 

[F-22Raptor]

US GDP will pick up fast, it's on a V shaped recovery, like our (UK) economy. Only issue is political uncertainty with the election looming.

Well this will be by far the worst quarter. Growth will pickup quick over the next year and will recover a lot of those losses.

 

[VCheng]

Well this will be by far the worst quarter. Growth will pickup quick over the next year and will recover a lot of those losses.

"Quarterly GDP numbers are expressed as an annualized rate. This means that the economy didn't actually contract by one-third from the first quarter to the second. The annualized rate measures how much the economy would grow or shrink if conditions were to persist for 12 months.

Not annualized, GDP declined by 9.5% in between April and June, or by $1.8 trillion."

(Yes, the dollar is dead. But the economy will bounce back with vigor, no doubt.)

 

[waz]

Well this will be by far the worst quarter. Growth will pickup quick over the next year and will recover a lot of those losses.

Remember soon we will be in the holiday season, consumer consumption will drive aggregate demand. It's a case of weathering the storm. Wishing you folks the best.

 

[Arulmozhi Varman]

Would be interesting to see how much Indian GDP has contracted.

 

[F-22Raptor]

"Quarterly GDP numbers are expressed as an annualized rate. This means that the economy didn't actually contract by one-third from the first quarter to the second. The annualized rate measures how much the economy would grow or shrink if conditions were to persist for 12 months.

Not annualized, GDP declined by 9.5% in between April and June, or by $1.8 trillion."

(Yes, the dollar is dead. But the economy will bounce back with vigor, no doubt.)

No doubt that figure is a bit deceiving and the US economy will come back strong.

 

[mmr]

US GDP will pick up fast, it's on a V shaped recovery, like our (UK) economy. Only issue is political uncertainty with the election looming.

It will be W shaped. If usa did good job like Germany or Canada in containing the virus it would be v shaped. But that window of opportunity is gone.

 

[FOOLS_NIGHTMARE]

The global economies will rebound, great time to invest in commodities specially GOLD. For savvy investors current share price dips offer a great opportunity in the Long term, provided bought in regular installments. Regarding US, i see a mini bull market after the Presidential elections.

 

[atan651]

Fat chance US economy will recover this year giving the fact that the virus is out of control. It will be a grim Christmas!

 

[aakash_2410]

US GDP will pick up fast, it's on a V shaped recovery, like our (UK) economy. Only issue is political uncertainty with the election looming.

Hopefully. But, the industry that I'm working in won't be back to pre covid levels until the end of 2022. More like an L-shaped recovery Zaki bhai.

 

[SBUS-CXK]

good job! ! ! Comrade Chuan Jianguo!

 

[JustAnotherPerson]

Is really bad timing to have a reality TV showman as president. Like a person once told me "when the times are good even a dog can be a boss but is when the times are bad that you need real leadership.", and now he is planning to cancel the elections let see how he manages to archive that.

 

[leviathan]

US GDP will pick up fast, it's on a V shaped recovery, like our (UK) economy. Only issue is political uncertainty with the election looming.

Are you dreaming? More like L shape to me.
Coronavirus: UK economy 'might not recover until 2024'
https://www.bbc.com/news/business-53552494

 

[waz]

Are you dreaming? More like L shape to me.
Coronavirus: UK economy 'might not recover until 2024'
https://www.bbc.com/news/business-53552494

No were you high when you wrote the above?
What makes you think you accurately predict economic patterns FOUR YEARS IN ADVANCE! Do you realise how many times the 'Item club' has got things wrong.
The PMI came in at 47.6 overall in June and in July the Manufacturing PMI rose to 53.6, up from 50.1, and services PMI rose to 56.6 up from 47.1.
I'm basing my predictions backed up with hard figures.

By the way did you actually even read the article you put up?

Unsurprisingly, without hard data,


Last week, the Bank of England's chief economist Andy Haldane told MPs the UK economy had "clawed back" about half the fall in output it saw during the peak of the coronavirus lockdown in March and April.

There had been a V-shaped "bounceback", he said, referring to the shape that indicates a rapid economic recovery.

Last month, Mr Haldane said the economy was "on track for a quick recovery".