WASHINGTON — The U.S. economic system grew at a scorching 33.1% annual price within the July-September quarter — by means of a long way the biggest quarterly acquire on checklist — rebounding from an epic plunge within the spring, when the eruption of the coronavirus closed companies and threw tens of tens of millions out of labor. Yet the restoration from the inner most recession for the reason that Great Depression of the 1930s stays a long way from entire. The Commerce Department’s estimate Thursday of third-quarter enlargement regained best about two-thirds of the output that was once misplaced early this yr when the economic system necessarily iced up as protection orders compelled eating places, bars and lots
Tag: economy
FACT CHECK: Mike Pence presses a distorted case on economic system
WASHINGTON — Vice President Mike Pence and fellow Republicans pressed a distorted case Wednesday that President Donald Trump took over a moribund economic system from Barack Obama and supercharged it. That’s now not what took place. Speakers on the Republican National Convention additionally hailed Trump for safeguarding the medical insurance of folks with preexisting sickness, flipping fact on its head as his management tries to overturn the regulation that promises the ones protections. A have a look at how one of the vital the rhetoric from the conference’s 3rd evening compares with the details: Economy PENCE: “Four years ago we inherited … an economy struggling to break out of the slowest recovery since the Great Depression. … In our first three
US economic system shrank at file 33% price remaining quarter
WASHINGTON — The U.S. economic system shrank at a dizzying 33% annual price within the April-June quarter — by means of a long way the worst quarterly plunge ever — when the viral outbreak close down companies, throwing tens of thousands and thousands out of labor and sending unemployment surging to 14.7%, the federal government stated Thursday. The Commerce Department’s estimate of the second-quarter decline within the gross home product, the whole output of products and services and products, marked the sharpest such drop on information courting to 1947. The earlier worst quarterly contraction, a 10% drop, came about in 1958 all through the Eisenhower management. Last quarter’s drop adopted a 5% fall within the January-March quarter, all through