GDP shrinks 32.9 percent in second qtr. amid virus lockdowns

[Tennesseer]

If I recall correctly, trump took all the credit for the rise in the economy. None for how it rose while Obama was president. trump should then get all the blame for the GPD collapsing in the second quarter too.

trump cannot have it only one way.

GDP shrinks 32.9 percent in second quarter amid virus lockdowns

The U.S. economy shrunk at a seasonally adjusted annualized rate of 32.9 percent during the second quarter of 2020 as the first wave of the coronavirus pandemic spurred an economic collapse of record-breaking speed and size, the Commerce Department reported Thursday.

Between April and June, U.S. gross domestic product (GDP) shrunk at a pace that would have wiped out roughly a third of the value of the economy if extended over 12 months, according to the Commerce Department’s advance estimate of second-quarter growth. It is the largest one-quarter plunge in economic growth since the federal government began reporting quarterly GDP data.

“This was the steepest decline since the start of the global financial crisis in 2008, when output shrank by 8.4%,” wrote Agathe Demarais, global forecasting director at The Economist Intelligence Unit in a Wednesday preview of the report. “The scale of the fall in the first quarter will be dwarfed by that in the second.

GDP shrinks 32.9 percent in second quarter amid virus lockdowns