U.S. G.D.P. Fell 9.5 Percent: Live Updates
The latest on stock market and business news during the coronavirus outbreak.
U.S. economic output fell 9.5% in the second quarter, by far the largest drop in the 70+ years of data. For context: Economic output fell 4% during the entirety of the Great Recession -- and took 18 months to get there.
Trump is trying to distract us with the insinuation of delaying the election. He wants us to look away from today's news. That news being: "The U.S. economy’s contraction in the second quarter was the worst on record." THE. WORST. ON. RECORD.
Trump's delay election tweet is meant to distract from this image. Don't let it.
The New York Times
There are only 2 possible comparisons in modern American history for how sharply U.S. economic output fell last spring: the Great Depression and the demobilization after World War II, both of which occurred before the advent of modern economic statistics
The US economy cratered in the second quarter, falling at an annualized rate of 32.9 percent, a collapse that was unprecedented in its speed and breathtaking in its severity.
The US economy tanked and we're all talking about Trump tweeting we should postpone the election instead of this historic contraction due to incompetent leadership. Roy Cohn taught him well.
Amazon sales were up 40% and its profit doubled (!) to $5.2 billion, blowing away Wall Street expectations in a way that makes you wonder whether Wall Street knows what it's talking about. Here's
Yashar Ali 🐘
Facebook’s revenue for the second quarter rose 11 percent from a year earlier to $18.7 billion, while profit jumped 98 percent to $5.2 billion. The results were well above analysts’ estimates of $17.3 billion in revenue with a profit of $3.9 billion.
Facebook surely is hurting given the ad boycotts, right? Nah. Profits nearly doubled to $5.2 billion.
Europe usually reports quarterly GDP growth rates as "% per quarter." U.S. usually reports quarterly GDP growth rates as "% per year." U.S. down 9.5%, Eurozone down 12.1%: A lot of noise, all data are flawed. US:
This is what our economy looks like right now, and the only solutions Republicans can come up with this idea that making more people homeless will help.
Facebook spent Wednesday getting hammered by congress, and Thursday blowing its financial earnings out of the water.
"The collapse was unprecedented in its speed and breathtaking in its severity."
U.S. G.D.P. Fell 9.5 Percent--the biggest percentage decrease on record
in other news, profits doubled today
Mike Dudas 🇺🇸
"Gross domestic product (GDP) — the broadest measure of goods and services produced — fell 9.5% in Q2 2020"