America’s economy just had its worst quarter on record
4 years, 4 months ago

America’s economy just had its worst quarter on record

CNN  

New York CNN Business — The US economy contracted at a 32.9% annual ratefrom April through June, its worst drop on record, the Bureau of Economic Analysis said Thursday. The second-quarter GDP drop was nearly four times worse than during the peak of the financial crisis, when the economy contracted at an annual rate of 8.4% in the fourth quarter of 2008. Between April and June of 1980, the economy contracted at an annual rate of 8% on the heels of rising oil prices and restrictive monetary policy to control inflation. Consumer spending, the biggest driver of the US economy, declined at an annual rate of 34.6% during the second quarter — by far the sharpest decline on record.

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History of this topic

U.S. economic growth increased last quarter to a healthy 2.8% annual rate
4 months, 4 weeks ago

U.S. economic growth increased last quarter to a healthy 2.8% annual rate

LA Times  

Amazon employees in South Gate load packages on carts before putting them on trucks for delivery last week as part of the company’s Prime Day event. The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose …

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up
7 months, 4 weeks ago

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up

Hindustan Times  

The US economy expanded less than projected in the first three months of 2024 as exports and consumer spending declined, confirming the expectations of the financial markets that the Federal Reserve would postpone rate-cutting until September. The first quarter saw the US economy rise by 1.6 percent, according to the government data. The first quarter saw the world's largest economy …

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates
7 months, 4 weeks ago

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

LA Times  

Robots assemble solar panels at the Hanwha Qcells Solar plant in Dalton, Ga., in 2023. On Thursday, the government reported that U.S. economic growth slowed sharply last quarter to a 1.6% annual pace. The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year ago

US economic growth for last quarter is revised up to a 5.2% annual rate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shrugging off higher interest rates, …

US economic growth last quarter is revised up sharply to a 2% annual rate
1 year, 5 months ago

US economic growth last quarter is revised up sharply to a 2% annual rate

Associated Press  

WASHINGTON — Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite …

US revises up last quarter’s economic growth to 2.9% rate
2 years ago

US revises up last quarter’s economic growth to 2.9% rate

Associated Press  

WASHINGTON — Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate. Last quarter’s rise in the U.S. gross domestic product — the economy’s total output of goods and services — followed two straight quarters of contraction. That …

US economy drops at 0.6% annual rate from April through June
2 years, 2 months ago

US economy drops at 0.6% annual rate from April through June

Associated Press  

WASHINGTON — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. But the Fed has raised interest rates five times this year — most recently Sept. 21 — to rein in consumer prices, which were up 8.3% …

US economy shrank from April through June, second time in a row
2 years, 2 months ago

US economy shrank from April through June, second time in a row

Al Jazeera  

The United States economy continues to send mixed signals with some believing it is on the brink of a recession while others point to a stronger than usual jobs market. Battered by surging consumer prices and rising interest rates, the United States economy shrank at a 0.6 percent annual rate from April through June, the government has announced, unchanged from …

Government revision shows economy shrank 0.6% last quarter
2 years, 3 months ago

Government revision shows economy shrank 0.6% last quarter

Associated Press  

WASHINGTON — The U.S. economy shrank at a 0.6% annual rate from April through June, the government said Thursday in an upgrade from its initial estimate. Most economists, though, have said they doubt the economy is in or on the verge of a recession, given that America’s job market remains robust, with strong hiring, low unemployment and widespread openings. In …

US economy shrinks for a 2nd quarter, raising recession fear
2 years, 4 months ago

US economy shrinks for a 2nd quarter, raising recession fear

Associated Press  

WASHINGTON — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. “The fact that the economy created 2.7 million payrolls in the first half of the year would seem to argue against an official recession call for now.” Still, …

US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession
2 years, 4 months ago

US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession

News 18  

The US economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession. But the National Bureau of Economic Research, the official arbiter of recessions in the United States defines a recession as “a significant decline in economic …

US economy slipped 1.6% to start year; return to growth eyed
2 years, 5 months ago

US economy slipped 1.6% to start year; return to growth eyed

Associated Press  

WASHINGTON — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. But on its third and final estimate Wednesday the department said consumer spending — which accounts for about two-thirds of economic output — was substantially weaker …

The US economy shrank in the first quarter
2 years, 7 months ago

The US economy shrank in the first quarter

CNN  

New York CNN Business — America’s economy unexpectedly shrankin the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday. “While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of Covid-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength,” the statement said. …

US economy unexpectedly shrinks in 2022’s first quarter
2 years, 7 months ago

US economy unexpectedly shrinks in 2022’s first quarter

Al Jazeera  

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation. Gross domestic product fell at a 1.4% annualized rate as surging imports and softer inventory growth more than offset …

US economy slowed to a 2% rate last quarter in face of COVID
3 years, 1 month ago

US economy slowed to a 2% rate last quarter in face of COVID

Associated Press  

WASHINGTON — Hampered by rising COVID-19 cases and persistent supply shortages, the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion since the recovery from the pandemic recession began last year. The 2% annual growth last quarter fell below expectations and would have been even weaker if not for an increase …

We're not in recession now? Here's what today's GDP figures mean
3 years, 3 months ago

We're not in recession now? Here's what today's GDP figures mean

ABC  

Today's GDP figures show the economy grew by 0.7 per cent in the June quarter. Economic activity grew by 0.7 per cent in the June quarter, following growth of 1.9 per cent in the March quarter "We should remind ourselves that the Australian economy was booming for a lot of the second quarter and some of the monthly data was …

Government revises fourth quarter GDP up slightly to 4.1%
3 years, 9 months ago

Government revises fourth quarter GDP up slightly to 4.1%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Gross domestic product — the broadest measure of economic …

US economy shrank 3.5% in 2020 after growing 4% last quarter
3 years, 10 months ago

US economy shrank 3.5% in 2020 after growing 4% last quarter

Associated Press  

WASHINGTON — Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years. So even as the economy was sinking last year, investors looked ahead to hopes for vaccines and government aid and to solid company …

US GDP surges 33.1% in Q3, biggest gain on record, says govt
4 years, 1 month ago

US GDP surges 33.1% in Q3, biggest gain on record, says govt

Live Mint  

After the worst downturn on record, the US economy posted the strongest recovery on record as it expanded at a 33.1 percent annual rate in the third quarter, the Commerce Department reported Thursday. That came after a 31.4 percent drop in the April-June period during the worst of the Covid-19 pandemic, and a five percent drop in the first quarter. …

31.4% spring slide for a US economy likely to shrink in 2020
4 years, 2 months ago

31.4% spring slide for a US economy likely to shrink in 2020

Associated Press  

WASHINGTON — The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession. The gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4% …

UK plunges into deepest recession on record, as economy shrinks 20 per cent in second quarter
4 years, 4 months ago

UK plunges into deepest recession on record, as economy shrinks 20 per cent in second quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The economy shrank by 20.4 per cent in the …

UK recession is worst of any major economy
4 years, 4 months ago

UK recession is worst of any major economy

CNN  

London CNN Business — UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without …

U.S. economy shrank at record-breaking 33% rate last quarter
4 years, 4 months ago

U.S. economy shrank at record-breaking 33% rate last quarter

The Hindu  

The U.S. economy shrank at 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7 %, the government said Thursday. Last quarter’s drop followed a 5% fall in the January-March quarter, during which the …

US economy shrinks at record 32.9% pace in second quarter
4 years, 4 months ago

US economy shrinks at record 32.9% pace in second quarter

Live Mint  

The US economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work. Gross domestic product shrank 9.5% in the second quarter from the first, a drop that equals an annualized pace of 32.9%, the Commerce Department’s initial estimate …

US Economy Likely Suffered Historic Plunge in Second Quarter; Outlook Murky as Covid-19 Cases Surge
4 years, 4 months ago

US Economy Likely Suffered Historic Plunge in Second Quarter; Outlook Murky as Covid-19 Cases Surge

News 18  

The US economy likely contracted at its steepest pace since the Great Depression in the second quarter as the COVID-19 pandemic destroyed consumer and business spending, potentially wiping out more than five years of growth. "The bottom fell out of the economy in the second quarter," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in …

Germany’s economy shrank 10% but the unemployment rate barely moved
4 years, 4 months ago

Germany’s economy shrank 10% but the unemployment rate barely moved

CNN  

London CNN Business — Europe’s largest economy suffered its worst slump on record in the second quarter, as the coronavirus pandemic took a heavy toll on exports and consumer spending. Despite the historic collapse in German GDP, the unemployment rate in the world’s fourth biggest economy ticked just a few notches higher — thanks to a short-time workprogram that has …

US economy has worst-ever quarter with epic 32.9% dive in Q2 GDP
4 years, 4 months ago

US economy has worst-ever quarter with epic 32.9% dive in Q2 GDP

Al Jazeera  

Annualised quarterly plunge was driven by coronavirus lockdowns that ground US economic activity to a halt. The US economy plunged a staggering 32.9 percent from April through June on an annualised basis, the Bureau of Economic Analysis reported – by far the worst contraction on record. Before coronavirus lockdowns swept the nation in March, the worst reading on US gross …

3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever
4 years, 4 months ago

3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever

NPR  

3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever Enlarge this image toggle caption Jae C. Hong/AP Jae C. Hong/AP Updated at 9:32 a.m. "As soon as the virus started to take off again in key states like Texas, California, Arizona, Florida, it's fading very rapidly," Behravesh said. Enlarge this image toggle caption Cameron Mitchell Restaurants …

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