empty
 
 
US Q2 GDP plunges by record 32.9%
12-08-2020 13:35
US Q2 GDP plunges by record 32.9%
US Q2 GDP plunges by record 32.9%

There is a wise saying: "The bigger they are, the harder they fall". Given the enormous size of the US economy, it came as no surprise that it plunged to a record low due to the coronavirus pandemic.

The US economic decline is anticipated to be double-digit. The analysts at Germany's Die Welt expect a record-shattering collapse in the country's gross domestic product. Despite extensive support from the US government, economic output sank considerably in the second quarter as the coronavirus pandemic forced businesses across the United States to close their doors. According to government estimates, the country's economy shrank at a 32.9% annual rate between April and June. The authors of the study state that this is the sharpest quarterly economic contraction in the history of the United States. Against this background, the statement of Federal Reserve Chairman Jerome Powell Powell seems to be more optimistic. He also warned about the biggest drop in GDP on record but left out some shocking details. "The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus," Powell said. "A full recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities," he added.

The only one who firmly believes in the American economy is US President Donald Trump. The American leader hopes for a quick rebound in the world's largest economy in the third quarter of this year. In addition, he wants the economy to be back in full swing as quickly as possible.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.
Widget callback