Business
Wiped out: US economy suffers biggest fall on record as pandemic wreaks havoc – Sydney Morning Herald
The US economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending.
Gross domestic product collapsed at a 32.9 per cent annualised rate last quarter, the deepest decline in output since the government started keeping records in 1947. The drop in GDP was more than triple the previous all-time decline of 10 per cent in the second quarter of 1958. The economy contracted at a 5 per cent pace in the first quarter. It fell into recession in February.
Economists polled by Reuters had forecast GDP slumping at a 34.1 per cent rate in the April-June quarter.
On a year-o…
-
General19 hours agoBHP cops $5b value hit on talk of China trade blockade
-
General21 hours agoTotal fire bans in place for large parts of Queensland amid hot, dry conditions
-
Noosa News23 hours agoAre more carpool lanes the answer to Brisbane’s congestion?
-
Noosa News22 hours agoPappa Flock Mt Gravatt $10000 Grand Opening