Summer time madness – It’s time for a nice refreshing dip!
Oh no, not like this. The U.S. economy just suffered its worst period ever…
- Second-quarter (April to June) GDP plunged at a 32.9% annual rate. The last time we saw a drop close to this was way back in 1921.
We remember it like it was yesterday.
Virus-induced shutdowns. It’s no surprise, but the shutdowns decimated the economy and it’s going to take a while before things get back to normal.
Former Fed official Vincent Reinhard estimated that GDP will not reach its prior peak until 2022, with the labor market following sometime after.
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