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The US economy is suffering the biggest setback in 70 years

US GDP

US GDP dipped by 9.5 percent from the first to second quarters, which was marked by the downturn.

The U.S. economy suffered a major setback in the second quarter , when the country was hit by corona outbreaks and a partial shutdown of society.

From the first to the second quarter , the US economy shrank by 9.5 percent measured by GDP , which is an expression of the size of a country’s economy.

It writes the Washington Post. This is the largest decline in the slightly more than 70 years that statistics have been kept on development.

The decline of 9.5 percent is roughly in line with what has been seen in Germany, which in the second quarter had a decline in the economy of 10.1 percent.

– The US economy has thus been knocked down five years ago and in the second quarter experienced the largest economic downturn ever measured, says Søren V. Kristensen, chief economist at Sydbank.

The sharp downturn was mainly created at the beginning of the quarter , when the economy was stagnant in April. From one day to the next, consumption fell by 30-35 percent.

– Since then, we have seen a comeback to consumption in both May and June. The US economy will therefore apparently start growing again as early as the third quarter , he says.

In addition to the figure for GDP , a dismal figure from the US labor market has been published .

1.43 million registered unemployed last week, which is among the highest figures in history, but still lower than at the start of the shutdown.

Source: dr.dk

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