US Sees Worst-Ever Contraction for Second-Quarter GDP

By Published on July 30, 2020

The United States gross domestic product (GDP) fell 32.9% in the second quarter of 2020, the Department of Commerce reported, marking the largest decline the country has ever seen, according to CNBC.

In addition to the record drop in GDP, The Department of Labor reported Thursday that over 1.43 million Americans filed initial claims for unemployment last week, marking a swift economic contraction as coronavirus cases continue to rise across the country.

The report also comes as the $600-per-week unemployment benefits are set to expire on July 31, risking the financial security of millions of Americans.

Despite the deadline fast approaching, bipartisan talks have been largely unproductive and have stalled in recent days, Bloomberg reported.

Please Support The Stream: Equipping Christians to Think Clearly About the Political, Economic and Moral Issues of Our Day.

“We are still very far apart on a lot of issues,” Treasury Secretary Steven Mnuchin told reporters Wednesday as he left a meeting with Speaker Nancy Pelosi, according to Bloomberg. 

The report comes as the rise in coronavirus cases increases the likelihood that some states may temporary close businesses once again, further contributing to the economic decline. Several states in the Southern and Western U.S. have consistently reported over 10,000 new cases daily, and on Wednesday it was confirmed that over 150,000 Americans have died from the virus, according to a Johns Hopkins University database.

The rising case count also threatens the reopening of schools across the country. While some schools are set to return to in-person classes tomorrow, some of the largest districts in the country have announced that they will begin the academic year online in order to prevent the virus’ spread.

 

Copyright 2020 The Daily Caller News Foundation

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

Print Friendly, PDF & Email
Comments ()
The Stream encourages comments, whether in agreement with the article or not. However, comments that violate our commenting rules or terms of use will be removed. Any commenter who repeatedly violates these rules and terms of use will be blocked from commenting. Comments on The Stream are hosted by Disqus, with logins available through Disqus, Facebook, Twitter or G+ accounts. You must log in to comment. Please flag any comments you see breaking the rules. More detail is available here.
Inspiration
‘Where Can I Flee From Your Presence?’
The Stream
More from The Stream
Connect with Us