- Jul 2, 2003
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U.S. suffered worst quarterly contraction on record as virus ravages economy
“This is obviously the ugliest quarter we’ve ever seen in our history,” Edward Moya, senior analyst at currency trading firm OANDA, said of the Commerce Department’s initial estimate of second-quarter gross domestic product, which showed the economy contracting 32.9 percent on an annualized basis, the biggest drop in more than seven decades of records.
https://www.politico.com/news/2020/07/29/trump-v-shape-rebound-gone-387425
“A couple of weeks ago there was a lot more optimism that we would see a strong V-shaped recovery,” Moya said. But right now “there is a lot of bad news about how some areas are handling the virus. And every day we don’t have a new stimulus agreement in place is hurting the economy.”
I fear we are looking at inflation and conditions like the 70s. https://www.politico.com/news/2020/07/29/trump-v-shape-rebound-gone-387425
“A couple of weeks ago there was a lot more optimism that we would see a strong V-shaped recovery,” Moya said. But right now “there is a lot of bad news about how some areas are handling the virus. And every day we don’t have a new stimulus agreement in place is hurting the economy.”