GDP Plunges

A very busy morning. First, the Q2 GDP report showed that the U.S. economy contracted by 32.9% last quarter. That’s the steepest drop on record. As bad as it is, it actually beat expectations by a little bit. Q2 GDP is actually lower than what it was for the same quarter five years ago.

Also this morning, initial jobless claims rose to 1.434 million. This was the second-straight weekly increase after 15 declines in a row. It was also the 19th week in a row that jobless claims topped one million.

The S&P 500 is down about 1% in early trading.

Posted by on July 30th, 2020 at 9:42 am


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