WASHINGTON: US data reports Thursday are set to confirm the coronavirus pandemic caused a historic plunge in GDP as well as a worryingly high number o...
US data reports Thursday are set to confirm the coronavirus pandemic caused a historic plunge in GDP as well as a worryingly high number of new unemployment filings.
Despite a promising rebound in June, July has seen a resurgence of cases across the country with several new one-day records, causing some states to roll back the reopening measures that benefitted sectors like retail and travel. The aid for businesses and the supplementary unemployment benefits for individuals, which expires Friday, have been credited with buoying consumer spending and saving jobs.
"Implicit in the dramatic second-quarter decline in GDP is the beginning of recovery, as a huge decline in monthly GDP in April is partially reversed by increases over May and June," Herzon said.Perhaps more worrying is the Labor Department jobless claims data for the week ended July 25 set to be released simultaneously with the GDP estimate on Thursday.
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