NEWS

U.S. Economy Wobbles

The U.S. economy experienced a 32.9% downward slide in its annual rate for the second quarter as the country begins to see severe cutbacks in spending due to the COVID-19 pandemic.

This decline is the deepest since the government began keeping records in 1947 and three times more severe than the prior record of 10% set in 1958.

Reduced spending on services such as healthcare drove the fall.

Economists have said they expected to see the sharpest drop in the second quarter but anticipate a degree of recovery thereafter.

The coronavirus, however, has continued to keep the lid on economic activities in many different states.

The U.S. has seen a resurgence of coronavirus infections, and on Friday, the number of cases surpassed 4.5 million, according to data from Johns Hopkins University.

More than 152,870 people have already died from the disease in the U.S.

Meanwhile, the U.S. Centers for Disease Control and Prevention, in its published ensemble forecast, projected 173,270 coronavirus deaths in the U.S. by August 22, with a range between 167,692 to 182,366 deaths.

Marcia Wright, Readers Bureau, Contributor

Edited by Jesus Chan

Do you want to add feedback to this story?

Please add a comment in the e-mail box below or send email to info@thereadersbureau.com

Like our Facebook page https://www.facebook.com/TheReadersBureau