U.S. is about to unveil ugliest GDP report ever recorded

Bloomberg/Reade Pickert/7-29-2020

graphic image of investor holding gold bar with three bears in the background“The U.S. economy ground to a halt for almost the entirety of April. Now the world is about to find out the depth of that contraction. Data due Thursday are forecast to show U.S. gross domestic product plummeted an annualized 34.8% in the second quarter, the most in records dating back to the 1940s, after the spread of Covid-19 prompted Americans to stay home and states to order widespread lockdown.”

USAGOLD note:  The GDP report is scheduled for release at 12:30 pm EDT.  One can only hope that any future recovery will be as dramatic as the projected almost 35% fall.

Graphic image courtesy of Visual Capitalist

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