Markets

Dow slides 226 points as record GDP plunge offsets pre-earnings tech rally

US stocks slid on Thursday after economic data showed the US’s biggest gross domestic product contraction on record. The country’s economy shrank at an annualized rate of 33% in the second quarter, the Commerce Department announced Thursday. Economists expected a contraction of roughly 35%. Jobless claims data pointed to lasting […]
Dow slides 226 points as record GDP plunge offsets pre-earnings tech rally
Markets

Dow slides 310 points as US economy posts largest contraction in history

US stocks dropped on Thursday after economic data detailed the US’s biggest gross domestic product contraction on record. The country’s economy shrank at an annualized rate of 33% in the second quarter, the Commerce Department announced Thursday. Economists expected a contraction of roughly 35%. Jobless claims data pointed to lasting […]
Dow slides 310 points as US economy posts largest contraction in history
Markets

Goldman Sachs cuts US GDP estimate, now sees economy shrinking 4.6% in 2020

Goldman Sachs economists lowered their third-quarter US GDP growth forecast to 25% from 33% on Saturday, citing weak consumer services spending and the strong uptick in national coronavirus cases. Reimplementation of strict lockdowns and social distancing practices in states including California, Florida, and Texas are “already having a noticeable impact […]
Goldman Sachs cuts US GDP estimate, now sees economy shrinking 4.6% in 2020
Markets

Treasury Secretary Mnuchin says Boeing’s 737 Max disaster could erase half a point from GDP this year — and economists fear worse

Boeing’s737 Max controversy could slash US gross domestic product by 0.5 percentage points in 2020, Treasury Secretary Steven Mnuchin told Fox News on Sunday. The Trump administration official still expects GDP to grow 2.5% through the year, citing fading global uncertainties and trade-deal breakthroughs. Mnuchin’s GDP projection is rosier than […]
Treasury Secretary Mnuchin says Boeing’s 737 Max disaster could erase half a point from GDP this year — and economists fear worse
Markets

House Democrats want to completely overhaul how the US economy is measured — and it’s part of a bigger effort to tackle inequality

House Democrats are poised to reintroduce a bill updating economic growth is measured. The “Measuring Real Income Growth Act” calls for “broadening the focus beyond GDP” when assessing economic growth. Democratic Senate leader Chuck Schumer plans to reintroduce the bill soon, the New York Times reported Sunday. The senator likened […]
House Democrats want to completely overhaul how the US economy is measured — and it’s part of a bigger effort to tackle inequality
News

Trump boasts the US economy is the best it’s ever been under his watch. Here are 9 charts showing how it compares to the Obama and Bush presidencies.

President Donald Trump has repeatedly pointed to the nation’s steady economic health as the strongest indicator of his success, calling it “terrific” and “the greatest in the history of the country.” But how does his handling of the economy compare to his immediate predecessors, Barack Obama and George W. Bush? […]
Trump boasts the US economy is the best it’s ever been under his watch. Here are 9 charts showing how it compares to the Obama and Bush presidencies.
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