No doubt fudged by six to eight percent, second quarter US Gross Domestic Product shrank by 32.9 percent in the quarter ended June 30, according to the Bureau of Labor Statistics (BLS).
The proximate cause not the novel coronavirus, aka COVID-19, but state governments' ordered lockdowns of businesses, citizenry and government apparatus, making the worst decline in US output wholly a self-infliceted wound.
As predicted by Downtown Magazine, the slowdown was not as severe as expectations of -34.5% by economists surveyed prior to the release.
Additionally, initial unemployment claims rose for the second week in a row, at a seasonally-adjusted 1.4 million for the week ending July 25.
The 1,434,000 claims was an uptick from the revised 1,422,000 the previous week.
Weekly claims have surpassed an unprecedented 1 million every week since March.
So, with all this wonderful news, should we continue wearing masks and keep six feet away from each other, demanding curbside pickup of fast foods, no-touchie, no-feelie schooling and another round of stimus checks from the government?
Sure, keep 'em coming, knuckleheads.
Thursday, July 30, 2020
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