U.S. Experienced Worst On-Record Economic Drop Last Quarter
Yesterday the Bureau of Economic Analysis reported the U.S. experienced its worst economic quarter drop on record. The economy contracted at a 32.9% annual rate from April through June. April saw more than 12 million jobs lost as a result of the pandemic, the most since record-keeping began over 80 years ago. It sent our country into its first recession in 11 years, wiping out five years of growth and ending the longest economic expansion in U.S. history. And with this most recent resurgence of the coronavirus, things aren’t predicted to turn around anytime soon. Fortunately, it’s not all bad news. Next week’s July jobs report is expected to show another 2.3 million jobs added. Companies such as Apple, Amazon, and Facebook also experienced a lot of growth as a result of people flocking to social media in wake of social distancing and quarantine. Companies such as Kraft Heinz’s also saw an increase in sales as more people cook at home.