- Analytics
- News and Tools
- Market News
- U.S. economy contracts less than initially thought in Q2
U.S. economy contracts less than initially thought in Q2
A report from
the Commerce Department showed on Wednesday that the U.S. economy contracted
less than initially thought in the second quarter of 2020, as personal
consumption expenditures (PCE) were revised upwardly, while exports and nonresidential
fixed investment saw a downward revision.
According to
the third estimate, the U.S. gross domestic product (GDP) plunged at an annual
rate of 31.4 percent q-o-q in the second quarter, better than a 31.7 percent q-o-q tumble reported
in the second estimate. Still, it remained the biggest contraction ever.
Economists had
expected the contraction rate to be unrevised at 31.7 percent q-o-q.
In the first,
the economy shrank 5.0 percent q-o-q.
The decrease in
real GDP reflected declines in PCE, exports, nonresidential fixed investment,
private inventory investment, residential fixed investment, and state and local
government spending, which were partly offset by an increase in federal
government spending. Meanwhile, imports, which are a subtraction in the
calculation of GDP, fell.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
