US economy suffer worst quarterly figures due to coronavirus!!

Coronavirus is the single most discussed topic presently across the world, including the United States. The virus created many problems for the human race, ranging from job losses to economic distress. As per the latest reports, the US economy contracted at a historic level i.e., approximately at 33 percent pace in the second quarter of 2020. The crash is mainly due to the lockdown measures, which led to the complete closure of all economic activities and recorded high job losses in America’s history. Millions of Americans registered themselves for unemployment benefits as a result of COVID-19 consequences. With literally every aspect of the country against President Donald Trump, it would be quite interesting to know how the conditions would snap back to normal in the build-up to the general elections in November, where Trump is battling for his reelection.

Responding to the worst crash ever, Edward Moya said - “This is obviously the ugliest quarter we have ever seen in America,” who is the senior analyst at the currency trading firm OANDA. As per the Commerce Department, the initial estimates of second-quarter GDP is the most significant drop in more than seven decades of all the registered records. Moya further added, “A few weeks ago there was a lot of optimism that the country would witness a strong V-shaped recovery. But there is a lot of bad news surrounding the handling of coronavirus in some areas, hurting the economy.” With the shutdown of restaurants, stores, bars, and people entirely confined to their homes, the GDP estimate for personal consumption dropped massively by 34.6 percent. At the same time, the private domestic investment saw a massive 49 percent drop.

It’s not just the gross domestic product, but there is a steady increase in unemployment across the country. As per the latest weekly claims, a new set of 1.4 million lost their jobs last week. This is the first increase in nearly four months, were 6.9 million registered for unemployment benefits in March. The unanswered question is how impactful the re-opening of the economy will be and how it will determine the outcome of the general elections between President Donald Trump and former vice president Joe Biden. If the economy can’t bounce back to its normal stage before November, then Trump’s reelection effort will end up like a dream.

Dr. Dhillon Randeep

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