homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

July 30, 2020

Economic recovery: Will it be V or W?

  • Today, the government will issue its first of three estimates of economic activity, as measured by the gross domestic product, for the April-June quarter.
  • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year.

    A huge plunge in consumer spending as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32% annual rate in the April-June quarter. That would be more than triple the previous worst quarterly economic fall, a 10% drop set in 1958. Depressed activity in such areas as business investment, home construction and government spending also likely contributed to the worst quarterly contraction on records dating to 1947.


     
    . . .


    To read this story in full login or purchase a subscription.



    
    Email or user name:
    Password:
     
    Forgot password? Click here.