A historic gap of 32.90 per cent in US GDP in the June quarter

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Washington, Ta. 31 July 2020, Friday

In the April-June quarter, the US economy grew at an annual rate of 2.50%. Demand stalled amid the lockdown had an impact on GDP.

This is the first time since the release of GDP figures in 19 years. According to the US Bureau of Economic Analysis, this is the first time since the 18th GDP fell by 10 per cent. Massive declines were expected in the second quarter, local analysts said. However, recovery is expected later. However, the resurgence of the Corona case in the United States and the ongoing lockdown in many areas have slowed the recovery.

Last week, more than 1.5 million people applied for unemployment benefits, a modest increase from the previous week. Other figures show a cut in spending and a drop in confidence in the US in July.

The US Federal Reserve decided to keep interest rates close to zero at the end of its two-day meeting. The low interest rates will continue until economic recovery is seen, a statement issued after the meeting said.

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