US GDP collapses to lowest values since accounting began
The US economy shrank at its fastest pace since the Great Depression in the second quarter as the COVID-19 pandemic disrupted consumer and business spending and a nascent recovery threatened with more coronavirus cases.
Futures on U.S. equities, Treasury yields and the dollar were all down early Thursday after the Commerce Department reported that gross domestic product fell 32.9% year-on-year in the last quarter, the deepest fall in production since accounting began in 1947
US President Donald Trump raised the issue of postponing the country's November presidential elections, echoing unsubstantiated claims that mail ballots could falsify voting results.
The drop in GDP was more than triple compared with the previous historical decline of 10% in the second quarter of 1958 of the year. The economy contracted at a 5.0% rate in the first quarter.
Equities: S&P 500 e-mini ESv1 futures have slightly increased losses, the latter fell 1.06%, indicating a lower open
BONDS: 2-year US Treasury yield US2YT = RR slightly changed at 0.1230 %, and the 10-year yield US10YT = RR decreased to 0.5446%: ///
Record US GDP collapsed to its lowest values since the start of accounting TEKNOBLOG first appeared.
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