SectionsDemocracy Dies in Darkness
By Andrew Van DamJuly 30, 2020 at 6:58 a.m. MDT
The Commerce Department opened today’s announcement of second-quarter economic growth with an eyeball-blistering observation: “Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020.”
U.S. economy contracted at fastest quarterly rate on record from April to June as coronavirus walloped workers, businesses
That 32.9 percent represents the loss of a third of the economy. Let that sink in. Now let it wriggle back out again — it is not exactly true. Why? The Commerce Department reports quarterly GDP at an annual rate to allow easy comparisons to other time periods. Remove the annualization, and we see the economy contracted a still-abysmal 9.5 percent.392 CommentsMore from The Post
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