Thursday, July 3, 2025

US Economy Suffers Significant GDP Decline in First Quarter, Unemployment Levels to Continue Soaring

The US Commerce Department has issued a grim statement regarding the current state of the economy as the coronavirus continues to wreak havoc across the country. In just the first quarter, GDP has been reduced by 4.8%, with even worse declines predicted for the second quarter, according to Federal Reserve Chairman Jerome Powell.

The US Labor Department is scheduled to provide an update on weekly unemployment claims, but a panel of economists surveyed by Reuters are predicting the numbers will be unpleasant. They are predicting that impending unemployment rates for the month of April will surpass the November 1982 record of 10.8%. In March alone, data showed an increase of 0.9% in the unemployment rate, making it the largest monthly change since 1975.

Moreover, according to Andrew Hollenhorst, who is an economist with Citigroup, April and May will most likely account for the largest peak in unemployment numbers, which should then taper off in June once gradual reopening of the economy commences. Nonetheless, this is the largest economic contraction the US has suffered since the financial crisis in 2008, with more than 1 million COVID-19 infections and excess of 61,000 deaths thus far.

Information for this briefing was found via New York Times, RT News, Reuters, Washington Post, and Fox News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

14 Million Americans Slated to Lose Unemployment Benefits, 30 Million Face Eviction Risk By January 1

The Christmas holidays are likely going to be grim for millions of Americans, and not...

Wednesday, November 25, 2020, 12:03:00 PM

New Home Sales in the US Suffer Biggest Drop Since 2013

With unemployment numbers in the millions due to economic lockdowns across the entire country and...

Saturday, April 25, 2020, 02:00:00 PM

US Government Overpaid COVID-19 Relief Benefits Due To Own Error, Demands Repayment From Unemployed Americans

The US government’s COVID-19 relief benefits’ generosity turns out to very short-lived for thousands of...

Tuesday, October 6, 2020, 11:29:34 AM

CloudMD Announces $10M Bought Deal

This evening CloudMD Software & Services Inc. (CSE: DOC) announced a $10M bought deal with...

Tuesday, May 12, 2020, 06:38:02 PM

Canada’s Unemployment Rate Falls by 0.1% in October as Labour Recovery Slows

It appears that Canada’s economic recovery efforts continue to be stalled amid the recent surge...

Friday, November 6, 2020, 01:31:00 PM