US Enters into Recession (2 Quarters Consecutive GDP drop) - officially now

The U.S. economy contracted at a record 32.9% annual rate last quarter and weekly jobless claims rose to 1.43 million, amid signs of a slowing recovery.

The Commerce Department’s initial estimate of U.S. gross domestic product in the second quarter is the steepest drop in records dating to 1947. The decline came as states imposed lockdowns across the country to contain the coronavirus pandemic and then lifted restrictions. Economists expect the economy to resume growth in the third quarter, which began on July 1.


It’s amazing how much harder this hit service sectors vs others. Being a service based economy was very bad for the SIP.

What they compare is 2nd qtr (32.9%) to 3rd qtr (better than 2nd), that is all. We are in recession with jobless market. Absolute scale YOY, it is dip.

At some point stocks will show its real face. This is the way all banks are earning money with investment returns/trading !