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Pam and Russ Martens: U.S. GDP seen collapsing by record rate in Q2
By Pam and Russ Martens
Wall Street on Parade
Wednesday, July 29, 2020
The very reliable GDPNow forecasting model provided by researchers at the Atlanta Fed was updated this morning and predicts that gross domestic product in the United States contracted by a jaw-dropping 32.1 percent on a seasonally-adjusted, annualized rate in the second quarter.
The public will get the official number from the Bureau of Economic Analysis at the U.S. Department of Commerce at 8:30 a.m. tomorrow morning.
... Dispatch continues below ...
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It's expected that the second-quarter GDP number will be the largest decline since quarterly GDP records began being compiled by the BEA in 1947. It is also expected that the number will be exponentially worse than any quarter during the Great Recession of 2007 to 2009. ...
... For the remainder of the report:
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