Government emergency efforts worked and the economy saw significant progress in May and June. But with the virus spiking in wide swaths of the country in July, hopes have dimmed hopes for a more significant third quarter bounce.
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The government is set to release the first estimate of second quarter GDP and it’s going to be a doozy.
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In a startling reversal, the Labor Department reported that the U.S. economy ADDED 2.5 million jobs in May, versus the 8 million drop in payrolls that was expected.
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The International Monetary Fund (IMF) has labeled the pandemic-induced global recession as “The Great Lockdown” and predicted that it would be the worst downturn since the Great Depression, much deeper than the 2008-09 financial crisis.
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Apocalyptic, a natural catastrophe, a generation-defining moment are just some of the words or terms that describe the economy and the labor market right now. The news could get a lot worse in the coming months.
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