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US Economy Grew by Record 33.1 Percent in Third Quarter

US Economy Grew by Record 33.1 Percent in Third Quarter

BY TOM OZIMEK The Department of Commerce announced Thursday that U.S. economic output in the third quarter grew by 33.1 percent, the largest expansion on record, after falling by 31.4 percent in the second quarter, the largest shrinkage on record. In a release detailing the agency’s “advance” estimate for third-quarter gross domestic product (GDP), the Commerce Department noted, […]

US Economy Plunges At Record Rate, Rebound Likely Next Quarter, Economists Say

US Economy Plunges At Record Rate, Rebound Likely Next Quarter, Economists Say

THOMAS CATENACCI CONTRIBUTOR The U.S. economy plunged by 31.4% in the second quarter of 2020, a record drop caused by government measures to combat the spread of coronavirus. The Department of Commerce figure released Wednesday reflects the rate of decline in U.S. gross domestic product during the second quarter, from April to June, according to the Associated […]

US Economy Adds 1.4 Million Jobs in August as Unemployment Falls to 8.4 Percent

US Economy Adds 1.4 Million Jobs in August as Unemployment Falls to 8.4 Percent

BY TOM OZIMEK America’s economy added some 1.4 million jobs in August while unemployment fell by more than economists anticipated, as the labor market continues its grueling recovery from the depths of the COVID-19 recession. The Labor Department’s closely watched jobs report, released Friday, showed that nonfarm payrolls increased by 1.371 million last month after the economy added […]

US Economy Adds 1.8 Million Jobs and Unemployment Falls to 10.2 Percent

US Economy Adds 1.8 Million Jobs and Unemployment Falls to 10.2 Percent

BY TOM OZIMEK The U.S. economy added 1.763 million jobs in July, bringing the unemployment rate down to 10.2 percent and reflecting the continued resumption of economic activity after COVID-19 shutdowns. The Department of Labor said in its closely-watched “nonfarm payrolls” report released Friday that the vast majority of the job gains occurred in the services sector, which accounted […]

White House Aims to Reopen US Economy as Soon as Possible, Kudlow and Mnuchin Say

White House Aims to Reopen US Economy as Soon as Possible, Kudlow and Mnuchin Say

BY JACK PHILLIPS The White House aims to reopen the U.S. economy as soon as possible to allow tens of millions of people who have been told to stay at home to fight the spread of the CCP virus to return to work, according to statements from President Donald Trump’s top economic adviser Larry Kudlow and Treasury Secretary Steven Mnuchin. […]