US economy shows the sharpest contraction since 1947

US economy shows the sharpest contraction since 1947

America

The Trump government has confirmed that the US economy has experienced the sharpest contraction in the second quarter. This has happened for the first time since 1947, when the Greatest Recession took place. The country’s economic output of goods and services i.e GDP has fell by 31.4 % in the second quarter, from April to June, which is slightly less than estimated by the Commerce Department, one month ago. The last was experienced by the country under the President-ship of Dwight Eisenhower. According to the economists, the country might expand at an annual rate of 30% in the current quarter as the businesses have reopened and are looking forward to get everything on track.

Read More at The Economic Times

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