“It looks like we’re seeing a slowdown in the rate of growth,” Powell said Wednesday in a virtual press conference following the latest Fed policy meeting.
“And that might be short-lived. It might not be.”
The GDP report, for its part, will likely be a permanent indication of the pandemic’s economic low point. It showed personal spending, which makes up about two-thirds of GDP, slumped the most on record. Business investment in structures, equipment and intellectual property saw the steepest slide since 1952, while residential investment dropped the most since 1980.
It could have been even worse without the ccongressional stimulus, . . .
Economics
U.S. Economy’s Rebound Looks Shakier After Worst Quarter Yet
By , , , and- Rise in jobless claims follows virus surge, renewed closings
- ‘The outlook is very cloudy at this point,’ economist says
