U.S. Economy Contracted at Record Rate Last Quarter; Jobless Claims Rise to 1.43 Million

[KY_EnviroGuy]

14. Germany also just reported deepest decline on record......

German economy sees deepest decline on record
By Andrew Walker
BBC World Service economics correspondent

Link: https://www.bbc.com/news/business-53592594

Snips....

The German economy shrank at its fastest rate on record amid the impact of the coronavirus pandemic, according to new official figures. The total production of goods and services declined by 10.1% during the April-to-June period.

It was the sharpest decline since German began producing quarterly growth figures in 1970. The contraction followed a smaller but still severe drop in activity of 2% in the previous three months.

The German economy, in common with most others, has been hit very hard by the pandemic and the restrictions that have been imposed in an effort to contain it.

The country's statistics office said there had been a "massive slump" in household spending, investment in equipment and machinery and in exports and imports.

Thanks for the OP, mahatmakanejeeves. There's a lot of belt-tightening happening around the world.

KY