Tag Archives for " Commerce Department "

U.S. trade deficit jumps to largest in 14 years in August | Reuters

U.S. trade deficit jumps to largest in 14 years in August | Reuters 1(Reuters) – The U.S. trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.

Source: U.S. trade deficit jumps to largest in 14 years in August | Reuters

U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters

U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters 2WASHINGTON (Reuters) – The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.

Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.

Source: U.S. economy contracts at 31.4% annualized rate in second quarter | Reuters

US economy shrank at record-breaking 33% rate last quarter

US economy shrank at record-breaking 33% rate last quarter 3WASHINGTON (AP) — The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

Source: US economy shrank at record-breaking 33% rate last quarter