by Mike ‘Mish’ Shedlock
The US economy put it its worst performance in history. Records date to 1947.
The BEA reports Real GDP fell at 32.9 percent annualized. The quarterly decline compared to a year ago is 9.5%. Both are records.
Consumer Metrics Comments
Rick Davis at Consumer Metrics has additional comments.
Although there are some legitimately startling numbers in the release, the size of the headline number is a consequence of “annualizing” a single quarter of dramatic economic displacement.
The quarter might better be measured in a year-over-year comparison against the 2nd Quarter of 2019. In inflation adjusted “real” dollars the overall economy shrank by -9.54%.