There is nothing normal about the 2020 recession. Massive nationwide shutdowns of “non-essential” businesses caused real GDP to drop at a 31.4% annual rate in the second quarter, the biggest drop since the 1930s. However, as we expected, a V-shaped recovery is being traced out.
On October 29th, in ten days, we expect a report that says third quarter real GDP rebounded at a 33.4% annual rate.
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