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RPT: DATA PREVIEW: Q2 GDP Seen Weakest in History

US
MNI (Washington)
  • U.S. Q2 GDP seen record -34.5% annualized in Bloomberg median
    following Q1 -5% that was the lowest since 2008.
  • Consumer spending, 68% of GDP, plunged in Q2 as consumers
    encouraged to stay home to slow coronavirus.
  • State re-openings in late April allowed economy to gain
    some traction.
  • Already-record-breaking forecasts were revised down after trade and
    inventories data released Wednesday came in weaker than expected.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com

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