Record-breaking economic decrease due to COVID-19 shutdown.
The Department of Commerce announced earlier this week that the United States had its worst quarter since statistics about the gross domestic product (GDP) began being measured in 1947. The nation lost 32.9% of its economic output in the April-June quarter. The largest drop prior was in 1958 during the Eisenhower administration.
The reason for such a dramatic drop is largely due to the decline in consumer spending during shelter-in-place orders, which made up 70% of activity. Additionally, 1.4 million Americans applied for unemployment last week, making it the 19th straight week of over 1 million people applying for benefits. Prior to the pandemic, the number had never surpassed 700,000
As the Lord Leads, Pray with Us…
- That God would give the president’s administration wisdom on how to recover from the pandemic.
- That God would help the Commerce Department wisdom on the best ways to support the U.S. economy.
- For Congress to be led by the Lord on the most beneficial avenues to help struggling Americans.
Sources: AP, New York Times, CNN
