Your Daily Roundup for April 29th
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Good morning. As the COVID-19 pandemic takes a toll on the U.S. economy, our team at Future Majority is tracking the latest updates:
The U.S. economy declined for the first time in six years:
The U.S. GDP dropped 4.8% in the first quarter, the first time the economy shrunk since 2014, and the worst fall since the Great Recession a decade ago.
It will almost certainly fall at an even greater rate in the second quarter, with experts predicting the economy might contract at an annual rate of 30% as shutdowns continue in large swaths of the country.
Source: New York Times
Despite the disastrous economic news, U.S. markets were bullish this morning:
Global and U.S. stocks rose today in spite of the U.S. economy contracting nearly 5% last quarter. The pharmaceutical company Gilead announced that it is “aware of positive data” from its antiviral trial.
This also came as companies reported their earnings. Large companies like Boeing announced major losses (in Boeing’s case revenue fell 26%).
Americans remain optimistic about the economy:
A Suffolk University/USA Today poll out this week shows that Americans are overwhelmingly optimistic about the economy today:
And when asked which are the most important issues affecting your vote for president, a healthy majority said the economy (65%) followed by healthcare (56%) and national security/foreign policy (49%) ranked higher than the coronavirus (48%). Respondents were permitted to give more than one response.
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