Economy Drops by 32.9%

America’s big economic comeback is sputtering as coronavirus cases pick back up. The US economy contracted at a 32.9% annual rate from April through June, its worst drop on record, and unemployment claims rose for the second week in a row. The grim economic data caused stocks to sink as newfound uncertainty about the predicted economic rebound grows. Not everyone is feeling the pain, though. Amazon and Apple both posted gains this quarter, and Facebook’s stock has risen as socially distanced users flock to the platform. Pandemic-era home cooking regimens have boosted Kraft Heinz’s bottom line, too.

Bill Fuller

Bill Fuller

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