The Daily Money: The US economy shrank a record 33% in the second quarter

Posted by Anonymous on July 30, 2020

ALL THE MONEY NEWS YOU NEED TO KNOW

Thursday, July 30

The weekend is within reach, Daily Money readers. It's Brett Molina back in your inbox with your Money and Tech headlines for Thursday.

As we are all very aware, the COVID-19 pandemic has hammered the U.S. economy. Now, we have a sense of how badly. The economy shrank 33% during the second quarter, according to a Commerce Department report on the gross domestic product (the value of all goods and services in the U.S.). It's the worst performance ever by the U.S. economy.

Remember the viral video of a woman in Arizona who destroyed a mask display at a local Target? She is speaking out. In an exclusive interview with USA TODAY, Melissa Rein Lively says she regrets what's happened and is in treatment for mental illness. "What happened to me was scary and it changed my life forever," said Rein Lively. "I felt I had absolutely no control over my actions."

Finally, a study commissioned by the Time's Up Foundation and conducted by the firm PerryUndem found Black and Latina women are struggling to buy food and build up their savings during the pandemic.

Need more headlines? Keep scrolling.

Brett Molina, Money/Tech editor

Red "recession" sign in front of a chart with a declining line.

US economy turns in worst performance ever in Q2 as COVID-19 shutters...

U.S. gross domestic product fell at annual rate of 32.9% in second quarter as states shut down nonessential businesses and consumers largely stayed home.