US economy posts its worst drop on record

US economy posts its worst drop on record

The US Bureau of Economic Analysis confirmed that the world largest economy has contracted with 32.9% annual rate from April to June 2020. CNN reports that “…this is no ordinary recession. The combination of public health and economic crises is unprecedented, and numbers cannot fully convey the hardships millions of Americans are facing.

In April, more than 20 million American jobs vanished as businesses closed and most of the country was under stay-at-home orders. It was the biggest drop in jobs since record-keeping began more than 80 years ago. Claims for unemployment benefits skyrocketed and have still not recovered to pre-pandemic levels.”
There is substantial uncertainty in the financial markets and the real economy. In situation like that Deriveum can offer what is currently needed to anchor expectations – certainty of repayment. Withe a globe grappling recession and lock down fears it is paramount to use the technological capabilities we have to get out of the situation.
For more information on the CNN coverage please click on the link below


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