Folks, we also got to remember that this is the quarterly number which fully encapsulates the entire impact of what has become a once in a life time event. Before succumbing to the media hysteric doom and gloom, here is a tidbit from Bloomberg which kind of tempers what is pretty much an on target expectation.
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Here were the main metrics from the Bureau of Economic Analysis’ (BEA) advance Q2 GDP report, compared to consensus estimates compiled by Bloomberg:
Q2 GDP annualized, quarter over quarter: -32.9% vs. -34.5% expected vs. -5.0% in Q1
Q2 Personal consumption: -34.6% vs. -34.5% expected vs. -6.8% in Q1
Core Personal consumption expenditures, quarter over quarter: -1.1% vs. -0.9% expected vs. 1.7% in Q1
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News was bad as expected, but story and results could have been a lot worse.