U.S. Official Report: GDP at 0.9% Annual Rate of Decline

The U.S. Commerce Department today announced an annual rate of decline of 0.9% in U.S. GDP, after the report of a Second Quarter fall of 0.2% adjusted for inflation. A short White House statement this morning called it an understandable “transition,” during the pandemic crisis, “coming off last year’s historic economic growth.” Don’t worry and don’t use the “R” word. “We are on the right path and we will come through this transition stronger and more secure….”