Massive Pullback in GDP. What Does It Mean For You? | Freeman Capital

Record Drop in GDP

US gross domestic product (i.e. our economy) contracted at a 32.9% annualized rate from April to June, the steepest drop dating back to 1947.

This was expected, given the massive closures of businesses and stay-at-home orders that went on in the quarter.

So, why does it matter? Well, the recovery is happening slower than expected, and the virus is raging across several states which could hamper recovery further.

What Does It Mean For You

More stimulus measures will likely come to pass from the Federal Government (look out for new government checks) and from Central Banks (those mortgage rates aren’t increasing anytime soon).

One thing to note – Congress hasn’t approved another round of those stimulus checks yet, and there are a lot of questions on whether they can come to a deal. Make sure you are planning your budgets accordingly.
Not sure how to budget properly? We can help.

Click Get Started to learn more. 

Freeman Capital

Freeman Capital

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