During the second quarter of 2020, the US GDP suffered a severe deceleration when compared to the previous quarter, registering a y/y growth rate of -31.70%. This behavior was mainly due to the measures carried out to address the current public sanitary crisis. The unemployment rate increased to a rate of 13.00%, while the employment growth rate fell when compared to the previous quarter, down to a growth rate of -12.29%. Inflation stood at 0.44%, after recording a sharp decrease when compared to the previous quarter. Regarding the US dollar, it remained constant against the euro, at an average exchange rate of 1.10 $/€ during the second quarter of the year.
Macroeconomic outlook report: USA 2Q20
- The US economy suffered a severe deceleration and registered a year-over-year rate of -31.70% during the second quarter of 2020, decreasing by 26.70 p.p. when compared to the previous quarter.
- This performance was mainly due to the decreases registered in both the domestic and external demand, which were heavily affected by the measures adopted to mitigate the spread of the virus.
- Regarding the labor market, the unemployment rate increased by 9.20 p.p. with respect to the first quarter of 2020, reaching a rate of 13.00%. On the other hand, the year-over-year growth rate of employment fell by 12.93 p.p. when compared to 1Q20, recording a -12.29% rate.
- The US dollar remained constant against the euro, registering an exchange rate of 1.10 $/€ during 2Q20.
- During 2Q20, inflation in the US fell down to 0.44%, after a 1.67 p.p. decrease when compared to the previous quarter.
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