These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.US Macroeconomics and Macro Policy Formulation
The COVID-19 outbreak is causing tremendous human and economic difficulties across the United States and around the world. The virus and the measures taken to protect public health have induced a sharp decline in economic activity and a rise in job losses. The unemployment rate bottomed to the lowest figures seen in the last 50 years. Weakening demand and collapsing oil prices are holding down consumer price inflation. ( Federal Reserve System, June 2020).
As Trading Economics reports, the US economy shrank by 32.9 percent in the second quarter of 2020. It is the most significant contraction ever, pushing the economy into a recession. The coronavirus pandemic caused the lockdown of many businesses, including restaurants, cafes, stores, and factories, and forced people to stay at home. The crisis profoundly affected consumer and business spending. Personal consumption, exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending decreased, while federal government spending ramped up. Fed officials see the US economy shrinking 6.5 percent in 2020. (Trading Economics, June 2020)
The Gross Domestic Product (GDP) in the United States contracted 9.50 percent in the second quarter of 2020 over the same quarter of the previous year. (Trading Economics, June 2020) According to official data from the World Bank and projections from Trading Economics, the Gross Domestic Product (GDP) in the United States was worth 21427.70 billion US dollars in...
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