The U.S. economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.
Speaking to ANI, Director of Cyclone Warning Centre in Visakhapatnam, R Babri spoke about cyclone forecast. He said, "The Deep Depression crossed north Andhra Pradesh coast close to Kakinada today morning. Light to moderate rainfall expected to occur at most places with heavy to very heavy falls at a few places and extremely heavy rainfall at isolated places would occur over Telangana." "Deep depression crossed North Andhra Pradesh coast near Kakinada today with sustained winds of 55-65 km/hour. Rain bands are currently seen over coastal districts of Andhra Pradesh and adjoining interior districts," he added.
While the US has made it through the Great Depression and a number of recessions, the COVID-19 pandemic has put a new twist on the experience. According to Business Insider, the lowest-earning households have taken the biggest hit to their incomes, in terms of percentage of income lost. However, upper-income consumers have made the deepest spending cuts in total dollar amounts. That's because they have so much budgetary fat to trim.
ExxonMobil posted a $1.1 billion second-quarter loss and Chevron lost $8.3 billion as oil prices crashed and a global pandemic sparked a drop-off in worldwide demand for oil. Conway G. Gittens has the..