Podcast – Making Sense of GDP Reports
In this episode of the Econ Café 2020/21 podcast, textbook authors Michael Mandel and Sean Flynn explain the July 2020 Gross Domestic Product (GDP) report, and what it means for the economy and for economics students. This GDP report described the impact of the Covid lockdown on the country’s production, consumption, income and savings in the second quarter. We talked about how households cut back on consumption and boosted savings, and the impact of unemployment benefits on people’s incomes. We also discussed how the federal government took on more debt in order to transfer money to households and businesses. (Click here to access the podcast recording.)
Questions/Discussion:
- Why was the July 2020 GDP report so dramatic?
- Why did incomes stay relatively strong in the second quarter of 2020?
Source: Econ Cafe 2020/21 Podcast- https://www.buzzsprout.com/1292186/5128486-making-sense-of-the-july-2020-gdp-report