Latest Economic News - 30th Sep 2020

Core Industrial Output

Output of eight core industries contracts by 8.5% in August, due to fall in cement and steel production. 

Output of eight core industries contracted for the sixth consecutive month.

The index dropped by 8.5% in August, mainly due to decline in production of steel, refinery products and cement.

The production of eight core sectors had contracted by 0.2% in August 2019.

Except coal and fertiliser, all sectors -- crude oil, natural gas, refinery products, steel, cement and electricity recorded negative growth in August. 

During April-August 2020-21, the cumulative output dipped by 17.8% in comparison to a growth of 2.5% in the same period previous year.

US economy contracts at an annualized rate of 31.4% in the second quarter

Gross Domestic Product of the world's largest economy plunged at an annualized rate of 31.4% the deepest sink in the history of US. 

This is the worst performance of US economy ever since the government started keeping records of economic data

Gold gains as Covid disruptions leads to fall in dollar index

Spot gold rose by 0.3% to $1918.20 per ounce