EDITOR'S NOTE
It was the economy's worst quarter ever, but many will note that it was not quite as bad as expected - as if that's of some comfort.
The nation's gross domestic product fell 32.9% in the second quarter, according to the Commerce Department’s first reading on the data released Thursday. Economists expected a 34.7% plunge.
“It’s a very deep and dark hole," said Mark Zandi, chief economist at Moody’s Analytics. "We’re coming out of it, but it’s going to take a long time to get out.” 
The Dow Jones Industrial Average and the S&P 500 posted losses on Thursday, while the Nasdaq moved higher as investors digested the latest economic news.
CNBC's Jeff Cox writes that employment gains seen in May and June appear to be fading with the surge in coronavirus cases that came with reopening the economy. The Labor Department on Thursday reported an increase in initial jobless claims for the second straight week - totaling more than 1.4 million.
“The premature opening of the economy is beginning to rear its ugly head,” said Joseph Brusuelas, chief economist at RSM. “Over the last six weeks, the economy has begun to move sideways and is beginning to look as if it is stalling out.”
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