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US GDP Shrinks by 32.9 Percent in Second Quarter

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GDP shrinks by record amount in second quarter amid virus lockdowns

By Sylvan Lane

The US economy shrank at a seasonally adjusted annualized rate of 32.9 percent during the second quarter of 2020 as the first wave of the coronavirus pandemic spurred an economic collapse of record-breaking speed and size, the Commerce Department reported Thursday.

Between April and June, U.S. gross domestic product (GDP) shrunk at a pace that would have wiped out roughly a third of the value of the economy if extended over 12 months, according to the Commerce Department’s advance estimate of second-quarter growth. It is the largest one-quarter plunge in economic growth since the federal government began reporting quarterly GDP data […]

Via https://thehill.com/policy/finance/509730-us-economy-shrank-at-record-yearly-rate-in-second-quarter-amid

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