Thursday, July 30, 2020

U.S. second-quarter GDP plunged by a record 32.9%

The U.S. economy saw the biggest plunge in activity it has ever known in the second quarter, though it wasn’t quite as bad as feared.

Gross domestic product from April to June plunged 32.9%, according to the Commerce Department’s first reading on the data released Thursday. Economists surveyed by Dow Jones had been looking for a drop of 34.7%.

Still, it was the worst drop ever, with the closest previously coming in mid-1921.

via www.cnbc.com

https://rightcoast.typepad.com/rightcoast/2020/07/us-second-quarter-gdp-plunged-by-a-record-329.html

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