US Economy Contracts By Record 32.9 Percent In Second Quarter Amid Pandemic

In this file photo taken on June 29, 2020, The “Fearless Girl” statue stands in front of the New York Stock Exchange at Wall Street in New York City. Angela Weiss / AFPThe US economy collapsed in the midst of the coronavirus pandemic in the April-to-June period, contracting 32.9 percent in the second quarter, the government reported Thursday.

However, the Commerce Department figures are an annual rate so not comparable to the quarterly contractions reported in other advanced economies.The plunge in GDP was driven largely by the drop in consumer spending, the largest component, which fell 34.6 percent annualized, according to the first estimate for the second quarter.

The data show trade also took a huge hit, with exports falling just over 64 percent, and imports down 53.4 percent.

Source: Financial Digest (financialdigest.net)

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