GDP sees steepest drop in 70 years

Alia Paavola –
Friday, July 31st, 2020

Gross domestic item in the U.S. plunged 32.9 percent on an annualized basis in the second quarter, a rate that is thought about the steepest decline in more than 70 years, according to an advance quote launched by the Bureau of Economic Analysis..

The decline in the 2nd quarter came as states imposed lockdowns in March and April to help stop the spread of COVID-19. States started reopening in May and June, it was not sufficient to offset the dive in April, according to the quotes..

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The drop in GDP is associated to contractions in personal consumption, exports, stocks, investment and spending by state and city governments.

Check out the full quote here..

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