US Economy Drops to Historic Low at 32.9% after Taking a Full-Quarter Hit from Pandemic

The U.S. economy faced its worst quarterly plummet in history after reporting a 32.9% contraction for the period of April – June.

 

The gross domestic product (GDP) in the second quarter plunged 32.9%, slightly better than a drop of 34.7%, forecasted by economists.

The U.S. took a full-quarter hit from the coronavirus outbreak that began to weigh on its late first-quarter economic growth, dragging the GDP to a 5% contraction. To this day, the U.S. remains one of the coronavirus hotspots with the highest confirmed cases and fatalities in the world.