Report: Pandemic gutted U.S. GDP
by Kyle Ziemnick
Posted 9/30/20, 06:32 pm
WASHINGTON—Economists expect an impressive rebound after a depressing second quarter. A U.S. Commerce Department report released on Wednesday showed the gross domestic product fell by 31.4 percent in April, May, and June while lockdowns from the coronavirus pandemic paralyzed many businesses. That’s the steepest drop in the report’s history—three times greater than the second-worst decline.
Will the economy recover anytime soon? The GDP likely will shrink overall in 2020, but many experts project a record-setting 30 percent jump from July to September as states continue to allow businesses to reopen. The U.S. government will release its third-quarter report on Oct. 29.
Dig deeper: Read Dr. Charles Horton’s report on ways to prevent the spread of the coronavirus indoors.
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