search

US economy collapsed 32.9 percent in 2nd quarter amid pandemic: government

The 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 reports.

The decline, though slightly less bad than expected, is the worst on record dating back to 1947. The Commerce Department figures are an annual rate, so they’re 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.

— AFP

comments
Never miss breaking news on Israel
Get notifications to stay updated
You're subscribed