US economy collapsed 32.9 percent Q2 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 reported Thursday.
The decline, though slightly less bad than expected, was the worst on record, dating back to 1947. 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.