Second-quarter GDP plunges to its lowest ever due to the coronavirus. The Commerce Department’s release of the data shows that the United States’ Gross Domestic Product from April to June plunged -32.9% on an annualized basis.
CNBC is reporting that Economist surveyed by Dow Jones had been looking for a drop of 34.7. A previous drop this close occurred in 1921.
“But this is no ordinary recession. The combination of public health and economic crises is unprecedented, and numbers cannot fully convey the hardships millions of Americans are facing, reports CNN.”