America’s Economy Had Worst Quarter On Record
THE U.S. ECONOMY EXPERIENCED ITS WORST DROP ON RECORD, WITH THE GROSS DOMESTIC PRODUCT FALLING BY AN ANNUALIZED RATE OF 32.9 PERCENT IN THE SECOND QUARTER
San Francisco, CA (KRON) – The U.S. economy experienced its worst drop on record; amid the pandemic lockdown.
The broadest measure of the economy, the gross domestic product, fell by an annual rate of 32.9% in the second quarter.
The GDP dropped five percent in the first quarter.
A recession is commonly defined as two consecutive quarters of declining GDP.
The second quarter was the worst since records started in 1947.