08142020Fri
Last updateFri, 14 Aug 2020 6pm

Manufacturing & The Economy

U.S. Economy Shrinks by Record 32.9%

U.S. GDP decreased at an annual rate of 32.9% in the second quarter of 2020, according to the U.S. Department of Commerce. In the first quarter, real GDP decreased 5.0%. The decline in second quarter GDP reflected the response to COVID-19, as "stay-at-home" orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified.

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