US GDP plunged almost 33% amid coronavirus induced shutdown
In Q1 2020, US economy officially entered into a recession.
The record plunge in the US Q2 2020 GDP is all thanks to the COVID-19 pandemic, which pushed struggling business to shut down during the lockdown, forcing millions out of jobs. Spending by consumers collapsed at a 34.6 percent annual rate as shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close.
First Published on Jul 31, 2020 08:21 pm