Final report says U.S. economy declined by record 31.4% in Q2 – By Don Jacobson (UPI) / Sept 30 2020
Sept. 30 (UPI) — The U.S. economy declined by a record 31.4% between April and July, the Commerce Department said in its decisive quarterly report Wednesday.
The department’s third and final estimate of U.S. gross domestic product for the second quarter was slightly better than its previous estimate last month, which said the economy declined 31.7% in Q2.
The upward revision is largely due to higher personal consumption expenditures, which partly offset lower export figures and declining nonresidential fixed investments.
The decline, almost entirely created by the COVID-19 pandemic, shattered the previous record fall for a three-month quarterly period — a 10% decline in 1958. The domestic economy declined by about 5% in the first quarter of 2020.
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