U.S. economy fared slightly better in Q2 than first reported – By Clyde Hughes (UPI) / Aug 27 2020
Aug. 27 (UPI) — The U.S. economy plunged by nearly 32% in the second quarter of 2020 — the steepest quarterly decline in history, the Commerce Department said in a revised estimate Thursday.
The loss, however, wasn’t as bad as the department reported a month ago in its initial estimate.
The decline in the April-July period was 31.7%, the department said in its second estimate. The first estimate last month showed a decline of 33% for the quarter.
The department said the new estimate is based on “more complete” data.
“With the second estimate, private inventory investment and personal consumption expenditures decreased less than previously estimated,” it said.
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