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Last Updated : Jul 31, 2020 08:34 PM IST | Source: Moneycontrol.com

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
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