US GDP plunged almost 33% amid coronavirus induced shutdown

Name: US GDP plunged almost 33% amid coronavirus induced shutdown
Uploaded: 2020-07-31T20:21:20+05:30
Description: In Q1 2020, US economy officially entered into a recession.

In Q1 2020, US economy officially entered into a recession.

Moneycontrol News

July 31, 2020 / 20:34 IST

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.

Moneycontrol News

first published: Jul 31, 2020 08:21 pm

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