Gross domestic product in the United States plunged at an annual rate of 32.9% in the second quarter of 2020, a record. The drop was 9.5% compared with the first quarter.
The decrease in GDP — the value of all goods and services produced in the country — came after states mandated lockdowns in March and April in the wake of the coronavirus pandemic and was not unexpected. Although states lifted restrictions in May and June, output wasn’t sufficient to overcome the previous declines.
The second-quarter decline reflected drops in consumer spending, exports, inventory investment, business investment and housing investment, though these were partially offset by an increase in government spending.
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