U.S. April-June GDP Annual Rate – 32.9% Worst Level Since Statistics Began July 30 at 9:35 PM
In the United States, the growth rate of GROSS DOMESTIC PRODUCT from April to June was real on an annualized basis, down 32.9% compared to the previous three months. This was the worst level since 1947, when quarterly statistics began, and showed that the new coronavirus had hit the U.S. economy extremely hard.
According to the U.S. Department of Commerce’ announcement on April 30, the preliminary figures for GDP growth from April to June were real in terms of annualized rates, down 32.9% from the previous three months.
This is the worst level since 1947 after World War II, when quarterly statistics began to be taken.
It fell well below the worst three months of the Lehman shock in 2008, well below the minus 8 percent mark, indicating that the spread of the new virus had a significant blow to the U.S. economy.
By category, private consumption, which accounts for about 70% of GDP, was minus 34.6%, business fixed investment was minus 27%, and exports were minus 64.1%, a significant deterioration across the board.
In the United States, the spread of the new virus has not stopped, unemployment has remained high at more than 10%, and there is growing interest in additional economic measures aimed at restoring the economy that the Trump administration is aiming for.