Home / World News / US expected to report record-breaking economic plunge due to Covid-19

US expected to report record-breaking economic plunge due to Covid-19

On Thursday, the government will issue its first of three estimates of economic activity, as measured by the gross domestic product, for the April-June quarter.

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A huge plunge in consumer spending as people stayed home and avoided shopping, travelling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32 per cent annual rate in the April-June quarter

AP| PTI Washington

5 min read Last Updated : Jul 29 2020 | 10:36 PM IST

Having endured what was surely a record-shattering slump last quarter, the US economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year.

That would be more than triple the previous worst quarterly economic fall, a 10 per cent drop set in 1958. Depressed activity in such areas as

Topics : Coronavirus Lockdown United States US economy US recession Donald Trump

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