Released on August 27, 2020

US gross domestic product decreased by slightly less than initially thought in the second quarter, but it remains in a historic decline, according to a new “second” estimate released today by the US Bureau of Economic Analysis.

The new estimate is that GDP fell at an annual rate of 31.7% in the second quarter, compared with the original estimate of a 32.9% decline. Still, it’s worse than the 5.0% decline in the first quarter

GDP’s rapid decline in the second quarter was caused government stay-at-home orders in response to Covid-19 .

CNBC reported that even with the second estimate, it’s still the worst contraction the economy has ever recorded.

Original author: Staffing Industry Analysts (SIA) | Daily News