
The US economy contracted at the sharpest rate on record in the second quarter this year, with GDP declining 32.9% on a quarter over quarter, annualized basis.
Here were the main metrics from the Bureau of Economic Analysis' (BEA) advance Q2 GDP report, compared to consensus estimates compiled by Bloomberg:
- Q2 GDP annualized, quarter over quarter: -32.9% vs. -34.5% expected vs. -5.0% in Q1
- Q2 Personal consumption: -34.6% vs. -34.5% expected vs. -6.8% in Q1
- Core Personal consumption expenditures, quarter over quarter: -1.1% vs. -0.9% expected vs. 1.7% in Q1
"The decline in second-quarter GDP reflected the response to COVID-19, as 'stay-at-home' orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses," The BEA said in its statement.
"This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending."














Comment: Many of those countries that implemented some of the harshest - and most deadly - lockdown measures are now facing the economic consequences, many of which have only just begun to be felt: