US GDP contracted -32.9% annualized in Q2, slightly less than expectation of -35.0%. That’s nevertheless the sharpest annualized decline in quarterly records dating back to 1947.
“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,” BEA said in the release.
