US economy plunges by 31.7 per cent in second quarter of 2020
Aug 28, 2020
Washington D.C. [US], August 28 : Even as the country continues to battle the raging coronavirus pandemic, the US economy plunged by 31.7 per cent in second quarter of 2020 against the initial estimate of 32.9 per cent, according to Commerce Department.
According to a Sputnik report, the Commerce Department did not provide an explanation for the better outcome, which nevertheless represents the biggest GDP decline during a quarter.
The number of coronavirus cases in the US has risen to 5,854,342 while the death toll has risen to 180,380.
In the initial days of the outbreak, authorities implemented restrictions in order to curb the spread of coronavirus in almost all 50 US States that impacted the country's economy.
The labor market also registered significant losses from the novel coronavirus pandemic in the second quarter as employers cut 21 million jobs between March and April at the height of the lockdowns, reported Sputnik.
