The US economy shrank by an annualized 31.7 percent in the second quarter of 2020, lower than a 32.9 percent plunge in the advance estimate and compared to market forecasts of a 32.5 percent fall. Still, it is the biggest contraction ever, pushing the economy into a recession as the coronavirus pandemic forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending. Private inventory investment and personal consumption expenditures (PCE) decreased less than previously estimated. In contrast, business investment fell more, mainly due to structures and intellectual property products. The recovery will depend on the capacity of the country to control the pandemic and avoid more waves of infections. Fed officials see the US economy shrinking 6.5 percent in 2020.

GDP Growth Rate in the United States averaged 3.06 percent from 1947 until 2020, reaching an all time high of 16.70 percent in the first quarter of 1950 and a record low of -31.70 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: U.S. Bureau of Economic Analysis