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US Economy Shrank 9.5% in Second Quarter, -32.9% on Annual Basis

US real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The US economy shrank 9.5% in the second quarter. The decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. Current‑dollar GDP decreased 34.3 percent, or $2.15 trillion, in the second
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