GDP contracted at annual rate of 32.9 percent in second quarter, breaking U.S. record

The United States’ gross domestic product contracted at an annual rate of 32.9 percent in the second-quarter, the Bureau of Economic Analysis reported Thursday. The number shows the sharp falloff of the domestic economy as a result of the coronavirus and is the worst quarterly drop in U.S. history.

Economists had forecast a 34.7% decline in gross domestic product during the April-June quarter, following a 5% decline in the first quarter.

The second-quarter decline is largely being attributed to a sharp drop in consumer spending, amid record-high unemployment.

GDP is the monetary value of all finished goods and services made within a specific period.