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US DATA: ADV Q2 GDP -32.9%

MNI (Washington)
  • U.S. GDP fell at an annual rate of 32.9% in Q2, reflecting months of
    Covid-19 stay-at-home orders and business shutdowns,
    the Bureau of Economic Analysis said Thursday.
  • The decline was primarily driven by sharp declines in
    PCE, which fell by 34.6%, exports, business investment
    and residential investment. State and local gov
    spending was partly offset by an increase in
    federal gov spending, the BEA said.
  • The decline in PCE reflected declines in services, driven
    by healthcare, and goods, led by clothing and footwear.
  • Falling exports were led by capital goods. A decrease in residential fixed
    investment was reflected a decline in new single-family housing, the BEA said.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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