COVID-19 pandemic destroyed consumer and business spending, potentially wiping out more than five years of growth.The bulk of the historic plunge in gross domestic product expected to be reported by the Commerce Department on Thursday occurred in April when activity almost ground to an abrupt halt after restaurants, bars and factories among others were shuttered in mid-March to slow the spread of coronavirus.
U.S. records a coronavirus death every minute as total rises above 150,000 Canada, U.S. tourist boats at Niagara Falls highlight difference in coronavirus battle “The forecast implies that the level of real GDP actually fell by roughly 11 per cent in the first two quarters of 2020,” said Lou Crandall, chief economist at Wrightson.