GDP
US Economy Expands at Record 33.1% Pace After COVID Plunge
A worker uses a forklift to move packages at a facility in Baltimore. (Andrew Harrer/Bloomberg News)
The U.S. economy bounced back with a record yet temporary surge of growth in the third quarter as businesses reopened and stimulus cash powered consumer spending — reversing much of the collapse stemming from coronavirus lockdowns.
October 29, 2020Q2 GDP Drops a Record 32.9%, but Trucking Holding Steady
American Trucking Associations Chief Economist Bob Costello said trucking is holding its own during these tough times. (Doug Berry/Getty Images)
The gross domestic product of the United States shrank a record-setting 32.9% in the second quarter, tracking closely with economists’ expectations.
July 30, 2020US Economy Shrank at Record-Breaking 33% Rate Last Quarter
A "For Rent" sign hangs on a closed shop in Miami Beach, Fla., on July 13. (Lynne Sladky/Associated Press)
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said July 30.
July 30, 2020US Economy Sliding Further, Experts Say
Wendell and Carolyn (Getty Images)
The U.S. economy is likely in the midst of its deepest recession since the end of World War II, when modern records that tracked the nation’s gross domestic product and unemployment rates were standardized.
May 4, 2020Economy Shrinks 4.8% in Q1 as Result of Coronavirus
A worker drives a forklift through a grocery distribution center in Louisville, Ky. (Luke Sharrett/Bloomberg)
The U.S. economy contracted by 4.8% on an annualized rate in the first quarter, according to the U.S. Commerce Department, which released the gross domestic product figures April 29.
April 29, 2020Experts’ Pessimism Deepens Over Economy’s Health
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The U.S. economy likely will shrink when first-quarter gross domestic product figures are released by the federal government’s Bureau of Economic Analysis on April 29.
April 23, 2020Experts See Steep Declines for Q2
Truck traffic on Interstate 64 in Louisville, Ky. (John Sommers II for Transport Topics)
The U.S. gross domestic product will decline by more than 20% on an annualized basis in the second quarter as a result of the coronavirus and the economic shutdown, American Trucking Associations’ chief economist forecasts.
April 15, 2020Multiple Hits to Economy Likely to Trigger Recession, Analysis Shows
Stock trader Gregory Rowe reacts at the New York Stock Exchange on March 18. (Mark Lennihan/AP)
The U.S. economy amid the COVID-19 crisis is suffering under the weight of multiple factors, including lower consumer spending, falling business investment and global travel bans, according to a report from S&P Global Economics.
March 18, 2020Consumer Spending Bump Offset by Inventories in Revised GDP
People walk through The Shops at Columbus Circle mall in New York. (Victor J. Blue/Bloomberg)
Americans’ spending grew by more than previously reported in the third quarter, a change offset by a drag in inventories that left economic growth at a still-healthy but unrevised 2.1%.
December 20, 2019Economy Grows at Modest 1.9% Rate in Third Quarter
The containership Kota Ekspres is unloaded at the Port of Oakland. (Ben Margot/AP)
WASHINGTON — The U.S. economy slowed to a modest growth rate of 1.9% in the summer as consumer spending downshifted and businesses continued to trim their investments in response to trade war uncertainty and a weakening global economy.
October 30, 2019