GDP

Government, Business

Q2 GDP Drops a Record 32.9%, but Trucking Holding Steady

Trucks on an interstate highway 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.

Dan Ronan | Associate News Editor
July 30, 2020
Government, Business

US 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. 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.

Martin Crutsinger | Associated Press
July 30, 2020
Government, Business

US Economy Sliding Further, Experts Say

Trucks and other vehicles on a busy highway 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.

Dan Ronan | Associate News Editor
May 4, 2020
Government, Business

Economy Shrinks 4.8% in Q1 as Result of Coronavirus

warehouse worker 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.

Dan Ronan | Associate News Editor
April 29, 2020
Government, Business

Experts’ Pessimism Deepens Over Economy’s Health

Business closed Getty Images

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.

Dan Ronan | Associate News Editor
April 23, 2020
Government, Business

Experts See Steep Declines for Q2

Traffic on highway 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.

Dan Ronan | Associate News Editor
April 15, 2020
Government, Business

Multiple Hits to Economy Likely to Trigger Recession, Analysis Shows

stock trader reacts 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.

Jerry Hirsch | Contributing Writer
March 18, 2020
Government, Business

Consumer Spending Bump Offset by Inventories in Revised GDP

The Shops at Columbus Circle in New York 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%.

Reade Pickert | Bloomberg News
December 20, 2019
Government, Business

Economy Grows at Modest 1.9% Rate in Third Quarter

containership Kota Ekspres 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.

Martin Crutsinger | Associated Press
October 30, 2019
Government, Business

Chance of US Recession Rises to 35% Among Economists Surveyed

A board above the floor of the New York Stock Exchange President Donald Trump last week announced new tariffs on imported Chinese goods, to take effect Sept. 1, causing steep declines in global stock markets. (Associated Press/Richard Drew)

The likelihood of a U.S. recession in the next 12 months rose to 35% in an August survey of economists, from 31% forecast previously, as global trade tensions fuel economic uncertainty.

Catarina Saraiva | Bloomberg News
August 8, 2019

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