NEW: The coronavirus pandemic triggered the sharpest economic contraction in modern American history — as GDP shrank at an annual rate of 32.9% in the second quarter. 'Horrific,' one economist says. 'We've never seen anything quite like it.'
Cameron Mitchell operates more than 50 restaurants in 13 states. He says business was rebounding in June but has dropped again with the surge in new coronavirus infections.Cameron Mitchell operates more than 50 restaurants in 13 states. He says business was rebounding in June but has dropped again with the surge in new coronavirus infections.The coronavirus pandemic triggered the sharpest economic contraction in modern American history, the Commerce Department reported Thursday.
GDP swings are typically reported at an annual rate — as if they were to continue for a full year — which can be misleading in a volatile period like this. After a sharp drop in March and April, economic activity began to rebound in May and June, although that recovery remains halting and could be jeopardized by a new surge of infections."As soon as the virus started to take off again in key states like Texas, California, Arizona, Florida, it's fading very rapidly," Behravesh said.
"Our associates are more scared to work today and guests are more afraid to go out, so sales have dropped," Mitchell said. Other industries have enjoyed a more durable recovery, though few are back to where they were in February.
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