The Congressional Budget Office estimates that the nation's real gross domestic product will drop 11% during the second quarter of 2020 in new economic projections that factor in the impact of the COVID-19 pandemic.
The projected second quarter contraction is equivalent to an annual decline of 38%, according to the CBO.
The new report also projects that social distancing policies that virtually shut down the nation's economy during the first quarter of 2020 will cost more than 25 million people their jobs by the end of the second quarter this year. It projects that unemployment — which rocketed from 3.5 % in February to 14.7 % in April — will continue rising to 15.8 % in the third quarter before the labor market will stabilize.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
R. Robin McDonald
Daily Report reporter R. Robin McDonald's journalism career includes stints as a staff writer at The Atlanta Journal-Constitution, The Fort Worth Star-Telegram, The Wichita Eagle, and The Anniston Star and as a trial tracker at CourtTV and CNN. She is the author of two true crime books -- Black Widow: The True Story of the Hilley Poisonings and Secrets Never Lie: The Death of Sara Tokars.
