The U.S. economy just experienced its worst economic quarter in reported history, but experts say the upside is that it performed about as badly as was predicted by JLL.
Real GDP declined 32.9% in the second quarter of 2020 on an annualized basis, which is the largest drop since the quarterly GDP time series began in 1947. Additionally, GDP in the second quarter contracted 10.6% peak-to-trough, the third-largest contraction since the Great Depression and the worst performance since the demobilization effort at the end of World War II.
This is the second consecutive quarter in which GDP declined, wiping out five years of economic growth and bringing the size of the economy back to down to 2014-2015 levels.
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Samantha Stokes
Samantha Stokes, based in New York, is a staff reporter at American Lawyer covering the business of law. You can reach her at [email protected] or on Twitter: @stokessamanthaj.
