Welcome to Golden Future Enterprise HK ltd.

U.S. Department of Commerce: U.S. GDP in 2020 is the largest decline in 74 years

Datetime: 2021-01-29 14:05:04

The U.S. GDP shrank by 3.5% in 2020, the largest decline since 1946, and the first annual GDP decline since the recession triggered by the financial crisis in 2009, breaking the momentum of 11 consecutive years of growth in the U.S. economy, according to a report released by the U.S. Department of Commerce on the 28th.

According to the report, the U.S. economy has fallen into recession in February 2020, with almost every sector shrinking except the housing market and government procurement. Personal consumption spending, which accounts for two-thirds of the U.S. economy, has plummeted by 3.9%, the worst performance since 1932. Service industries such as restaurants, bars and hotels have suffered heavy losses, and a large number of jobs have been lost, especially for low-income people. According to the Department of labor, the number of people receiving unemployment benefits in the United States reached 18.3 million at the beginning of 2021.

Economists are counting on Biden\'s government to implement the economic aid plan and national vaccination

to promote economic recovery, but it may take months to work, the report said