The saving rate hit a record 25.7 percent level in the first quarter, indicating that few of the pandemic checks were spent. The Gross Domestic Product (GDP) shrank at a record 32.9 percent annual rate in the second quarter. While almost all the major categories of GDP fell sharply, a 43.5 percent drop in consumption … Continue reading Plunge in Consumption of Services Leads to Record 32.9 Percent Drop in GDP