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US Economy Plunges due to Coronavirus

US Economy Plunges due to Coronavirus

Due to the ongoing coronavirus pandemic, the US economy has taken a plunge. It has entered the state of recession and has wiped out the earnings that it has accumulated in the last five years. As a consequence of businesses not running, the entire economy is at a standstill. Further, more than the economic fall, the situation is causing immense hardships to people.

According to the Bureau of Economic Analysis, the US economy contracted at a 32.9% annual rate from April through June, its worst drop on record. The GDP of the economy has declined by 5% in the first quarter of 2020 due to the pandemic’s adversities.

Continually, more and more people are shutting down their businesses and staying indoors as a precautionary measure. On the job front too, there has been immense firing due to cost-cutting by organizations. The situation seems out of control, yet people are fighting the crisis with all their effort.