Economics
Leisure, Hospitality Fared Worst in U.S. Second-Quarter Slump
- GDP contracted at 31.4% annual rate in third estimate
- Twenty of 22 industry groups weighed on output in period
Source: Getty Images
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The pandemic recession -- and the widespread U.S. business closures it spawned -- weighed on nearly all industries, as restaurants, hotels and entertainment businesses fared the worst.
U.S. gross domestic product shrank at a 31.4% annualized rate in the second quarter, the Commerce Department’s third estimate showed Wednesday. Twenty of 22 industry groups contributed to the decrease in output during the period. The category of arts, entertainment, recreation, accommodation and food services plummeted an annualized 91.5% and subtracted about 6.6 percentage points from GDP.