Sept. 30 (UPI) -- The U.S. economy declined by a record 31.4% between April and July, the Commerce Department said in its decisive quarterly report Wednesday.
The upward revision is largely due to higher personal consumption expenditures, which partly offset lower export figures and declining nonresidential fixed investments.
The decline, almost entirely created by the COVID-19 pandemic, shattered the previous record fall for a three-month quarterly period -- a 10% decline in 1958. The domestic economy declined by about 5% in the first quarter of 2020.
Many analysts expect the third quarter to show a rebound and actual growth of GDP, which represents the total value of goods and services provided in the United States -- possibly as high as 30%. Such a figure would easily surpass the all-time quarterly growth record, 16.7% in 1950.
The Commerce Department will release its initial third-quarter estimate on Oct. 29.