Overview of U.S. Economic Growth

​Overview: The U.S. Bureau of Economic Analysis recently released the second estimate of real (inflation-adjusted) gross domestic product (GDP) in Q2:2020. The latest figures show GDP contracted by 5% (annualized) in Q1:2020 and 31.7% in Q2:2020 for a total GDP loss of $2 trillion this year. The Federal Reserve Bank of Atlanta’s GDPNow running estimate of real GDP indicates it could increase by 28.9% in Q3:2020 (as of August 28) depending on COVID-19 responses. The U.S. private economy has lost $2 trillion this year from COVID-19 and resulting lockdowns by state and local governments, but it will keep improving as states reopen.