The Commerce Department’s estimate of the second-quarter decline in GDP marked the sharpest such drop on records dating to 1947.
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In the second quarter, GDP contracted at an annual rate of nearly 33%. Regionally, economic activity declined far more in areas reliant on sectors like manufacturing and tourism. Plus, how Quebec is trying to help local businesses stay afloat.
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A regional look at GDP declines: Steeper drops in areas of the U.S. that rely on sectors suffering the brunt of the pandemic's effects
That includes places like Detroit, Michigan, which relies on manufacturing, and parts of Florida, which rely on tourism. Marketplace’s Nova Safo reports.
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