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GDP Set to Plummet to Historical Low in Second Quarter: IHS

Rivet’s 2021 winter issue has dropped! This in-depth issue examines the steps the global denim industry is taking to minimize its impact on the environment, from implementing zero waste production and design processes to establishing greenhouse gas emissions goals aligned with the Paris Agreement.

IHS Markit said in advance of Thursday’s release of the first estimate of second-quarter gross domestic product (GDP) by the Bureau of Economic Analysis (BEA) that U.S. GDP will contract by an historic 35.3 percent annualized rate. “This would be far and away the steepest one-quarter decline in quarterly data dating back to 1947,” Ben…

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