The U.S. suffered its biggest GDP loss ever in the second quarter, with a record 32.9% drop, according to the Commerce Department.
"[The GDP drop] just highlights how deep and dark the hole is that the economy cratered into in Q2," said Mark Zandi, chief economist at Moody's Analytics. "It's a very deep and dark hole and we're coming out of it, but it's going to take a long time to get out."
It is the worst economic plunge since 1921, outstripping the Great Depression and the Great Recession.
Sharp drops in personal consumption, exports, inventories, investment, and non-federal government spending each contributed to bringing down the GDP.
Personal consumption, which usually makes up about two-thirds of the U.S. GDP, subtracted 25% from Q2. Spending in healthcare, clothing, and footwear fell, as well as inventory investment from motor vehicle dealers.
"Bottom line, the numbers of course are alarming but all self inflicted with about half the quarter reflecting almost full shutdown and the other half the slow reopening," said Peter Boockvar, chief investment officer at the Bleakley Advisory Group. "That said, it does reflect the hole out of which we now need to climb out of as we rebound in Q3 and Q4."