Feds say GDP fell 31.4% in April-June quarter; economists project equal third quarter rebound

The U.S. gross domestic product fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% decline estimated a month ago.

GDP measures the economy's total output of goods and services.

The revised report, the government's last look at the second quarter, showed a decline more than three times larger than the previous record-holder, a fall of 10% in the first quarter of 1958 when Dwight Eisenhower was president, according to the Associated Press.

However, economists project the economy will expand at an annual rate of 30% in the current quarter as businesses have reopened and millions of people have gone back to work. That would shatter the old record for a quarterly GDP increase, a 16.7% surge in the first quarter of 1950 when Harry Truman was president, the wire service also reports.