U.S. economy loses momentum | Visa


U.S. economy loses momentum

We continue to forecast stronger growth in the second half of this year as a vaccine becomes more widely available and consumer confidence begins to more meaningfully recover.

A bar chart showing seasonally adjusted real GDP. See real GDP image description.
A bar chart showing seasonally adjusted real gross domestic product, with compound annual growth ranging from 2.9% in March 2019 to -31.4% in June 2020, 33.4% in September 2020 and finishing 2020 at 3.4%, with growth forecast to reach 3.1% by year-end 2021 and 2.8% by year-end 2022. Year-over-year (YoY) growth ranged from 2.3% to -9% between March 2019 and June 2020, and finishing 2020 at -2.6%. YoY growth is forecast to reach 2.7% by year-end 2021 and 2.8% by year-end 2022.
A line chart showing the percent change in year-over-year nominal consumer spending. See nominal consumer spending image description.
A line chart showing the percent change in year-over-year nominal consumer spending, ranging from 2.3% in March 2019 to -10.2% in June 2020, -2.4% in December 2020, and forecast to reach 1.8% by year-end 2021 and 2.3% by year-end 2022, compared to real personal consumption expenditures (PCE) ranging from 3.8% in March 2019 to -9.7% June 2020 and -1.2% in December 2020, with growth forecast to reach 5.3% by year-end 2021 and 4.6% by year-end 2022.