SACRAMENTO (CBS13) – As the effects of COVID-19 continue to ravage local businesses, Visit Sacramento is urging people to have a staycation and visit the local businesses that usually depend on tourism.
On Friday, the organization launched “Travel In Place” that encourages people to take restorative staycations in their own backyards.
The United States economy endured its worst quarter in recorded history this spring. The real Gross Domestic Product (GDP) — the value of all the goods and services produced in an economy — declined at an annual rate of 32.9 percent. That’s according to the advance estimate from the Bureau of Economic Analysis. The decline reflects the effects of the COVID-19 pandemic that forced much of the country to stay home and limit spending.
The previous record occurred in the first quarter of 1958, when the economy shrank by 10 percent. The coronavirus contraction this past spring far exceeds the first quarter of 2020, which included two months of normal economic activity, and any quarter during the Great Depression.