A worker assembles an X model at the BMW manufacturing facility in Greer, South Carolina, November 4, 2019.
Charles Mostoller | Reuters
Economic activity in the second quarter has been cut by more than half, according to a tracker employed by the Atlanta Federal Reserve.
The GDPNow outlook is now showing a 52.8% tumble, following data Monday that U.S. manufacturing remains firmly in decline and will weigh on investment and consumption. That data from the Institute for Supply Manufacturing showed just 43.1% of firms seeing expansion in May.
Extrapolating from that data, the Atlanta Fed anticipates personal consumption expenditures, which make up 68% of the nation’s gross domestic product, to…