US Economy Shrank at Record-Breaking 33% Rate Last Quarter

The plunge is by far the worst on record dating to 1947.

  • Published 30 July 2020

[template id="245201"] WASHINGTON (AP) — The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest… Read at AP News