US Economy Shrank at Record-Breaking 33% Rate Last Quarter
The plunge is by far the worst on record dating to 1947.
This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.
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 such drop…