US economy shrank at record-breaking 33% rate last quarter - FOX34 Lubbock

US economy shrank at record-breaking 33% rate last quarter

Posted: Updated:

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 on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

 

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

 

 

Powered by Frankly
All content © Copyright 2000 - 2020 RAMAR. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.