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WASHINGTON: The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.
Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.
Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.
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3 Comments on this Story
 | God 1 hour ago And yet the Dow J is up. I am starting to worry for how big the bubble keeps growing. |
| saubhik ray1 hour ago having a election during these times, the factors are definitely not in favor of Trump. |
| Mallu Lagi1 hour ago ups and down always there over the period of time |