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U.S. Economy Contracts by Record 32.9%


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U.S. Economy Contracts by Record 32.9%

The U.S. economy contracted at a record 32.9% annual rate last quarter and weekly jobless claims rose to 1.43 million, amid signs of a slowing recovery. The Commerce Department’s initial estimate of U.S. gross domestic product in the second quarter is the steepest drop in records dating to 1947, and was a 9.5% drop compared…

The U.S. economy contracted at a record 32.9% annual rate last quarter and weekly jobless claims rose to 1.43 million, amid signs of a slowing recovery.

The Commerce Department’s initial estimate of U.S. gross domestic product in the second quarter is the steepest drop in records dating to 1947, and was a 9.5% drop compared with the same quarter a year ago. The decline came as states imposed lockdowns across the country to contain the coronavirus pandemic and then lifted restrictions. Economists expect the economy to resume…

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