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U.S. economy contracts at 31.4% annualized rate in second quarter

Published 09/30/2020, 08:39 AM
Updated 09/30/2020, 08:45 AM
© Reuters. Closed luxury retail stores on 5th Avenue in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York

WASHINGTON (Reuters) - 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.

© Reuters. A nearly deserted 7th Avenue in Times Square is seen near midday during outbreak of the coronavirus disease (COVID-19) in New York

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