Virus

Coronavirus: US Economy Sees Sharpest Contraction in Decades

The US economy shrank at a 32.9% annual rate between April and June as the country grappled with lockdowns and spending cutbacks during the pandemic.

It was the deepest decline since the government began keeping records in 1947 and three times more severe than the prior record of 10% set in 1958.

Reduced spending on services such as healthcare drove the fall.

Economists have said they expected to see the sharpest drop in the second quarter, with recovery thereafter.

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