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

Economic IndicatorsSep 30, 2020 08:45AM ET
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2/2 © Reuters. Closed luxury retail stores on 5th Avenue in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York 2/2

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.

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

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Comments (3)
trau truu
trau truu Sep 30, 2020 9:57AM ET
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"upbeat economic data"
Jon Bal
Jon Bal Sep 30, 2020 9:34AM ET
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nothing another $Trillion or 2 from the fed can't fix
Hunt Richardson
Hunt Richardson Sep 30, 2020 9:16AM ET
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hopes of a vaccine ignited a rally in the stock market. later, fear of the virus spreading spooked traders and caused the market to swoon
 
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