U.S. economy shrank at record-breaking 33% rate last quarter

U.S. GDP declined at a record 32.9% annual rate in the second quarter. / AP FILE PHOTO/LYNNE SLADKY
U.S. GDP declined at a record 32.9% annual rate in the second quarter. / AP FILE PHOTO/LYNNE SLADKY
WASHINGTON (AP) – The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter – by far the worst quarterly plunge ever – when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department’s estimate of…
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