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US economy contracts at 31.4per cent annualised rate in second quarter

US economy contracts at 31.4per cent annualised rate in second quarter

A man walks dogs across a nearly empty 5th Avenue amid closed luxury retail stores in Manhattan, New York on May 11, 2020. (Photo: Reuters/Mike Segar)

WASHINGTON: The US economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from COVID-19, the government confirmed on Wednesday (Sep 30).

Gross domestic product plunged at a 31.4 per cent 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.per cent pace in the second quarter.


Source: Reuters/zl

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