April 11, 2021
Business News

US economy shrank at record-breaking 33% rate last quarter – WLKY Louisville

The U.S. economy shrank at a dizzying 33% 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 Departments estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly co…

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