April 11, 2021
Business News

Second-quarter GDP plunged by worst-ever 31.7% as economy went into lockdown – CNBC

A second reading of the U.S. economy in the second quarter reflected the biggest quarterly plunge in activity on record, though the Covid-induced plummet wasn’t as bad as initially estimated.
Gross domestic product from April to June tanked 31.7% on an annualized basis, according to the Commerce Department’s second reading released Thursday. That was revised down from the 32.9% initial estimate of the damage the pandemic-fueled lockdowns had on the economy in the second quarter.
Economists sur…

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