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

  • By cvbizz
  • July 30, 2020
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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 Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and

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