The figure reflects how the pandemic shut down large swaths of the economy.
July 30, 2020, 12:42 PM
2 min read
Share to FacebookShare to TwitterEmail this articleThe U.S. economy, as measured by real GDP, contracted at a record-shattering 32.9% last quarter, according to government data released Thursday.
The figure reflects how the coronavirus pandemic has clobbered the U.S. economy with unprecedented speed and furor as it shut down large swaths of businesses over the past few months.
For comparison, the previous worst quarterly GDP plunge was a fall of 10% in 1958.
Separately, the Labor Department also said Thursday that another 1.4 million workers filed jobless claims last week, another indicator of the ongoing anguish that the pandemic has caused to the economy as a whole.
This is a developing story. Please check back for updates.
