Powered by

U.S. economy sees sharpest contraction in decades as COVID-19 recession deepens

Jul 31, 2020 - People's Daily Online - English

The U.S. economy saw the sharpest contraction in decades between April and June as the country grappled with the fallout of COVID-19 lockdowns, indicating the depth and severity of the pandemic-induced recession.

The U.S. economy contracted at an annual rate of 32.9 percent in the second quarter, the U.S. Commerce Department reported Thursday. It was the deepest decline since the government began keeping records in 1947.

In the first quarter of 2020, real GDP contracted at a...