US Economy Plunged By Record 32.9% In Q2 Amid Virus Shutdowns - Commerce Department

WASHINGTON (Pakistan Point News / Sputnik - 30th July, 2020) The US economy shrank at its fastest pace in the country's history in the second quarter of 2020, contracting by 32.9 percent amid widespread lockdowns due to the COVID-19 pandemic, the Commerce Department said on Thursday.

"Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the 'advance' estimate released by the Bureau of Economic Analysis," the department said in a news release.