Business
Wiped out: US economy suffers biggest fall on record as pandemic wreaks havoc – Sydney Morning Herald
The US economy suffered its biggest blow since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending.
Gross domestic product collapsed at a 32.9 per cent annualised rate last quarter, the deepest decline in output since the government started keeping records in 1947. The drop in GDP was more than triple the previous all-time decline of 10 per cent in the second quarter of 1958. The economy contracted at a 5 per cent pace in the first quarter. It fell into recession in February.
Economists polled by Reuters had forecast GDP slumping at a 34.1 per cent rate in the April-June quarter.
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