U.S. economy contracts at 31.4% annualized rate in second quarter
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FILE PHOTO: A man walks dogs across a nearly empty 5th Avenue and closed luxury retail stores, during the outbreak of the coronavirus disease (COVID-19), in Manhattan, New York city, New York, U.S., May 11, 2020. REUTERS/Mike Segar
WASHINGTON (Reuters) - The U.S. economy suffered its sharpest contraction in at least 73 years in the second quarter because of the disruptions from the coronavirus, the government confirmed on Wednesday.
Gross domestic product plunged at a 31.4% annualized rate last quarter, the deepest drop in output since the government started keeping records in 1947, the Commerce Department said in its third estimate of GDP. Output was previously reported to have contracted at a 31.7% pace in the second quarter.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
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