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GDP contracted at annual rate of 32.9 percent in second quarter, breaking U.S. record


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The United States’ gross domestic product contracted at an annual rate of 32.9 percent in the second-quarter, the Bureau of Economic Analysis reported Thursday. The number shows the sharp falloff of the domestic economy as a result of the coronavirus and is the worst quarterly drop in U.S. history

Economists had forecast a 34.7% decline in gross domestic product during the April-June quarter, following a 5% decline in the first quarter.

The second-quarter decline is largely being attributed to a sharp drop in consumer spending, amid record-high unemployment.

GDP is the monetary value of all finished goods and services made within a specific period.:snip:
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