Covid-19 slashes US GDP by 33% in second quarter, outlook shaky
Decline is steepest since the Great Depression, as pandemic shatters spending
Fri, Jul 31, 2020 - 5:50 AM
The Labor Department says the number of Americans filing for unemployment benefits has increased for a second straight week, a sign that the economic rebound is increasingly at risk.
THE US economy contracted at its steepest pace since the Great Depression in the second quarter as the Covid-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.