Covid-19 slashes US GDP by 33% in second quarter, outlook shaky
Decline is steepest since the Great Depression, as pandemic shatters spending
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Washington
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.
Gross domestic product (GDP) 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 Commerce Department said on Thursday.
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