US economy contracts at 31.4% in Q2

[WASHINGTON] The US 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 per cent annualised 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 per cent pace in the second quarter.

REUTERS