US Economy Hit By Deepest Quarterly Plunge in 70 Years
The U.S. said Thursday its economy, ravaged by the coronavirus pandemic, plummeted 9.5% between April and June, the biggest quarterly plunge in records dating back seven decades.
The second quarter economic decline translated to an annualized drop of 32.9%.
The three-month drop reported by the Commerce Department, combined with a 4.8% dip from January through March, officially placed the U.S. economy, the world’s largest, into a recession as it struggles to regain its footing. The unchecked pandemic, with a surging number of new cases, has left more than 150,000 Americans dead and infected more than 4.4 million.
The economic effects of the