The U.S. economy shrank a record-breaking 32.9% in the second quarter of this year as Americans sheltered at home during the coronavirus pandemic and slashed personal spending, the Commerce Department said Thursday.
That figure shatters the previous record for a quarterly decrease in the nation’s gross domestic product, a 10% decline in 1958.
The latest drop was driven by a fall in consumer spending, exports, business investment and state and local government spending, and was partly offset by increased federal spending.
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