Breaking News

US economy shrank at record-breaking 33% rate last quarter

Missouri unemployment claims went up last week.

The labor department reported 14,804 initial claims in the week ending July 25. There were 12,134 the previous week, the lowest number since the coronavirus pandemic hit in mid-March.

(AP) — The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947.

The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

(This story was last updated at 8:51 a.m. Thursday.)

Leave a Reply

Your email address will not be published. Required fields are marked *