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US Q2 GDP plunged by a record 32.9%, vs expected 34.7%

Jul 30, 2020 19:06 IST

The US economy on Thursday posted the worst GDP reading on record as the activity in the second quarter, from April to June plunged 32.9%, according to govt data. Wall Street economists estimate the US economy contracted at an annualized rate of 34.5%, as lockdowns brought the global economy to a screeching halt. Sharp contractions in personal consumption, exports, inventories, investment and spending by state and local governments all converged to bring down GDP, say analysts.

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