US economy contracts by Reuters in second quarter at 31.4% annual rate

© Reuters. Luxury retail store closed on 5th Avenue in Manhattan during an outbreak of Coronavirus disease (COVID-19) in New York


WASHINGTON (Reuters) – The US economy suffered the fastest contraction in at least 73 years in the second quarter due to disruptions from coronovirus, the government confirmed on Wednesday.

The Commerce Department, in its third estimate of GDP, said that GDP fell at a 31.4% annual rate in the previous quarter, the deepest drop in production, as the government began to record in 1947. Output was contracted at a 31.7% pace in the second quarter.

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