Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


US Economy Hit By Deepest Quarterly Plunge in 70 Years

Ken Bredemeier

   WASHINGTON - 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 virus continue unabated, with the Labor
   Department reporting that another 1.4 million workers filed for
   unemployment compensation last week, a pace of jobless benefit claims
   that has now held steady for weeks.

   About 17 million U.S. workers remain unemployed and, since March, 53.8
   million people have collected unemployment insurance at one time or
   another.

.