Finance

U.S. economy suffers record drop in second quarter

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Gross domestic product from april to june plunged 32.9 the biggest drop in activity that the u.s economy has ever seen the plunge was slightly better than the anticipated drop of 34.7 percent and in comparison first quarter gdp had fallen by five percent prices for domestic purchases which are a key inflation indicator fell one and a half percent for the period compared to a 1.4 increase in the first quarter though the cause of the plunge is due to the covet 19 pandemic the national bureau of economic research said the current recession actually started in february a month before the pandemic declaration our economy has never seen this sharp of a drop over such a short period of time not even during the great depression or the great recession in comparison the worst quarter during the financial crisis of 2008 was the 8.4 gdp drop in the fourth quarter of that year the previous low mark was a 10 slide in the first quarter of 1958

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