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U.S. GDP Shows Record Nosedive In Q2

Reflecting the impact of the coronavirus pandemic, the Commerce Department released a report on Thursday showing a record contraction in U.S. economic activity in the second quarter.

The report said real gross domestic product plummeted at an annual rate of 32.9 percent in the second quarter following a 5.0 percent slump in the first quarter.

While GDP showed the biggest quarterly drop on record, the plunge was not quite as steep as the 34.1 percent nosedive expected by economists.

The Commerce Department said the slump in GDP reflected decreases in consumer spending, exports, private inventory investment, non-residential fixed investment, residential fixed investment, and state and local government spending.

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