U.S. Economy Shrinks By 33% – Worst Annual Rate Drop In History Amid COVID-19 Pandemic

The U.S. economy shrank at a 33% annual rate from April through June, the largest quarterly decline in history as the unemployment rate continues to rise.The economy recorded a record-high decline from April to June quarter, amid the coronavirus pandemic crisis. The drop becomes sharpest on record since 1947, when the 10% decline in 1958 was the second largest.Unemployment filings also increased last week to 1.4 million, with more than 54 million first-time unemployment claims since mid-March. The country has seen a loss of nearly 20 million jobs in April, as the coronavirus pandemic pushed ma…

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