Constance Hunter statement on GDP decline
The Commerce Department’s estimate of U.S. gross domestic product in the second quarter of 2020 is the steepest drop in records dating to 1947. The department said U.S. gross domestic product—the value of all goods and services produced across the economy—fell at a 32.9% annual rate in the second quarter, or a 9.5% drop compared with the same quarter a year ago.
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