Coronavirus pandemic pushes U.S. economy to worst-ever contraction

Axios logoThe U.S. economy shrank at an annualized 32.9% rate in the second quarter — the worst-ever contraction on records that date back to 1947, the government said on Thursday.

Why it matters: Widespread lockdowns to contain the spread of the coronavirus pandemic from ravaged the economy in a way that’s never been seen in modern times, and hope for a swift recovery has been dashed as cases have surged nationwide.

Between the lines: The staggering contraction beats the last record set in 1958, when GDP shrank at an annualized 10% rate. Continue reading.