U.S. economy contracted record 32.9% in Q2 amid state shutdowns, COVID-19 contagion fears

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U.S. economy contracted record 32.9% in Q2 amid state shutdowns, COVID-19 contagion fears
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The US economy shrank a record 33% last quarter, as stalled reopenings due to COVID-19 push weekly unemployment claims higher

The U.S. economy turned in its worst performance ever in the second quarter as the COVID-19 pandemic shuttered businesses across the country and consumers hunkered down at home.

The nation’s steepest-ever recession is also expected to be the shortest, with consumer spending, job growth and other key measures bouncing back sharply in May and June as states began allowing businesses to reopen in phases and many employees were rehired. But recent spikes in coronavirus cases across much of the South and West have led at least 20 states to pause or roll back reopening plans, dampening the anticipated recovery in the second half of the year. The number of hours worked in states such as Texas, Florida and Arizona recently has declined, according to Homebase, a supplier of employee scheduling software.

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