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U.S. Economy Shrank at Record-Breaking 31.4% Annualized Rate in Second Quarter

HeadlineOct 01, 2020

In economic news, the Commerce Department said Wednesday the U.S. economy shrank by a record-shattering 31.4% annualized rate in the second quarter of 2020 as coronavirus lockdowns shuttered much of the economy. That’s the highest quarterly drop in gross domestic product since the U.S. began recording the statistic in the 1940s. On Wednesday, Senate Republican Majority Leader Mitch McConnell rejected Democrats’ last-ditch proposal to pass a slimmed-down, $2.2 trillion dollar coronavirus relief bill as a “political stunt.”

United and American Airlines said in response they were preparing to furlough a combined 32,000 workers, as hopes of an airline industry bailout faded. Disney, meanwhile, said it will lay off 28,000 workers at its theme parks.

In Florida, Republican Governor Ron DeSantis refused to extend a moratorium on foreclosures and evictions during the pandemic, which expired at midnight. Florida has recorded a new spike in cases since Governor DeSantis lifted limits on capacity at bars, restaurants and other businesses last Friday.

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