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U.S. Economy Recorded Worst Quarterly Drop on Record as Coronavirus Spread

HeadlineJul 31, 2020

The U.S. economy suffered the largest three-month collapse in its history during the second quarter of 2020, with the coronavirus crisis causing the equivalent of a 33% drop in annual economic output. The grim report from the Commerce Department came as lawmakers failed to agree to a new round of coronavirus stimulus spending. Enhanced unemployment benefits of $600 a week have now ended, as has a four-month federal moratorium on evictions.

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