U.S. economy contracted at 32.9% pace in second quarter; Jobless claims rise to 1.43 million

Source: Politico

The U.S. economy shrank at a 32.9% annualized pace between April and June as the coronavirus slammed businesses and consumers, the Commerce Department said Thursday, marking the nation’s worst quarterly contraction on record.

Separately, the Labor Department said Thursday that initial claims for jobless benefits rose to 1.43 million last week. New filings had been slowing into mid-July, but surged again due to many states reversing their reopening plans.

Full Story @ Politico