Virus shutdown leads to worst-ever GDP drop of 32.9% in Q2

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US-HEALTH-VIRUS

Jeff Cox@JEFF.COX.7528@JEFFCOXCNBCCOM

The commerce department said the U.S. economy saw the biggest quarterly plunge in activity ever, though the plummet in the second quarter wasn’t as bad as feared.

According to the first reading on the data released Thursday by the Commerce Department, the gross domestic product from April to June fell 32.9% on an annualized basis, Dow Jones surveyed economists had been looking for a drop of 34.7%.

The economists noted it was the worst drop ever, with the closest previously coming in mid-1921.

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