A closed shop seen in July during the coronavirus pandemic in Miami Beach, Florida. The U.S. economy shrank at an alarming annual rate of 31.7 percent during the April-June quarter as it struggled under the weight of the viral pandemic, the government estimated Thursday. It was the sharpest quarterly drop on record. The previous worst quarterly drop since record-keeping began in 1947 was a 10 percent annualized loss in 1958. A bounce-back in hiring as many businesses reopened suggested that the economy began to recover in June with third quarter growth estimated to be around 20 percent annualized.

Source: The Standard August 27, 2020 13:34 UTC