The US economy collapsed in the midst of the coronavirus pandemic in the April-to-June period, contracting 32.9 percent in the second quarter, the government reported Thursday.
The decline, though slightly less bad than expected, was the worst on record for the world's largest economy, dating back to 1947.
After a 5.0 percent drop in the first three months of the year, economists had been expecting the damage from COVID-19 to contract activity by 35 percent or more amid the nationwide halt to travel and much business, which caused tens of millions of jobs to be destroyed. But personal income got a boost of $1.4 trillion in the quarter from the government emergency spending measures that provided payroll funds for businesses and direct unemployment payments to workers.
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