US economy suffers biggest collapse on record amid COVID-19 pandemic

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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. However, the Commerce Department figures are an annual rate so not comparable to the quarterly contractions reported in other advanced economies.

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