BREAKING: U.S. Q2 GDP plunged by a record 32.9%.
Economists surveyed by Dow Jones were looking for a decline of 34.7%.
Gross domestic product from April to June plunged 32.9%, according to the Commerce Department's first reading on the data released Thursday. Economists surveyed by Dow Jones had been looking for a drop of 34.7%. Spending slid in health care and goods such as clothing and footwear. Inventory investment drops were led by motor vehicle dealers, while equipment spending and new family housing took hits when it came to investment.
By comparison, the worst quarter during the financial crisis of 2008 was the 8.4% GDP drop in the fourth quarter of that year. The previous low-water mark was a 10% slide in the first quarter of 1958.
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