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  COVID-19 sinks U.S. economy in second quarter; labor market struggling
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ContributorIndyGeorgia 
Last EditedIndyGeorgia  Jul 30, 2020 09:12am
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CategoryGeneral
AuthorLucia Mutikani
News DateThursday, July 30, 2020 03:00:00 PM UTC0:0
DescriptionWASHINGTON (Reuters) - The U.S. economy contracted at its steepest pace since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.

The bulk of the historic plunge in gross domestic product reported by the Commerce Department on Thursday occurred in April when activity almost ground to an abrupt halt after restaurants, bars and factories among others were shuttered in mid-March to slow the spread of coronavirus.

The collapse in GDP and faltering recovery put pressure on the White House and Congress to agree on a second stimulus package. President Donald Trump, whose opinion poll numbers have tanked as he struggles to manage the pandemic, economic crisis and protests over racial injustice three months before the Nov. 3 election, said on Wednesday he was in no hurry.
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