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US economy has shrunk by 31.7% due the pandemic

Against the background of the spread of coronavirus and the quarantine measures introduced in the country, the US Department of Commerce announces a record rate of decline in national GDP. The suspension of business operations, the closure of shops, hotels and restaurants, and a decrease in consumer spending led to the fact that in the 2nd quarter the economy collapsed by 31.7% in annual terms. 

The unemployment rate in the country is still high, although it dropped to 10.2% in July. About a million Americans apply for compensation every week.