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33% of contraction reported in the last quarter

33% of contraction reported in the last quarter

The US economy is one of the worst in the world right now, and the Commerce Department's estimate of the second-quarter decline in the GDP has been the most dismal drop since 1947. Consumer spending accounts for over 70 per cent of economic activity, and since that contracted to 34 per cent, the blows to the job market have been severe. Read about the details here. 

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