The recent annualized drop in GDP is the worst drop on record, even outstripping the Great Depression in its scale.
, meaning a total 54.1 million Americans have now sought unemployment benefits for the first time since the start of the pandemic.
Private-sector investment in the economy fell by 49% percent, indicating that households and businesses are saving money that would otherwise be in circulation. It is also more difficult for economic historians to compare the current economic situation to contractions that predate federal records, especially the further back in time one looks.
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