US is expected to report a record-breaking economic plunge
By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. A huge plunge in consumer spending, especially as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged, is estimated to have sent the economy sinking at a roughly 32% annual rate in the April-June quarter. That would be roughly triple the previous record economic contraction. On Tuesday, the government will issue its first of three estimates of economic activity for the April-June quarter.