31 Jul 2020

US reports worst economic drop on record

From Morning Report, 7:09 am on 31 July 2020

The United States has reported its worst economic drop on record. as the economic impact of the coronavirus pandemic becomes apparent.

The economy contracted 9.5 percent between April and June - an annualised rate of 32.9 percent.

It was the deepest decline since the government began keeping records in 1947 and three times more severe than the prior record of 10 percent set in 1958.

Washington DC correspondent Giles Gibson speaks to Corin Dann.