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China Daily / 2020-08 / 01 / Page007

Pressures on US economy deepen

By SCOTT REEVES in New York | China Daily | Updated: 2020-08-01 00:00

Initial jobless claims rose for a second consecutive week in the US, with the grim employment data following hot on the heels of a record contraction in the economy as the impact of the coronavirus pandemic deepens, government statistics show.

The nation's gross domestic product fell at a 32.9 percent annualized rate in the second quarter and 9.5 percent compared with the same period a year ago-the sharpest decline for both tallies since 1947 when record-keeping began, the US Commerce Department reported on Thursday.

Initial jobless claims rose for the second week in a row amid an increase in coronavirus infections and new orders by governors to close the economy in some states, the department said.

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