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U.S. Is About to Unveil the Ugliest GDP Report Ever Recorded

  • Thursday’s report forecast to show annualized 35% contraction
  • Third-quarter bounce would leave output below pre-crisis level
An American flag hangs in a store window in Baltimore, Maryland, on April 25.

An American flag hangs in a store window in Baltimore, Maryland, on April 25.

Photographer: Alex Wroblewski/Bloomberg

The U.S. economy ground to a halt for almost the entirety of April. Now the world is about to find out the depth of that contraction.

Data due Thursday are forecast to show U.S. gross domestic product plummeted an annualized 34.8% in the second quarter, the most in records dating back to the 1940s, after the spread of Covid-19 prompted Americans to stay home and states to order widespread lockdowns.