11th or 12th
By comparison, the worst quarter during the financial crisis of 2008 was the 8.4% GDP drop in the fourth quarter of that year.
Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the Commerce Department's first reading on the data released Thursday.
Sharp contractions in personal consumption, exports, inventories, investment and spending by state and local governments converged to bring down GDP, which is the combined tally of all goods and services produced during the period.
Historical perspective"Bottom line, the numbers of course are alarming but all self inflicted with about half the quarter reflecting almost full shutdown and the other half the slow reopening," said Peter Boockvar, chief investment officer at the Bleakley Advisory Group.
Although it was roughly in line with expectations, it was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.
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